Weekly Update 29 May 2020

Another mixed, but generally higher week. The largest gains were in the Euro STOXX50 and the Japanese Nikkei, which each rose 7.3%. In second place was crude oil, which added 7.0%. The worst losses were in coffee, which fell 6.8%, and gold mining stocks, which dropped 3.9%.

China's Yuan declined 0.2%, and Japan's Yen closed unchanged, but all other national currencies moved higher. The largest gains were in the Euro, which rose 2.4%. The Canadian Dollar also had a good week, rising 1.8%. The US Dollar added 0.3%, as did its short term notes. Long term bonds fell 0.9%.

Cryptocurrencies had a good week, as Ethereum rose 6.8% and Bitcoin gained 3.1%. Both fell early in the week, then recovered to close higher. I am writing a more detailed post on Bitcoin and its future, post halving. You can see some of this work in my updated Bitcoin long term chart.

In the equity space, only gold stocks closed lower, falling 3.9%. Japanese and European indexes rose strongly, gaining 7.3% each. In the US, the S&P 500 added 3.3% while the Dow Industrials rose 4.0%.

Most commodities moved higher this week, led by crude oil, which closed up 7.0%. The only losers were coffee, which fell 6.8% for the largest loss of any asset this week, and platinum, which pulled back 0.9%. Silver was the second-strongest performer in the commodity group, rising 3.8% to close at 316 mg/oz.

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