The Eurodollar traded sharply higher last week as all eyes were on the first round of French parliamentary elections. Although the Eurosceptic national rally coalition came first, it might not be enough to secure a majority and the Euro grew in value ahead of the weekend’s second round.
The British pound increased amid a Thursday General Election in the United Kingdom. On Friday the former opposition Labour party led by Keir Starmer was pronounced the winner, as the previous conservative government recorded its worst result in modern history.
The USD/JPY declined after the dollar fell against most of its rivals. US Nonfarm payrolls figures on Friday were higher than expected, but the previous month’s figures were revised lower.
Gold prices climbed to hit an almost seven-week high. In the Middle East, Hezbollah launched another mass rocket attack on Israel, stoking fears of a fresh increase in tensions in the region.
The price of the stock indexes increased last week with the Nasdaq and S&P 500 hitting fresh all-time highs. Optimism ahead of the earnings season could increase after most US data releases were lower than expected.
Oil prices increased for the fourth consecutive week. On Tuesday and Wednesday oil inventories data recorded large declines, suggesting that US demand during the heat wave and ongoing travel season, is rising sharply.