Oil is continuing its months’ long slide, following US President Barak Obama’s Keystone pipeline rejection, and Saudi Arabia’s EU price-cuts.
A barrel of West Texas Intermediate (WTI) dropped by 2.01%, closing the trading week at a price of $44.29. Brent Oil also recorded a price dip, ending Friday with a 1.17% drop, down to a market price of $47.42 a barrel.
Following an impressive NFP Report, edging the FED to most likely raise the interest rate next month, the USD surged on Friday.
The EUR/USD dropped by 143 pips, dragging the pair down to an exchange of $1.0741. Similarly, the British Pound lost some footing against the Greenback, with the GBP/USD slipping by 155 pips, down to an exchange rate of $1.5053.
Also slipping against the US Dollar was the Australian Dollar. The AUD/USD dropped by 101 pips, closing Friday at an exchange rate of $0.7043.
Also proving the USD’s price boost was the USD/CAD. The North American pair recorded a boost of 136 pips, bringing the exchange rate up to $1.3306, for every $1.00.
Not faring as well as the USD was Gold. COMEX ended the trading week with a 1.49% drop in market price, closing at $1,087.70 an ounce. Also taking a hit was GoldSpot, with a 1.28% price slip and $1,089 per ounce price point.
Major US Indices were a mixed bag on Friday, with the DOW Jones going up by 0.26%, to a value of 17,910.33, followed by the NASDAQ and a 0.38% bump, bringing the value up to 5,147.12. The S&P 500 on the other hand, ended the trading week with a 0.73% drop, closing at a value of 2,099.20.