Gold prices maintained a resilient stance near their record highs as the week concluded, reflecting ongoing market dynamics. The US Dollar, meanwhile, faced significant weakness, influenced by various economic and geopolitical factors. President Trump's tariff narrative helped ease some market concerns, further impacting currency movements.
The British pound gained additional strength on Friday, buoyed by positive preliminary data from the UK's Manufacturing and Services PMIs. This optimism propelled the GBP/USD pair to test recent two-week highs, hovering around the 1.2450 mark. In contrast, the US Dollar experienced a sell-off, with the Greenback losing traction across the board.
The euro also exhibited bullish momentum, with the EUR/USD pair trading close to multi-week highs near the 1.0500 barrier. This movement was supported by market expectations of interest rate cuts in both the Eurozone and the US. The European Central Bank (ECB) is anticipated to reduce interest rates by 25 basis points four times this year, while the US Federal Reserve is expected to implement two similar cuts.
In addition to currency fluctuations, preliminary US Manufacturing and Services PMIs were released, adding another layer of complexity to the economic landscape. These figures are closely watched by investors as indicators of economic health and potential policy shifts.
In the cryptocurrency space, Dogelon Mars (ELON) continued its impressive rally on Friday. The digital currency surged by more than 18% throughout the week, capturing attention from capital market participants. Its upward trend highlights growing interest and speculative activity within the crypto market.