The Eurodollar continued to rise after the final round of parliamentary elections in France. The socialist block came first, Macron’s centrist party came second, with the Eurosceptic National Rally coalition coming in third.
The British pound climbed sharply as Sterling appeared to experience a bump from the Labour party’s election victory. The pair traded close to a one-year high after PM Starmer outlined policies that include improved relations with European countries.
The USD/JPY fell sharply after it was reported that the Bank of Japan intervened in the currency markets to support the Yen. The pair has hit several all-time highs so far this year.
Gold prices increased and hit a two-month high. In the US CPI Inflation data came in lower than expected. Markets could expect two rate hikes from the Fed before the end of the year.
The price of the stock indexes climbed last week with the Nasdaq and S&P 500 again hitting record highs. The earnings season kicked off with big banks JP Morgan Citigroup and Wells Fargo posting better than expected results.
Crude oil prices traded slightly lower after "black gold" bounced off a 10-day low earlier in the week, but failed to recover by Friday's close.