UFX.com Weekly Trading Review: Facebook called to testify, Dropbox IPO

UFX weekly fx market review

Your Weekly Trading Review by UFX.com – Sunday, March 25, 2018

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

Weekly Market Brief

The EUR/USD rose by +0.41%, closing at $1.2353. The GBP/USD increased by +0.26%, closing the week at a £1.4132 exchange rate. Gold increased by +1.69%as of last week’s market close, closing at $1,355.70. Crude Oil rose by +2.46%, closing at $65.88 a barrel. The Dow Jones ended the week with a decrease of -1.77%, closing at a value of 23,533.20. The S&P 500 fell by -2.10%, closing at a value of 2,588.26. And lastly, the NASDAQ took a heavy lost -2.43%, ending the week at a value point of 6,992.67.

Legislators Call FB CEO to Testify

Mark Zuckerberg is under pressure. On Friday, U.S. lawmakers officially asked Facebook Inc’s CEO, Mark Zuckerberg to speak at a congressional hearing to explain how 50 million users’ data was accessed by British political consultancy, Cambridge Analytica.  The hearing will bring to light Facebook’s role in gathering and selling user’s personal information without their notice or consent in violation of Facebook policy.

Dropbox Debuts at $21 per Share

Dropbox, the successful cloud storage and collaboration company which started 10 years ago as a small startup in the San Francisco went public on Friday.  The stock opened at $29 on the NASDAQ and climbed as much as 50 percent to a high of $31.60. Dropbox Inc’s shares closed at $28.42, up more than 35 percent, than the predicted $21 per share. It’s successful performance makes Dropbox the biggest tech IPO since Snapchat’s in March 2017.

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.com.

Read Also: