The Eurodollar grew last week despite higher than expected US Nonfarm payrolls data on Friday. The release provided some support to the Greenback, as traders grew concerned that inflation may still be too high for a June rate cut.
The British pound dollar pair ended the week broadly unchanged after a raft of UK data suggested that the UK economy may see increased growth in the coming months.
It was a volatile week for the USD/Yen pair which finished higher. On Friday, Japanese Prime Minister Kishida warned markets that the government will use “all means” to prevent sharp falls in the yen’s value.
Gold prices repeatedly stuck a series of record highs last week as all eyes turned to the Middle East. Traders expected volatility after Iran vowed a military response to an earlier Israeli attack upon an Iranian consulate in Syria.
Stock indexes pulled back after stronger US data and cautious statements from Fed officials caused concern about rate cuts. In stock news Tesla CEO Elon Musk announced that the company’s new Robotaxi will be unveiled in August.
Oil prices climbed and recorded a five month high amid tensions in the oil rich Middle East. OPEC’s Joint Ministerial meeting was held last week and no change was made in output policy.