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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, July 30, 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 0.63%, closing at $1.1751. The GBP/USD increased by 0.54%, closing the week at a £1.3136 rate.
Gold increased by 0.69% as of last week’s close, finishing at $1,275.30. Crude Oil went up by 0.67%, closing at 49.71 a barrel.
The DOW Jones ended the week up by 0.15%, closing at 21,830.31. The S&P 500 dropped by -0.13%, closing at 2,472.10. And lastly, the NASDAQ decreased slightly by -0.12%, ending the week at 6,374.68.
Comcast – Verizon Merger Talks Worry Shareholders
Rumours that the 2 dominant US internet providers, Comcast and Verizon, could merge, is concerning shareholders and both companies’ customers. Last Wednesday, a Citigroup analyst published an article stating that a potential merger could cause a monopoly in the market and poor customer service for Comcast’s approximate 23.3 million internet customers. Currently, neither company has confirmed or commented on the rumors.
EU Threatens to Haul Poland to Court
On Wednesday, the European Commission threatened to trigger Article 7 against Poland, one of its member states. Poland’s government is considering reforms to its process of replacing Chief Justices. EU leaders are worried that this could negatively affect the independence of Poland’s court system. The European Commission advised Poland that they could be subject to heavy fines and the suspension of EU voting rights, a cause for major concern.
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.