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The following guest post is courtesy of Tony Chrystopher, Financial Analyst at UFX.com’s Trading Support Center.
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UFX.com Weekly Market Review – Sunday, July 16, 2017
Here are some of the major financial events of the past week and how they affected the global currency and commodity markets.
The EUR/USD rose by 0.63%, closing the week at $1.1470. The GBP/USD jumped by 1.23%, closing the week at a £1.3098 exchange rate.
Gold went up 0.84% as of last week’s market close, closing at $1,227.50. Crude Oil increased by 1.0%, closing at 46.54 a barrel.
The DOW Jones ended the week up by 0.39%, closing at a value of 21,637.74. The S&P 500 rose by 0.47%, closing at a value of 2,459.27. And lastly, the NASDAQ jumped by 0.61%, ending the week at a value point of 6,312.47.
Electric Car Popularity Worries Oil Companies
When electric cars first hit the market in the early ‘90’s, Oil companies weren’t overly concerned. Diesel and petrol cars were still the main cars purchased by most car owners all over the world. As electric cars have hit the mainstream market and become more popular, this attitude has begun to change. Oil companies are starting to see electric car manufacturers as some serious competition, causing the demand for Oil to decrease, and worrying both Big Oil and OPEC.
U.S. Banks Report Lower Income
This week, 3 of the largest US banks announced lower earnings than investors had expected. Citigroup, JPMorgan & Chase, and Wells Fargo noted significant drops in revenue from lending and interest income. Analysts believe consumer sentiment has something to do with this, as people seem to show concern over their personal finances, affecting their desire to borrow from their own banks.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for UFX’s next review.