Gold prices maintained a bid tone near their record highs as the week drew to a close. Simultaneously, the US Dollar faced intense weakness, a situation amplified by former President Trump's tariff narrative that eased prevailing market concerns. The British pound found additional strength from encouraging UK Manufacturing and Services PMIs, propelling the GBP/USD pair to test recent two-week highs around 1.2450.
The Greenback's sell-off further underscored the US Dollar's vulnerability, as the EUR/USD pair sustained its bullish momentum on Friday. Trading close to multi-week highs near the 1.0500 barrier, the Euro benefited from the broader market dynamics. Meanwhile, preliminary US Manufacturing and Services PMIs for the current month were released, revealing mixed results that left market participants weighing their implications.
In the cryptocurrency market, Dogelon Mars (ELON) continued its upward trajectory on Friday. ELON's price surged by more than 18% over the week, reflecting robust investor interest in the digital asset. This rally occurred against a backdrop of expectations for a series of interest rate cuts in both the Eurozone and the US.
Market participants anticipated that the US Federal Reserve would implement two 25 basis point interest rate cuts. Similarly, the European Central Bank (ECB) was expected to announce four such cuts. These anticipated monetary policy adjustments have contributed to the prevailing market sentiment.