Gold prices held firm near their record highs at the end of the week as the US Dollar faced significant weakness. This development comes amid easing concerns around Trump's tariff narrative, which has recently dominated market sentiment. In the currency market, the British pound gained additional strength from positive data in the UK's Manufacturing and Services PMIs, pushing the GBP/USD pair to challenge recent two-week highs near 1.2450.
The Greenback's sell-off persisted, providing a favorable backdrop for other currencies. The EUR/USD pair continued its bullish trajectory on Friday, trading close to multi-week highs around the 1.0500 mark. This movement highlights the broader trend of dollar depreciation influencing global currency dynamics.
In the United States, preliminary Manufacturing and Services PMIs for the current month were released, offering insights into economic activity and further impacting market perceptions. Meanwhile, in the cryptocurrency sector, Dogelon Mars (ELON) extended its rally, with prices rising more than 18% this week, underscoring investor interest in digital assets.
Market participants are increasingly anticipating interest rate cuts both in the Eurozone and the United States. The US Federal Reserve is expected to implement two rate cuts of 25 basis points each this year, while the European Central Bank (ECB) is projected to make four similar reductions. These expectations are shaping strategies and investments as investors adjust to potential shifts in monetary policy.