UFX.com Weekly Trading Review: Clear Brexit Plan, Waymo-Uber payment

UFX weekly fx market review

Your Weekly Trading Review by UFX.com – Sunday, February 11th, 2018

Here are some of this past week’s leading economic news and events that affected the financial markets:

Clear Brexit Plan Will Be Announced in the Upcoming Weeks

Theresa May plans to announce a concrete path to exit the EU in a speech in the upcoming weeks. Her announcement will include senior ministers’ master plans to set out the country’s path to leaving the European Union.  Theresa May’s government will aim to address the security relationship Britain wants with the EU, touch on workers’ rights,  as well as trade and the devolution of power within Britain.

Britain would like to finalise a transition deal next month to smooth its exit from the EU, and determine a long-term trade agreement later in the year. However, Brussels is unsure and announced last week that a transition deal was not for sure and that London must first clarify what it wanted from the EU.

Waymo to Receive $245 Million from Uber

Waymo and Uber finally settled their trade secrets lawsuit, opening the path for self-driving vehicles competition. Uber Technologies Inc. will pay $245 million worth of its own shares to Alphabet Inc’s Waymo self-driving vehicle unit in order to move past one of the company’s most shocking controversies. Last year, Waymo accused one of its former engineers who became chief of Uber’s self-driving car project of illegally taking thousands of confidential documents. The settlement lets Uber’s chief executive officer, Dara Khosrowshahi, close another scandal behind the company and continue with the development of self-driving technology.

The Weekly Market Round Up

The EUR/USD rose by 0.04%, closing the week at $1.2252. The GBP/USD decreased by 0.62%, ending the week at a £1.3827 exchange rate. Gold fell by 0.25% as of last week’s market close, closing at $1,315.70. Crude Oil fell by 3.19%, closing at $59.20 a barrel. The Dow Jones ended the week with an increase of 1.38%, closing at a value of 24,190.90. The S&P 500 rose by 1.49%, closing at a value of 2,619.55. And lastly, the NASDAQ rose by 1.44%, ending the week at a value point of 6,874.49.

That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for the next review from UFX.

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