Weekly Market Snapshot: Optimistic Vibes Across Financial Markets
London: 15 March 2024 (TraderMade): This week saw some interesting movement across sectors, with the US Dollar strengthening its grip and energy prices defying expectations. We'll delve into the details, but first, here's a quick look at the key takeaways:
Key Takeaways
- Forex: The US Dollar flexed its muscle, gaining ground against most currencies. Norwegian Krone and Swedish Krona felt the biggest pinch. (See graphic for details)
- Global Indices:
- Asia: Positive vibes! Both Japan's Nikkei and Hong Kong's Hang Seng closed the week higher.
- Europe: Following the global trend, European markets like FTSE 100, CAC 40, and DAX 30 all ended the week in the green.
- US: US stocks joined the party! S&P 500, Nasdaq 100, and Dow Jones all enjoyed solid gains.
- Energy: Defying expectations, energy markets surged! Brent Crude, WTI Crude, and Natural Gas all saw significant price increases. (For a deeper dive, check out our recent article "Black Gold Glimmers.")
- Precious Metals: While Gold prices dipped slightly by the end of the week, Silver managed a modest gain.
Forex
Over the last week, the US Dollar gained strength against other major currencies, while Norwegian Krone (NOK) and Swedish Krona (SEK) are top laggers against the US Dollar.
The following image shows weekly and monthly updates on movements against the Dollar:
Global Indices
Asian Markets Optimistic
Asian stocks closed the week positive. Japan's Nikkei (JPN225) edged up slightly, while Hong Kong's Hang Seng (HKG33) rose more substantially, buoyed by optimism in global markets.
Europe Gained
European markets mirrored global gains last week. The FTSE 100 (UK100) and CAC 40 (FRA40) closed in positive territory, while the DAX 30 (GER30) also ended the week higher.
US Indices Positive
US equities followed a positive trend last week. The S&P 500 (SPX500) and Nasdaq 100 (NAS100) closed the week with solid gains, while the Dow Jones Industrial Average (USA30) also ended the period higher.
Energy Markets
Energy markets surged last week, defying initial expectations. Both Brent Crude (UKOIL) and WTI Crude (OIL) climbed over 3%, while Natural Gas (NATGAS) followed suit.
Please read our recent news on Crude Oil Gains to get more details.
Precious Metals
Gold (XAUUSD) prices closed slightly lower for the week, ending at $2160.87 on 15 March after some volatility. Silver (XAGUSD) exhibited a modest gain, closing at $25.26 on 15 March after a week of upward movement.
Winding Up
This week, the US Dollar flexed its muscle against most currencies. Global stock markets rose, with Asian and European markets mirroring gains in the US. Energy prices defied expectations with a surge, while precious metals saw mixed results, with a slight dip for Gold and a modest gain for Silver.
