The Eurodollar increased last week as the continent awaited the first round of the weekend’s French parliamentary elections. The Eurosceptic national front party was in the lead, according to opinion polls.
The British pound edged higher after UK GDP data was higher than expected. In the US the probability of a Fed rate cut in September increased after inflation linked data fell on Friday.
The USD/JPY grew again to record a more than thirty year high at the end of the week. Japan’s Finance Minister Suzuki repeated that the government is standing ready to intervene to defend the Yen if necessary.
Gold prices moved higher and tested a one week high after tensions continued to rise in the Middle East. Western countries are warning their citizens to leave Lebanon as the conflict between Israel and Hezbollah on the Lebanese border intensifies.
Stock indexes fell, ending three successive weeks of gains. The trading week was marked by the first presidential debate between President Biden and Donald Trump, ahead of US elections in November.
Oil prices grew, close to a two month high. In the oil rich Middle East, the potential of a widening conflict was a concern for traders.. Category five Hurricane Beryl may move towards the Gulf of Mexico this week, according to forecasters.