Last week saw a negative affair with most indices pulling back from their record peaks.
In Europe, all indices suffered large losses. The FTSE finished up the week’s sessions at 7434.8, strongly descending around 1.66%. The DAX also posted a decline of 2.64%, trading at 13122.5, while the CAC40 fell around 2.5% to end at 5380.7.
Heading into the US, most indexes slightly slid. The Nasdaq decreased by 0.19%, locked at 6750.3 on last week’s close. The DOW also dropped around 0.49% to finish at 23423.7.
Switching to Japan, the Nikkei 225 seesawed during the previous week and ended at 22700.3, climbing by 0.77%.
Looking out over the currency market, the US Dollar didn’t trade far last week because there were few high-profile economic releases related to the U.S. economy, except for the Unemployment Claims data. The disappointing figure reported has overwhelmed the Greenback’s bullish momentum during the week, making this currency weaken versus its FX counterparts. Meanwhile, the Euro reacted negatively to the dovish speech of the European Central Bank’s boss on last Tuesday, causing EUR/USD to seesaw. In total, the Euro - Greenback advanced by 0.49% over the course of the week, locked at 1.16620.
The British Pound was boosted against major currencies by the end of the previous week thanks to the U.K. Manufacturing Production data coming in sanguinely. Combined with the US Dollar’s weakening, GBP/USD increased around 0.88%, finalizing at 1.31884.
The Japanese Yen was pushed higher over the course of the five sessions because Bank Of Japan Governor Haruhiko Kuroda unexpectedly adopted hawkish rhetoric regarding the BOJ’s inflation instead of remaining dovish as widely anticipated. With a confident tone that the planned target of 2% stood a chance to be hit, the BOJ’s president well stimulated the JPY and caused the Greenback - Japanese Yen exchange to fall by 0.46%, trading at 113.509 on last week’s close.
USD/CAD’s retracement continued to extend last week due to bearish momentum on the dollar entering the spotlight. Despite Bank of Canada President Stephen Poloz having a dovish talk regarding monetary policy last Tuesday, the Greenback – Loonie still printed a loss of 0.57% to finish at 1.26815.
The Aussie – Greenback continued to struggle on conflicting news. Both the currencies weakened during the prior week since the RBA’s boss remained consistent with his dovish plan. Summarily, AUD/USD was trivially up by 0.13%, ending at 0.76577.
The Kiwi found fuels last week thanks in large part due to Reserve Bank of New Zealand President Grant Spencer optimizing the economic outlook. In total, NZD/USD made a gain of 0.34%, trading at 0.69272.
Gold prices mounted last week largely due to the US dollar’s devaluation. The precious metal finished up the week’s sessions at 1275.12, climbing around 0.44%.
Crude oil prices continued to be pushed higher in a nod to the prospective co-operation of oil producers. In summary, the USOIL made another advance of 2.3% to finalize at 56.88 on the previous week’s close.