From Slump to Rise

October 20, 2014

Last Friday, after a lengthy decline, world financial markets closed on the rise due to a favorable news background. In particular, in October the US economic sentiment index went up to its highest level since 2007 while Iran’s government said they were willing to take measures to stabilize oil prices.

In Europe, the British FTSE 100 grew 1.85 percent up to 6,310.29 points, the German DAX shot up by 3.12 percent getting to 8,850.27 points, and the French CAC 40 advanced 2.92 percent finishing the trading session at 4,033.18 points.

Even the Russian trading floor showed a positive dynamic – the MICEX index grew 1.79 percent up to 1,384.72 points while the RTS index added 2.65 percent making 1,072.94 points.

In the USA, the Dow Jones Industrial Average gained 1.6 percent up to 16,380.41 points, the NASDAQ Composite grew 1 percent ending up at 4,257.47 points, and the Standard & Poor’s 500 picked up 1.3% reaching 1,886.76 points.

On Friday, oil prices also posted a rise – the NYMEX price of WTI oil futures for November went up by $0.05 making $82.75 a barrel whereas the ICE price of Brent oil futures for November delivery was up by $1.77 finishing the day at $86.24 a barrel.

At the same time on the global Forex market, EUR/USD continues with an upward correction within the same range. Nevertheless, the latest two candles on the weekly chart indicate that the pair seems to want to go down some more. 

Anna Gorenkova, NordFX Analyst

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