Weekly Financial Market Summary - Oct 29
Posted in: IDEAL Insights, Market Trends
A major boost for the Jamaican Dollar (JMD) as the yuletide season approaches. The JMD further strengthen against all the major traded currencies. For the week ending October 29, 2018, the JMD strengthen as much as $5.64 to $1. The stellar performance of the JMD in the Forex market this week has resulted in the reversal of all value lost on the JMD to the British Pound (GBP), with the year to date value 0.74% higher than at the start of 2018. Similar appreciation was seen where the JMD has only lost 0.84% and 0.82% to its Canadian (CAD) and Euro (EUR) counterparts, respectively.
The stellar performance of the JMD in the Forex market this week has resulted in the reversal of all value lost on the JMD to the British Pound (GBP), with the year to date value 0.74% higher than at the start of 2018.
After a major sell off in the Stock market to facilitate investor’s purchase of Seprod Share in the Facey’s share offering, both main & junior market stocks have began to rebound. The Junior market has already started to advanced with 72.98 points advancing this week. In a reversal of the previous week’s top 3 worst performing Junior stocks, Paramount Trading Jamaica, Lasco Manufacturing and Caribbean Cream have come out this week as the top 3 best performing Junior market stocks.
In the international markets, stocks and yields on Treasury have plummeted. The S&P 500, Dow Jones and Nikkei all saw significant declines this week, with all year to date gains reversed on these indices. After rebounding last week the yields on all tenor of US Treasury has fallen. The contraction in the markets can be attributed to the International Monetary Fund (IMF) cutting global growth projections as well as the ongoing trade war and it implications for multinational corporations’ earnings.
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