The EUR/USD pair fell by 0.13%, closing at 1.2222. The GBP/USD pair decreased by 0.26%, closing the week at 1.3858 exchange rate. US Congress failed to pass a spending bill at midnight on Friday, which has caused a government shutdown. All US government functions are currently at a standstill as thousands of federal workers will be placed on unpaid leave until a funding agreement is finalised. Negotiations continued on Saturday, however, there is still not a solution to the dispute of the Deferred Action for Childhood Arrivals immigration policy, meaning over hundreds of thousands of immigrants could face deportation. Gold went up by 0.44%, as of last week’s market close, closing at $1,333.10. Crude Oil fell by 0.91%, closing at $63.37 a barrel.
Wall Street soared on Friday with a surprising gain in consumer stocks, in the mildst of the chaos of the possible government shutdown. The S&P 500 and the NASDAQ hit record closing highs, while the Dow ended the day higher after trading in a narrow range. Trading volume on US exchanges was 6.82 billion shares, relative to the 6.32 billion average over the previous 20 trading days. The Dow Jones ended the week up by 0.21%, closing at a value of 26,071.72. The S&P 500 rose by 0.44%, closing at a value of 2,810.30. And lastly, the NASDAQ increased by 0.55%, ending the week at a value point of 7,336.38.
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