Gold prices maintained a strong position, hovering near their record highs as the week concluded. The weakening US Dollar played a crucial role in easing concerns related to the ongoing tariff discussions under the Trump administration. Furthermore, a more lenient approach towards China also contributed to the buoyancy in gold prices.
In the currency market, GBP/USD demonstrated notable strength, testing the area of recent two-week highs near 1.2450. The British pound found additional support from favorable advanced UK Manufacturing and Services PMIs. The data provided a much-needed boost, solidifying the pound's position in the market.
Meanwhile, the bullish momentum around EUR/USD remained unchanged on Friday. The pair traded close to multi-week highs, hovering around the 1.0500 mark. The release of mixed results from the preliminary US Manufacturing and Services PMIs for the current month had an impact on the EUR/USD, yet it managed to hold its ground.
In the realm of cryptocurrency, Dogelon Mars (ELON) continued its impressive rally on Friday. The ELON price surged over 18% this week, capturing the attention of capital market participants.
Market observers anticipate a series of interest rate cuts in both the Eurozone and the United States this year. The US Federal Reserve is expected to implement two interest rate cuts of 25 basis points each, while the European Central Bank (ECB) is projected to make four similar cuts. These anticipated changes are likely to have significant implications for global markets.