Market Weekly Overview

The return of tensions between Washington and Beijing was the centre of attention last week, with the increase in COVID-19 cases in the United States to unprecedented numbers, along with the tensions of the American presidential elections and doubts about Trump’s ability to win the upcoming polls amid the increasing numbers of Covid-19 Cases.

The US dollar had witnessed negative navigation on Friday. Euro rose to 4 months high on headlines of negotiations between European Union leaders on Covid-19 recovery plan in Eurozone.

The US dollar index, which measures the strength of the greenback versus a basket of major currencies, fell to the level of 95.9420, posting a decrease of 0.42% at Friday’s close, the lowest level on March 9.

On a weekly basis, the US dollar index closed last week down by 0.73% compared to the previous week at 96.6520.

West Texas Intermediate crude for August delivery fell 0.4% to $ 40.59 a barrel, but weekly, US crude posted gains of about 0.1%. The contracts for Brent crude for September delivery fell 0.5% to $ 43.13 a barrel.

EIA reported that oil inventories in the United States declined 7.5M barrels in the week ending July 10, bringing the Oil inventories to 531.7M barrels.

The yellow metal gained 0.4% to close higher for the sixth week in a row, to $ 1810 an ounce

The Dow Jones Industrial fell 0.2% to 26672.5. Weekly, increased by 2.2%. While the S&P index increased by 0.3% to 3224.7, recording a weekly gain of 1.2%, Nasdaq rose 0.3% to 10503.2 but fell on a weekly basis of 1.1%.

Stoxx 600 rose 0.2% to 372.7. Weekly, it recorded gains of 1.6%, while the FTSE index recorded a 0.6% increase to close at 6290.3 and posted a weekly gain of 3.2%.

French CAC Index declined by 0.3% at the end of trading to 5069.4 but recorded a rise of 2% on a weekly basis. Dax rose 0.3% to 12919.6-posted weekly gain 2.3%.

The single currency was moving positively last week as the euro rose 0.5% to $ 1.144 in Friday’s session, down from Wednesday’s high of $ 1.145, the highest level since the financial crisis in March by Covid-19.

Yen gained 0.08% last week, to record $ 107.02, compared to 106.93 the previous week.

As for the British pound, it rose 0.12% on Friday to 1.2568, 0.43% on a weekly basis.