Hi, I’m Martin Smith and this is your UFX
Markets Week in Review. Today, we will cover some of the major events of the past week
and discuss how they impact the global currency markets.
The US Dollar rose slightly last Monday against other major currencies on news that North
Korean leader Kim Jong-il had died, but then declined for the third week in the last four
weeks on decreased demand for safe haven assets. Economic data coming out from the USA signaled
that the economy’s expansion might stand up against slowing growth in Europe as leaders
in the Euro Zone seek to address the region’s debt crisis.
Data coming out of the USA indicated that durable goods orders rose in November by the
most in four months, helping to offset weaker than forecast consumer spending.
The Euro traded mixed against the US Dollar last week, as the European Central Bank helped
to guarantee funding for the financial system of the Euro Zone in 2012 with three year bank
loans. The French GDP grew at a slower pace than previously estimated, heightening concern
about the struggling European economy. The Euro was last trading against the US Dollar
at the 1.3044 level, which is a decrease of -0.04%.
The British Pound traded mixed last week against the US Dollar as data indicated an improving
US economy, causing investors to turn to investments perceived as higher risk. The British Pound
was last trading against the US Dollar at the level of 1.5584, which is a decrease of
-0.59%. The Canadian Dollar showed its biggest gain
in three weeks on economic reports that the recovery may be gaining momentum in Canada
and the US. The Canadian Dollar increased against most of its major counterparts, as
Crude Oil, Canada’s biggest export, advanced the most in three weeks.
The Canadian Dollar was last seen trading at the 1.0201 level, which is a decrease of
-0.03%. Crude oil rose, with its biggest weekly gain
in two months on economic reports coming out of the USA signaling an increase in oil consumption.
There is increased speculation that the price of crude oil may rise on possible further
sanctions by the European Union and the USA aiming to pressure Iran to abandon its suspected
nuclear weapons program. Crude Oil was trading at 99.68 last Friday,
which is an increase of 0.15%. Well, that is all the time we have for today.
I hope you’ve enjoyed this week’s review and you’ll join us next week. Until then,
be sure to visit us at UFXMarkets.com for all of your online trading needs. For UFXMarkets,
I’m Martin Smith. Good luck and happy trading.