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Your Weekly Trading Review by UFX.com – Sunday, October 22nd, 2017
Here are some of the major financial events of the past week and how they affected the global financial markets:
EUR/USD fell by -0.57%, closing at $1.1784 and the GBP/USD closed at a £1.3190 exchange rate.
The Dow ended the week on a high of 23,328.63. The S&P 500 rose to 2,575.21, while the NASDAQ increased by 0.36%, ending the week at 6,629.05.
Litecoin Seeing Tough Times
The popular digital currency Litecoin is now trading below $50, after reaching an all-time high of $70 during last week’s trading. Litecoin has fallen 11% in just the last 24 hours. The increasingly popular cryptocurrency was released in 2011 with the intent to become the Silver to Bitcoin’s Gold. It has the 5th largest market cap of $72.4 billion in the industry, trailing after Bitcoin, Bitcoin cash, Ethereum, and Ripple.
UK Unemployment at All-Time Low
According to a new report from the Office of National Statistics, UK unemployment is at its lowest level since 1975. The Bank of England commented its intent to raise interest rates and price hikes later this quarter, adding to ongoing financial concerns over Brexit.
Gold Ended the Week on a High
Precious metal Gold rose 0.74%, closing the week at $1,289 an ounce. According to the 1-hour chart, Gold is trading near the upper band of the Bollinger Bands indicator, supported by the MACD above 0. Maintaining these conditions may lift Gold towards $1,300, while dropping towards the lower band may change the momentum and dip to around $1,260 areas.
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.