Spread Betting and Cable Trading Update

Spread Betting and Cable Trading Update

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A weekly review of the markets, supplied and sponsored by Spreadex.

For this week's review see Spread Betting Weekly.

Weekly Market Review: 17 Aug 2009

Indices

The FTSE had an up and down week. Coming off the back of four weeks of steady gains, the index fell to a low of 4631.7, then rallied to a new 2009 high of 4790 before falling back to close at 4,713.97 - down 0.37% on the week. The Dow made steady gains,boosted by the Fed's decision to hold interest rates at historic low levels - before closing 0.5% down. The S&P just managed to keep its head above the 1,000 level, closing at 1,004.09.

Commodities

Brent Crude briefly rose above $75 a barrel on Thursday before a dramatic slide on Friday, losing 4% to close at $71.44. Gold followed a similar pattern, heading above $960 an ounce before slumping at the end of the week to close at $947.6. Silver hit two-month highs of $15.18 an ounce before again losing ground by Friday and closing at $14.72.

Forex

Cable continued its slide from $1.70 and closed the week at $1.6538 but could be under pressure this week as the $1.60-$1.6550 range now comes into play. £/€ continued to trade in a tight range and any substantial break at either side of €1.15-€1.18 this could week could be a good indicator of the next trend direction.

The Week Ahead

It's a fairly quiet week ahead in terms of UK figures. There's plenty going on in the States, however, with the New York Federal Reserve's survey of manufacturing activity later today (Monday), the Labor Department's producer price index tomorrow (Tuesday) and Weekly Jobless Claims, July Lead Indicators and August Philadelphia Fed Business figures on Thursday.

The above comments do not constitute investment advice and neither Spreadex nor Clean Financial accept any responsibility for any use that may be made of them.

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'Spread Betting and Cable Trading Update' edited by DB, updated 17-Aug-09

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