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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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Your Weekly Trading Review by UFX.com – Sunday, August 13, 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 increased by 0.42%, closing the week at a rate of $1.1821. The GBP/USD rose by 0.29%, closing the week at £1.3014.
Gold went up by 0.30% since last week, closing at $1,294.00. Crude Oil rose by 0.47%, closing at 48.82 a barrel.
The DOW Jones ended the week slightly up by 0.07%, closing at 21,858.32. The S&P 500 rose by 0.13%, closing at 2,441.32. And lastly, the NASDAQ increased by 0.64%, ending the week at 6,256.56.
UK Finance Minister Addresses Tax Haven Rumours
UK Finance Minister Philip Hammond has addressed recent speculation that the United Kingdom could become a tax haven after it withdraws from the European Union. Mr. Hammond stated that after Brexit, taxes will not be considerably lowered. Mr. Hammond noted that the British Government intends to stay competitive in the international market, and that includes raising taxes within a normal level of the rest of Europe.
Disney to Join the Online Streaming Business
The Walt Disney Company has announced plans to create its own online streaming service in 2 years. The entertainment company currently provides digital streaming to its customers via Netflix. Disney executives said they plan to generate higher revenue and have more control over the company’s online business by using their own in-house platform. Disney plans to begin the new entertainment service in 2019.
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.