The following article was written by Tony Chrystopher, Financial Analyst at UFX.com’s Trading Support Center.
Your Weekly Trading Review by UFX.com – Sunday, July 23, 2017
Here are some of the major financial events of the past week and how they affected the global currency and commodity markets.
EUR/USD rose by 0.28%, closing the week at $1.1663. GBP/USD increased by 0.19%, closing the week at a £1.2997 exchange rate.
Gold jumped by 0.71% as of last week’s close, finishing at $1,261.00. Crude Oil dropped by a massive -2.45%, closing at 45.77 a barrel.
The DOW Jones ended the week down by -0.15%, closing at a 21,580.07. The S&P 500 dropped -0.04%, closing at 2,472.54, and the NASDAQ fell by -0.04%, ending the week at a value of 6,387.75.
Wells Fargo in Hot Water Again
Wells Fargo & Co. is once again the subject of a regulatory inquiry after sensitive information about a number of wealthy clients was released without authorisation. Last year’s fake account banking scandal caused a major uproar and a $185 million fine. The bank is now in hot water again due to the new client data breach, still under investigation, both by Wells Fargo and US federal regulators. WFC stock fell after the news was made public.
French Bankers Promise 1,000 New Jobs After Brexit
The French Finance Minister, Bruno Le Maire, met with top French bankers this past week. Concerns about new payroll taxes combined with Brexit worries have caused banking experts to promise up to 1,000 new jobs. The plan includes banks moving their operations from London to Paris after Brexit, freeing up the new job opportunities.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for our next review.