Gold prices closed the week on a high note, maintaining a strong position near their record highs. This movement coincides with a notable decline in the US Dollar, which faced significant weakness. The easing of tensions surrounding former President Donald Trump's tariff narrative further influenced market dynamics, calming investor concerns.
The British pound experienced a surge in strength, bolstered by positive results from the UK’s advanced Manufacturing and Services PMIs. This development enabled the GBP/USD pair to challenge recent two-week highs, testing the 1.2450 vicinity. Conversely, the US Dollar saw a sell-off, contributing to the bullish momentum of the EUR/USD pair, which hovered near multi-week highs around the 1.0500 mark.
Friday also saw the release of preliminary US Manufacturing and Services PMIs for the current month. These data points provided additional insight into the economic landscape, hinting at potential future trends. Meanwhile, Dogelon Mars (ELON) continued its upward trajectory, rallying more than 18% over the week and maintaining its momentum through Friday.
In the broader capital markets, participants have set their sights on anticipated interest rate adjustments in both the Eurozone and the United States. The US Federal Reserve is expected to implement two interest rate cuts of 25 basis points each this year. Similarly, the European Central Bank (ECB) is projected to introduce four cuts of 25 basis points throughout the year.