Trading review for the previous week (Feb 05 – Feb 09)
In this article, we would like to present the review of financial markets targeting the major financial instruments during the period from Feb 05 to Feb 09.
Last week was a tremendously pessimistic affair for most indices. Heading into Europe, the FTSE posted a strong fall of 4.71% over the course of the five sessions, trading at 7092.4. The DAX declined around 5.48%, closing at 12107.5. The CAC40 also sharply dropped by 5.58%, locked at 5079.2.
In the US, the NASDAQ finished up the week at 6868.3, trading lower by 5.15%. The DOW (DJI) also recorded a vigorous decrease of 5.19% to end at 24190.90.
In Japan, the Nikkei 225 suffered a loss of 8.07% during the week, finalizing at 21382.6.
Looking out over the currency market, USD bulls last week were back in play, pushing up the Greenback versus major currencies and leading the Euro – US Dollar exchange to head sharply lower over the course of the week. Summarily, the European currency found itself weakening against its US namesake about 1.63%, finishing up at 1.22507 on the previous week’s close.
The Bank of England’s decision to endorse a wait-and-see approach was the main element blighting the Pound Sterling’s bullish momentum during the prior week. Coupled with the US Dollar’s stabilization, the Cable – Greenback exchange tumbled by 2.05%, finalizing at 1.38239.
Despite USD bulls dominating the week’s development, the US Dollar – Japanese Yen exchange has still spent a week trading lower. In total, USD/JPY descended about 1.21% during the week’s sessions to close at 108.784.
The previous week recorded a highly optimistic affair for the US Dollar – Loonie exchange because the currency pair was pushed higher by both a stronger Greenback and a weaker Canadian Dollar which was undermined by the worse-than-expected Employment Change and Trade Balance reports along with Unemployment Rate climbing. In conclusion, USD/CAD ascended by 1.22%, trading at 1.25777 on the previous week’s close.
Last week was also a negative week of the Australian Dollar since the currency was deteriorated by the negative Retail Sales and Trade Balance releases. In total, the Aussie traded lower versus its US cousin by 1.35% to finalize the week at 0.78120.
Alongside its Australia namesake, the New Zealand Dollar’s bearish momentum has also been prevailing during the previous week on the back of the Reserve Bank of New Zealand leaving interest rates unchanged with a dovish rhetoric from Governor Grant Spencer. Summarily, the Kiwi – Greenback exchange posted a loss of 0.63% over the course of the week, locked at 0.72500.
Gold prices recorded a pessimistic affair last week largely due to the US Dollar painting a bullish picture. In summary, the yellow metal lost another 1.24% during the five sessions, trading at $1315.932 per Ounce.
Last week was a highly negative week of the USOIL since it plunged about 9.82% during the week, trading at $59.02 per barrel. A sharp decrease reported in Crude Oil Inventories couldn’t help Oil prices.
After a couple of bad weeks, the world’s most popular cryptocurrency finally gained back a little. A rally of 1.71% has been marked with BTC/USD trading around $8,300 at the time of writing.
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