As the year draws to a close, President Trump faces impeachment early in the New Year and the UK faces what looks increasingly likely to be a hard Brexit. Arguably, forex investors have already shown their likely reaction to this as all the UK election uplift of Sterling has been wiped out.
The major markets made ground last week with the exception of Japan’s Nikkei.
In Europe over the course of the week, the FTSE was up on last week’s close by 3.1% at 7582.5; the Dax ended at 13319, up by 0.27% on last week’s close; the CAC was up by 1.7% to end the session at 6021.5.
The Dow ended the week up by 1.1% to close at 28455. The Nasdaq composite index was up by 2.2% over the course of the week at 8925.
The Nikkei 225 ended the week’s trading down by 0.86% to end the session at 23817.
Currency markets review
On the currency markets last week, the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.3037 to the Pound, a gain of 2.4% on the week. The Greenback was stronger against the Euro last week rising by 0.5% to close at $1.1077 to the Euro.
The Dollar was stronger against the Japanese currency closing at 109.5 Yen to the Dollar, making a gain of 0.17% on the week.
The Euro was weaker against the Yen ending at 121.2 a fall of 0.32% over the course of the week. It was stronger against Sterling last week, the close saw one £ buying €1.1770, a rise of 1.9% on the week.
The Euro now buys 1.0881 CHF, a loss of 0.63% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $66.14 per barrel, a rise of 1.4% over the course of the week’s trading. The value of gold was essentially unchanged last week closing at $1474.7 per ounce, a rise of 0.03% over the week.