The Eurodollar climbed to a three week peak. European inflation was on target, while the Greenback fell sharply after Friday’s NFP figures came in lower than expected.
The British pound increased following better than expected manufacturing data. The move higher comes ahead of this week’s Bank of England interest rate decision.
The USD/JPY pulled back from Monday’s multi year high to hit a three week low by the end of the week. The Bank of Japan reportedly intervened twice last week to support the yen in the currency markets.
Gold prices decreased to a one month low after the US Fed kept interest rates unchanged at 5.5%. Fed Chair Powell stated that the bank won’t cut rates until inflation shows progress in moving lower towards 2%.
Prices of the stock indexes ended the week in the green after a volatile week of major economic events and data releases. Giants Apple and Amazon both beat earnings expectations, as the earnings season continued.
Oil prices fell to a more than seven-week low, recording its worst weekly loss in three months. Data suggesting a slowing US economy has traders concerned that oil demand may decrease. But oil remains impacted by escalating tensions in the Middle East.