Market Watch Video Monday 7th Aug | Avem Capital
Hello and welcome to this weekly market watch video brought to you by Avem Capital. I’m Kate Leaman.
Today, I will be covering the moves over the last week in the US, UK and Oil. Our traders have been working hard against the thin summer markets, with Neil Crammond heading the risk in this ever such quiet period of the year.
US dollar rose on Friday 1% against euro
On Friday, the US dollar rose against other currencies after an unexpectedly strong US employment report, which indicated that the Fed would be able to fulfill its plan for a third rate hike this year. EUR/USD fell 1% a few hours after the Nonfarm Payroll report indicated 209,000 new jobs against the expected figure of 183,000.
The Bank of England left the interest rate unchanged
The Bank of England left the rates at a record low following Thursday's meeting, and lowered growth forecasts for 2017 and 2018, as the consequences of Brexit adversely affected the purchasing power of consumers. The Bank of England reported that six MPC members voted to keep the rate at 0.25%, while two have voted against it. Most analysts expected no change.
Oil prices lowered during the week
Oil prices were stable during the week, pointing downwards. The increase in OPEC's exports and production, together with the growth in oil production in the US, is holding back the bullish move..
Thanks for watching and join us again next week!
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