Weekly Update 7 Feb 2020
Cryptocurrencies continued to rise this week, but other asset classes were mixed. Ethereum soared 24.5% and Bitcoin gained 5.5%. The largest losses were in coffee, which fell a further 3.5%, and gold stocks, which dropped 2.7%. In contrast, other major stock markets did quite well, with the S&P 500 and Euro STOXX adding 3.9% apiece.
In the national currency space, the US Dollar outperformed, rising 0.7%. The Japanese Yen and the Euro were weakest, falling 0.5% and 0.3% respectively. This puts the Japanese Yen at its lowest point in 40 years! USD Cash outperformed its bonds; the short term SHY gained 0.6% while the 20+ year TLT fell 0.1%.
Cryptocurrencies were the week's best performers. Bitcoin spiked higher on the 5th, and ended the week at 193.7 grams, up a solid 5.5%. But the smaller altcoins saw even larger gains; Ethereum rose 24.5%, and DASH (not in table) gained 14.0%.
Although gold stocks fell 2.7%, all other major equity indexes moved higher. The S&P 500 and Euro STOXX50 closed up 3.9% each, but the Dow Industrials were close behind, gaining 3.8%. The Nikkei 225 added 2.1%.
Coffee continued to fall this week, dropping 3.5%, the week's largest loss. Crude oil also declined, falling 1.7%. Copper and platinum made the largest gains in the commodity sector, rising 2.2% and 2.0% respectively. Silver was little changed, closing up just 0.1%.
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