The Eurodollar jumped to a two-week high amid solid data from the Eurozone, and after ratings agency Moody’s downgraded the US credit rating, over rising debt concerns.
British pound pushed to a three-year high after higher-than-expected UK inflation and Retail Sales figures, amid expectations that the Bank of England could decide against multiple rate cuts this year.
The USD/JPY fell sharply on safe-haven demand late in the week. Rising Japanese inflation data, with markets anticipating another rate hike from the Bank of Japan in July, also pressured the pair.
Gold prices jumped at the end of the week after President Trump outlined that the European Union would have a 50% tariff placed on its goods, starting on June 1st.
U.S. stock markets dropped after President Trump stated that trade discussions with the EU were ‘going nowhere,’ re-awakening fears of a damaging trade war. Trump also stated that Apple will have to pay a 25% tariff for iPhones made outside of the US, sending its stock sliding on Friday.
Crude oil prices fell below the $60 level on Friday, but recovered after the 5th US-Iran round of talks ended on Friday with no agreement.