The Eurodollar traded lower after hitting a three month peak earlier in the week. Fed Chair Powell’s cautious speech on Friday disappointed traders who were hoping for a signal that interest rate cuts are on the way next year.
The British pound climbed to another two month high against the dollar following better than expected GDP data from the UK.
The USD/Yen pair fell sharply after investment bank analysts estimated that the bank of Japan is debating whether to end its negative rate interest rate policy.
Gold prices jumped sharply higher and hit an all time high of 2144 dollars by the end of the week. Israel resumed its military operation after a truce allowed the release of hostages, as tensions rose in the middle east.
US stocks marked their fifth consecutive week in the green. On November 30th Tesla successfully made its first deliveries of its eagerly awaited Cybertruck.
Oil prices declined after traders appeared unimpressed by OPEC’s agreement for additional voluntary cuts in production until the end of the first quarter of 2024.