The following article was written by Tony Chrystopher, Financial Analyst at UFX.com’s Trading Support Center.
Your Weekly Trading Review by UFX.com – Sunday, September 10, 2017
Here are some of the major financial events of the past week and how they affected the global financial markets:
EUR/USD rose by 0.11%, closing at $1.2036. The GBP/USD increased by 0.76%, closing at a £1.3200 exchange rate.
The Dow ended the week up by 0.06%, closing at 21,797.79. The S&P 500 dropped -0.15%, closing at 2,461.43. And lastly, the NASDAQ fell by -0.59%, ending the week at 6,360.19.
Equifax Faces Potential $70 Billion Fine in Data Breach
Equifax Inc., one of the 3 largest credit reporting bureaus in the US, was the victim of a major security hack last week. Personal data including Social Security Numbers, addresses, driver’s license information, and birth dates of at least 143 million American and Canadian citizens have been stolen by hackers. Equifax could face up to $70 billion in claims over this cyber-attack.
Post-Hurricane Harvey Financial Recovery Unknown
Last week’s unprecedented Hurricane Harvey slammed into Houston, Texas, causing massive flooding and several deaths. The economic recovery will likely be unclear for some time yet, but financial analysts are already predicting it to be the 2nd most costly natural disaster in US history. Texas’ oil and gas reserves have been affected the most by far, which is causing an increase in petrol prices. Economic experts have noted that rebuilding the affected areas will boost the local economy.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for our next review.