The Eurodollar edged higher in a quiet week for economic data. Germany’s economy had a stronger than expected start to the year, according to the German Economic Institute.
The British pound declined despite better than expected GDP data. The Bank of England’s decided to maintain interest rates at 5.25%.
The USD/JPY climbed after Bank of Japan governor Ueda stated on Wednesday that the yen’s decline might trigger another interest rate increase.
Gold prices pushed firmly higher to record a three-week peak. Gold climbed after Israel pulled out of ceasefire talks with Hamas. Israel is expected to begin the second phase of its operation into the town of Rafah.
Most stock indexes ended the week higher, although tech stocks fell slightly. In the earnings season, recently listed Reddit, announced better than expected results. Chipmaker ARM posted positive earnings, but future guidance disappointed traders.
Oil prices fell slightly in a volatile week that recorded both a near two month low and a nine day high. On Tuesday the US administration announced it would commence refilling its strategic oil reserve with a purchase of 3 million barrels.