The EUR/USD surged to a two month high after the Federal Reserve opted for a December rate cut, while the markets priced in a further two interest rate cuts next year.
The British pound climbed to a multi week peak as the greenback continued to soften against most of its rivals.
The USD/JPY fell after Prime Minister Takaichi’s administration signaled it could support a rate hike at the Bank of Japan’s meeting in mid-December, despite its preference for lower rates.
Gold prices jumped to a near two month high amid growing expectations that President Trump’s economic advisor Kevin Hassett will become Fed Chair once Fed Chair Powell finishes his term next year. Trump is known to support lower interest rates.
US S&P 500 stocks finished the week lower as traders rotated out of tech stocks after Broadcom posted better than expected earnings results, but its price dropped.
Oil prices declined to near two month lows amid reports of rising OPEC and non OPEC output, offsetting falling US inventory levels.