The EUR/USD increased and tested a seven-week high as the greenback pulled back after mixed US data acted as a drag on the currency.
The British pound climbed to a one-month peak amid expectations that the Fed will cut rates next week, while the Bank of England appears set to keep rates unchanged amid ongoing caution on UK inflation.
The USD/JPY fell slightly as the resignation of Japanese Prime Minister Ishiba wasn’t expected to change economic policy, while the yen saw some safe-haven demand.
Gold prices moved firmly higher, with the precious metal surging to another record high. Prices were supported by instability in the Middle East and heightened tensions between Ukraine and Russia.
US S&P 500 stocks again hit record peaks after the remaining significant AI-linked stock, Oracle, posted strong earnings results. Optimism remained high as anticipated Fed interest rate cuts could generate further economic growth.
Oil prices nudged higher, hitting their highest level in a week, but surrendering most of those increases by week’s end. Higher US inventories were offset by potential supply disruptions to Russian energy as G7 countries debated what sanctions to implement on the country and importers of Russian oil.