Trading review for the previous week (Sept 18 - Sept 22)
Last week was an assorted affair for global financial markets, with indexes trading mixed. In this article, we present the review of financial markets targeting to the main assets during the period from Sept 18 to Sept 22.
Heading into Europe, both the FTSE and the CAC40 made impressive gains during the week. The FTSE advanced by 1.25% to close at 7306.3, while the CAC40 finished up at 5281.3, increasing by 1.27%. The DAX trivially rose by 0.56%, trading at 12597.7.
In the US, the Nasdaq slightly dropped by 0.34% over the course of the week to finish at 6425.0. On the contrary, the DOW was gently up by 0.32%, locked at 22344.3.
In Japan, the Nikkei 225 positively surged on Monday. It traded at 20306.8 on last week’s close, strongly climbing by 2.04%.
Switching to currency markets, the Euro spent another week consolidating since there were no important economic announcements for the European currency. All eyes last week have been on Federal Open Market Committee (FOMC)’s meeting. Despite leaving policy interest rate unchanged, Fed Chair’s Janet Yellen adopted a hawkish tone that she would start to wind down the $4.5 trillion portfolio by the beginning of October 2017, leading to a tumbling US dollar during her speech. In conclusion, the Euro - Greenback was inconsiderably +0.01%, closing at 1.19406.
Pound Sterling struggled during last week since Bank of England (BOE) Governor Mark Carney’s speaks on Sept 18 seemed more dovish compared to his talks in MPC statement a week before. Summarily, the GBP/USD currency pair descended around 0.67%, trading at 1.34907.
The US Dollar – Japanese Yen had an energetic week advancing by 1.03% to finish at 111.974 despite the fact that geopolitical tensions between the US and North Korea are rising strongly. The reasons are due to Bank of Japan (BOJ) President Haruhiko Kuroda deciding to keep the key interest rate on hold, Fed’s hawkish rhetoric in addition to U.S. initial jobless claims positively decreasing.
USD/CAD rallied over the course of the previous week because two significant economic figures were released below economist’s expectations. Summarily, the US Dollar - Canadian Dollar pair rose by 1.14%, closing at 1.23309.
The Australian Dollar found itself weakening versus its FX counterparts as Reserve Bank of Australia’s Meeting Minutes on last Tuesday showed no hint about raising interest rates. Combined with boosts from the Fed, the Aussie – Greenback was down by 0.54% to close at 0.79577.
The New Zealand Dollar strengthened against major currencies thanks to GDP data climbing. The Kiwi – Greenback currency pair ended up at 0.73378 on last week’s close, growing around 0.68%.
Gold prices pushed lower over the course of the prior week due to the stronger Greenback recently, while crude oil prices ascended well. In conclusion, XAU/USD dipped by 1.63%, closing at 1297.03. The USOIL advanced around 1.16% to finish at 50.64.