UFX.com Weekly Trading Review: Italy heads to the polls, Trump tariffs

UFX weekly fx market review

Your Weekly Trading Review by UFX.com – Sunday, March 4, 2018

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

The Weekly Market Round Up

The EUR/USD rose by 0.41%, closing the week at $1.2317. The GBP/USD increased by 0.19%, ending the week at a £1.3802 exchange rate. Gold rose by 1.39% as of last week’s market close, closing at $1,323.40. Crude Oil rose by 0.26%, closing at $61.25 a barrel. The Dow Jones ended the week with a decrease of 0.29%, closing at a value of 24,538.06. The S&P 500 rose by 0.51%, closing at a value of 2,691.25. And lastly, the NASDAQ rose by 1.08%, ending the week at a value point of 7,257.87.

Italy Votes for New Government

Voting is underway in Italy. Polls opened at 06:00 GMT and are set to close at 22:00 GMT, with local media expected to publish early exit polls immediately afterwards. Today’s election is said to be a test of Europe amid growing right-wing populism and increasing tension over migration. Italians will choose between the surprise comeback of media magnate and former premier Silvio Berlusconi and a challenge to mainstream parties by the populist Five Star Movement. The election is one of the country’s most uncertain elections ever, with far-right and populist parties expected to make major gains and Silvio Berlusconi set to play a leading role.

Trump Sets New EU Tariffs

U.S. President Donald Trump has started a trade conflict by announcing his plans to impose a 25 percent tax duty on steel and 10 percent on aluminum imports. Europe then responded with a warning declaring that they would target iconic American brands like Harley, Levi, U.S. whiskey. Trump in turn, threatened European automakers with a tax on imports if the European Union retaliates against his plan to slap tariffs on aluminum and steel. Trump tweeted on Friday that trade wars are good and“easy to win,” shaking U.S. financial markets.

In January 2017, Trump cautioned German car companies he would enforce a border tax of 35 percent on vehicles imported to the U.S. market. German automakers Volkswagen AG, Daimler AG and BMW AG assemble vehicles at plants in the United States. BMW employs more than 9,000 workers in South Carolina and is one of the state’s leading employers.

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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