The Eurodollar increased and recorded a six-day high after traders considered the potential impact that additional and reciprocal tariffs could have on the US economy.
The British pound recorded a one-month high early in the week, but pulled back by the close of business on Friday. The Bank of England cut interest rates by an expected 25 basis points to 4.5% last week.
The USD/JPY declined sharply to hit an eight-week low after positive data from Japan increased expectations that the Bank of Japan could increase rates multiple times this year.
Gold prices climbed for the sixth successive week and hit a fresh all-time high on Friday. The precious metal was supported by safe haven demand following the application of tariffs and US President Trump’s proposal to assume control over the Gaza Strip.
U.S. stock markets experienced a volatile week, largely driven by anxieties over the U.S. President's unconventional trade policies. Despite Amazon's strong earnings and over 77% of companies surpassing expectations midway through the reporting period, market sentiment remained cautious.
Crude oil prices fell to a six-week low after OPEC decided to maintain its current plan of maintaining production cuts until April. A leaked US proposal for a Ukraine and Russia peace deal included a provision to lift US sanctions against Russian oil exports.