Price activity in the FX markets was driven by a heightened state of risk aversion last week. Higher yielding currencies and commodity currencies in particular bore the brunt of the selloff as large outflows resulted from investors fleeing to safe haven assets. AUDUSD gave up 6.14% to close the week more than 500 points lower at 0.8318 while the CAD depreciated close to 2.5% against the US Dollar, ending the week at 1.0595. Gold snapped its run to record its first week lower, closing at 1177 levels (lower by 4.4%) after an impressive four week run during which the precious metal touched 1249. Surprisingly, the EURUSD pair turned in its first week in the green to close the week more than 200 points higher after posting five consecutive weeks of lower closings.
You might also like...
Contractors win Oman Etihad Rail packages
23 April 2024
Saudi market returns to growth
23 April 2024
Middle East contract awards: March 2024
23 April 2024
Swiss developer appoints Helvetia residences contractor
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.