Spread Bets Weekly Trading Update

Spread Bets Weekly 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: 24 Aug 2009

Indices

Better than expected Home Sales data out of the States on Friday helped the markets end the week in positive fashion with the Dow up 155 points to 9505.96, the S&P up 18.76 to 1026.13 and the FTSE up at 4850.89.

With significant resistance levels having been broken, traders will be keeping a close eye at the next possible levels.

Can the Dow break 10,000 and the FTSE 5,000?

Commodities

Brent Crude recovered from sharp falls in the previous week - and lows of below $70 on Monday and Tuesday - to eventually rise back above the $74 a barrel level by the end of the week.

Gold followed a similar pattern, seeing a difficult start to the week and falling to lows of below $935 an ounce before recovering to end the week just above $953 an ounce.

Forex

In the Forex Spread Betting markets the pound saw a strong start to the week against the dollar, rising from lows of $1.6277 to highs of $1.6595 on Tuesday. However, news that the Bank of England had tried to increase the level of its Quantitative Easing policy plus public borrowing figures showing a record deficit for July saw sterling fall back to close at $1.6487.

The euro closed at $1.4336 against the dollar on Friday after earlier hitting lows of $1.4048.

The Week Ahead

Tomorrow's (Tuesday's) US consumer confidence figures will give an indication of whether the economy is taking tentative steps out of recession. Indications over the health of the UK economy will be gauged by Q2 GDP figures out on Friday.

Home builders Bovis and Persimmon are releasing trading updates.

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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Risk Warning: Spread betting carries a high level of risk to your capital and can result in losses larger than your initial deposit/stake. It may not be suitable for everyone, so please ensure you fully understand the risks involved.

Article provided / approved by Spreadex Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 190941.

'Spread Bets Weekly Trading Update' edited by DB, updated 24-Aug-09

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