Weekly Update 8 May 2020
National currencies and bonds were mostly lower, stocks moved higher, and cryptocurrencies and commodities were mixed. The largest gains were in crude oil, which rose 24.3%, and Bitcoin, which gained 9.9%. The worst losses were in palladium, which fell 7.4%, and the TLT 20+ year bond fund, which declined 3.3%.
The Canadian Dollar outperformed other national currencies by closing the week unchanged. The Euro was the worst performer, falling 2.3%. The US Dollar finished in the middle of the pack, off 1.0%. Short term US treasuries did slightly better, falling 0.9%, while long term bonds got hammered, dropping 3.3%.
Bitcoin was the week's second best performer, rising to a high of 181.6 grams on Thursday before settling back to close at 179.7 grams, up 9.9%. Ethereum had a tougher time, falling early in the week to 3.75 grams on Wednesday, then rallying to close at 3.89 grams, down 1.6%.
Stocks had a good week, led higher by the S&P 500 which gained 2.4%. The Euro STOXX under-performed, adding just 0.4%. Gold stocks rose 2.2%.
Commodities were a mixed bag. Crude oil continued to be volatile, this time to the upside, soaring 24.3% to close at 451 mg per barrel. Precious metals fell, as palladium declined 7.4%, platinum lost 2.0% and silver gave up 0.1%.
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