With the looming EU vote on whether the UK will remain in the European Union or not, the GBP/USD shot up by 155 pips on Friday, closing at $1.4358. The EUR/USD took note, also rising, this time by 52 pips, up to an exchange rate of $1.277.
As a result the USD took a hit towards market close, with the USD/CAD dropping 73 pips down to a $1.2894 price point.
While the USD is on the decline, crude oil recorded its best performance in the last 2 months. Barrels of West Texas Intermediate (WTI) went up by 3.83%, closing at $47.98. Brent Oil also recorded positive movement, rising by 4.20%, ending the trading week at $49.17.
The upcoming EU Brexit vote took caused Gold to go on whirlwind towards the week’s end, with ounces of COMEX Gold dropping by 3.60%, down to $1,294.80. On the other hand, Gold Spot prices shot up by 20.22%, closing at $1,298.65 an ounce.
Ending its worst week since April of this year, the S&P 500 ended the trading week with a 0.33% slip, closing at a value point 2,071.22. Taking note was the DOW Jones, also losing 0.33%, closing at a value of 17,675.16. The NASDAQ also took a hit, dropping 0.92% and closing Friday at a value of 4,800.34.