Gold prices maintained a strong position near their record highs as the week concluded, driven by a significant sell-off in the US Dollar. This devaluation of the Dollar has alleviated some market concerns tied to former President Trump's tariff policies. In parallel, the British pound gained strength due to encouraging data from the UK's advanced Manufacturing and Services PMIs, pushing the GBP/USD pair to test two-week highs near the 1.2450 mark.
Meanwhile, the EUR/USD pair traded close to multi-week highs around the 1.0500 level, following mixed results from the preliminary US Manufacturing and Services PMIs. These results have influenced market sentiment and trading behaviors. Additionally, Dogelon Mars (ELON) continued its impressive rally on Friday, with its price surging more than 18% over the week.
The market's focus is also on anticipated interest rate cuts across major economies. Capital market participants are expecting a series of rate reductions in both the Eurozone and the United States this year. The US Federal Reserve is slated to implement two 25 basis point cuts, while the European Central Bank is expected to make four 25 basis point cuts. These potential shifts in monetary policy have substantial implications for global financial markets.
Despite these dynamic market conditions, FXStreet and the author of this article emphasize that they are not registered investment advisors. The content provided is not intended as investment advice, and they disclaim any responsibility for the official policy or position of their advertisers.