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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 9, 2017
Here are some of the major financial events of the past week and how they impacted the currency and commodity markets.
The EUR/USD fell by -0.19%, closing the week at $1.1401. The GBP/USD dropped by -0.62%, closing the week at a £1.2890 exchange rate.
Gold fell -1.11% as of last week’s market close, closing at $1,209.70. Crude Oil decreased by -2.83%, closing at 44.23 a barrel.
The DOW Jones ended the week up by 0.44%, closing at a value of 21,414.34. The S&P 500 rose by 0.64%, closing at a value of 2,425.18. And lastly, the NASDAQ jumped by 1.04%, ending the week at a value point of 6,153.08.
US Hiring Report Shows Positive News
The US Hiring Report for June was released on Friday, showing a high increase in employment numbers. From manufacturing to local government, construction to home health care, 222,000 new jobs were created. The biggest surprise was in the retail sector, with 8,100 new jobs made, by far surpassing expectations for what analysts worried was a dying industry.
Volvo Takes on Tesla
The Volvo Group announced plans to begin manufacturing electric cars by 2019. The Swedish car company plans to focus its business exclusively on electric, while phasing out of its core diesel and petrol models. Volvo’s news made headlines just as Tesla announced a new lower cost model to be released later this year.
That’s our summary of the financial headlines from the past week. UFX Trading Support Centre wishes you a successful trading week.