The Eurodollar fell to a six-day low before paring some losses by Friday’s close, amid concerns over tariffs and market expectations of additional ECB rate cuts due to declining inflation and weaker European growth.
The British pound hit a fresh two-month peak after data indicated a recovery in UK consumer spending, while the dollar retreated against most of its rivals last week.
The USD/JPY fell sharply to an eleven-week low amid demand for the safe haven yen as tariff fears and geopolitical tensions spooked traders.
Gold prices jumped to another record high on Thursday after the US administration made fresh statements on the implementation of steel tariffs, outlining that further tariffs could be revealed next week. The US pushed ahead with its plan to end the war in Ukraine, but the EU and Ukraine appeared to be excluded from the process.
U.S. stock markets fell with the S&P 500 recording its worst weekly performance in 2025 as traders began to worry about a potential trade war and cooling relations between Brussels and Washington.
Crude oil prices edged lower, finishing the week near a one-week low. With tensions in the Middle East easing and the US forging ahead with a plan to end the war in Ukraine, oil could flow more freely in the coming weeks.