Euro Drops to Near Record Lows in Trading this Week

In trading this week, domestic markets performed relatively well -- especially given the lower than average volume. The Dow opened Monday at 18,267.25 and closed down on Friday at 18,232.07 for a loss of -35.18 points on the week. The NASDAQ did slightly better all week, opening at 5,040.92 and closing Friday at 5,089.36 for a gain of 48.48 points. The S&P 500 mirrored the NASDAQ, opening at 2,121.30 and closing at 2,126.06 for a gain of 4.76 points on the week.

In overseas trading this week, Hong Kong's Hang Seng gained another 200 points on the week, closing near record highs of 28,000 points.
Germany's DAX rallied on Monday and Tuesday, then held strong to 11,800 all week. London's FTSE posted straight gains on the week, but only rose 1% when it was all said and done.

Prima Biomed (PBMD) Wins the Week

With a posted 5-day gain of an astonishing 540%, Prima Biomed (PBMD) is our pick of the week. This small-cap biomed player just had a bit of good news in regard to a its product line, and share prices really responded. It's still depressed on the year, making it a good chance for a pickup even after its stellar week. Prima shot up from $0.50 per share on Monday morning to close the week at $3.19.

Euro Has Lost 4% of its Value in 5 Days

The Euro used to be on top of the world, a cutting-edge currency that wasn't tied to any particular nation and was brought about to serve the interests of the entire European community. Today, however, the Euro is in a slump and Europe itself doesn't seem to be getting better anytime soon.

Times Are Tough in the Eurozone

The real problem with the Euro is Europe, parts of which aren't recovering as fast as Asia or America. The UK is relatively stable, although unemployment continues to be a problem there, and there are a few economic powerhouses like Germany on the continent. However, none of that balances out the worst of the Eurozone members -- best illustrated by Greece and Italy's ongoing issues.

So Much for the Comeback

A big comeback was planned for this summer, but with Greece and other countries like it are gumming up the works with their huge debt and unmanageable unemployment numbers. All of this is complicated even further when you consider that Europe is made up of as many cultures and economies as it is countries, leading some analysts to question the long-term viability of the currency.

Dollar Doing Well

With such weak competition from overseas, the dollar is continuing to do well in the marketplace. Conditions at home and exports abroad have been performing well, with perhaps the best example of high-value exports being Apple's (AAPL) iPhone 6, which set sales records in China. With relatively unemployment and all of this action at home and abroad, it's no wonder that the US dollar is performing so much better than the struggling Euro.

The Biggest Loser of the Week is American Apparel (APP)

They might not have been the biggest loser in the market but, after news of their lawsuit went public this week, they're the biggest loser in our hearts. American Apparel (APP) filed a countersuit against their former CEO in an attempt to compel him to stop talking about the company and trying to get his old job back until at least the end of 2016. American Apparel, a micro-cap, has plunged over -0.06 points to close the week at $0.55 per share.

Salacious CEO Gets Sued

Prior to the this latest lawsuit, former-CEO Dov Charney had been fired by the board for recording intimate liaisons between himself and company employees and models at work, using American Apparel's (APP) cameras. He's also been accused of using the company as his own personal piggy bank. Charney filed suit in December to get his job back, and the company says that he has been harassing American Apparel staff ever since.
Published on May 22, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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