European markets closed the week on a negative note on profit taking, yet closed the week up more than 1.3%, the best weekly gain in three months. The FTSE on the other hand didn’t fare as well, posting another steep selloff day following the rise in the sterling and closing the week down another 1.1%. The banking sector led the markets lower while mining stocks took another slide, for the fourth day in a row.
Forex & Commodities markets
The sterling continued its aggressive climb Friday, standing now at 12 month highs vs the dollar and gaining more than 3% vs the dollar this month alone. All other pairs traded in narrow ranges ahead of the FOMC meeting this coming Wednesday. The dollar index was mostly flat other that the steep sterling losses. BOE Governor Carney speech at 7 pm is the important news on the agenda Monday.
Swing trades follow up –
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