The Eurodollar moved higher after below expectations US GDP and Manufacturing data was released. In Europe the latest reports suggest that German has entered a technical recession
The British pound ended the week broadly at the same level it began. The UK meanwhile is looking ahead to next week’s budget amid reports that potential tax cuts may be announced.
The USD/Yen declined last week after Bank of Japan governor Ueda stated on Thursday that inflation remains under target. The statement suggests that the Bank of Japan will not increase interest rates in the near future.
Gold prices jumped after weaker than expected data from the US lifted hopes that inflation is being pressured lower. The Israel Hamas conflict continues, despite ongoing talks about a potential temporary ceasefire.
Stocks continued rising as another record high was posted by US indices. Tech stocks led the push higher after NVIDIA and Open AI, a partner of Microsoft, announced they would develop AI powered humanoid robots designed to carry out unsafe or undesirable tasks.
Oil prices pushed higher on expectations, confirmed over the weekend, that OPEC would continue its current deal of cutting 2.2 million barrels per day of crude oil production in the second quarter of this year.