In this article, we would like to present the review of financial markets targeting the major financial instruments during the period from Mar 12 to Mar 16.
Last week was a conflicting affair of indices.
Heading into Europe, the FTSE (UKX) finished up the week’s sessions at 7164.1, losing by 0.84%. The DAX showed weakness at first, but then recovered and closed at 12389.58, gaining about 0.33%. The CAC40 also posted a strong rally in the end, trading higher by 0.14% to finalize at 5282.8.
Switching to the US, the NASDAQ retraced to 7482.0 during the previous week, descending by 1.19%. The DOW (DJI) also witnessed a decrease of 1.58%, ending up at 24946.51.
In Japan, the Nikkei 225 finished at 21676.5 with a climb of 0.87% over the course of the week.
Foreign exchange market:
Looking out over the Forex market, the US Dollar saw its correction extend by the beginning of the week, but bullish pressure back and overcoming bears in the final three days has pushed the currency sharply higher versus its FX counterparts. In the meantime, the Euro was dented by European Central Bank Governor Mario Draghi’s dovish rhetoric that interest rates would remain low in the long-term. All the gains of the Euro – Greenback made earlier have completely been erased with the currency pair finalizing at 1.22879 (-0.13%).
Despite the US Dollar stabilized as well as concerns over Brexit ahead, the Pound Sterling still found itself strengthening versus its US namesake last week. GBP/USD finished up the five sessions with an advance of 0.69%, trading at 1.39448.
The JPY’s bullish momentum during the prior week remained relatively strong amidst current market uncertainty. Ending up at 105.953 on last week’s close, the Japanese Yen – Greenback exchange recorded a descent of 0.77%.
The previous week was a highly sanguine week for the US Dollar – Canadian Dollar exchange thanks in large part due to Bank of Canada President Stephen Poloz’s implication for a push back of tightening monetary policy. Coupled with the Greenback’s bullish picture, USD/CAD marked a surge of 2.26% over the course of the week, trading at 1.30946.
On the contrary, the Australian Dollar witnessed a dismal week plunging versus its US rival. In conclusion, a descent of 1.83% has been recorded, with the Aussie – US Dollar finalizing at 0.77082 on last week’s close.
Alongside the Australia cousin, the New Zealand Dollar also found itself heading well lower against a strong-looking USD. The Kiwi – Greenback exchange was summarily locked at 0.72155, decreasing about 0.87% during the previous week.
Not surprisingly, the flagship anti-fiat asset posted a decline last week in the backdrop of the Greenback painting a bullish picture. In total, XAU/USD finished up at 1313.80 over the course of the five sessions, dropping by 0.71%
Oil prices printed a rally last week with a full digestion of the higher-than-expected Crude Oil Inventories report. In total, the USOIL traded at $62.33 per barrel, climbing about 0.16%.
The world’s most popular cryptocurrency continued to witness another pessimistic affair. At the time of writing, BTC/USD is trading around $7,500, so far recording a fall of 21.60% over the course of the previous week.