The Eurodollar climbed to an almost three week high following news that Russia and Ukraine are willing to take part in future ceasefire talks. President Trump delayed a decision to implement tariffs that are likely to target the European Union.
The British pound jumped to a two month high after data suggested the UK economy may be in better shape than previously thought, as higher than expected GDP, industrial production and manufacturing data surprised traders.
The USD/JPY saw a volatile week, jumping to a one week high but surrendering most of those gains by week’s-end as traders shifted away from the safe haven yen.
Gold prices hit a fresh all time high early last week after President Trump stated that there would be significant consequences if Hamas did not release its remaining hostages by the Saturday deadline.
U.S. stock markets saw another volatile week, but pushed higher after President Trump delayed the implementation of fresh tariffs. Elon Musk meanwhile led a consortium to bid 97.4 bln dollars for OpenAI, the owner of ChatGPT, which refused the offer.
Crude oil prices slumped to a six week low before recovering slightly after US inventories rose and following news that peace talks on Russia’s invasion of Ukraine will take place. If successful, Russian oil sanctions may be eased.