Hi, I’m … and this is your UFX Markets
Week in Review. Today, we will cover some of the major events of the past week and discuss
how they impact the global currency markets. The Dollar declined against most of its major
counterparts as stocks and Commodities advanced, increasing demand for higher-yielding assets.
World stock markets rose last Friday with double digit gains for the quarter as economic
reports indicate that consumer spending and sentiment is on the rise in the USA, which
helped to strengthen stock prices. Data showed that US consumer spending rose by the most
in seven months in February and consumer confidence rebounded to its highest level in more than
a year in March. The Yen decreased by the most since 1995 as
the Bank of Japan added economic stimulus amid indications that the European debt crisis
is abating, damping safety demand. The Japanese yen was last trading against the US dollar
at the level of 82.81, which is an increase of 0.46%.
The British Pound increased to its highest level in more than four months versus a weak
Dollar last Friday. The Pound was last trading at the level of 1.6009, which is an increase
of 0.33%. The Euro increased against the Dollar showing
its most gains in the quarter this year, after European Finance Ministers agreed to boost
the anti-debt crisis firewall, adding to confidence that the region’s financial problems are
abating. So far the European Central Bank has pledged a cash infusion of 1 trillion
Euro into the financial system to help shore up confidence that it is doing enough to manage
the two year old debt crisis. Spain, which is under threat of becoming victim to the
region’s debt crisis, will raise taxes and cut spending to make 27 billion euros in deficit
cuts as it attempts to reign in its budget by a third.
The Euro was last trading at the level of 1.3339, which is an increase of 0.29%.
Oil advanced after reports indicated that US consumer sentiment and spending rose and
President Obama cleared the way for the imposition of congressional sanctions targeting Iran.
Oil was last trading at the level of 103.02 a barrel, which is an increase of 0.23%.
Gold made small gains on Friday following a weaker dollar as trader’s sought out bargains
after the previous session’s sell-off as the first quarter neared its end.
Gold was last trading at the level of 1,667.97 an ounce, which is an increase of 0.41%.
Well, that is all the time we have for today. I hope you’ve enjoyed this week’s review
and you’ll join us next week. Until then, be sure to visit us at UFXMarkets.com for
all of your online trading needs. For UFXMarkets, I’m …. Good luck and happy trading.