The Eurodollar fell to a two-week low after President Trump stated that tariffs on European goods are expected to be implemented.
The British pound reversed recent profits and retreated to a two-week low in a week when UK Prime Minister Starmer met President Trump at the White House. The US administration later appeared to suggest that tariffs on the UK could be unnecessary.
The USD/JPY increased to a one-week peak after demand for the dollar increased, due to fears that a trade war could cause US inflation to rise, potentially preventing the Fed from cutting rates this year.
Gold prices declined to their lowest levels in almost four weeks after the US and Russia held a second round of direct talks in Istanbul on Thursday.
U.S. stock markets declined, with tech stocks suffering the greatest fall in value, despite better-than-expected earnings results from giant AI chip company NVIDIA. Traders remain concerned that US tariffs could trigger a trade war that could be damaging for global demand.
Crude oil prices declined and touched an almost three-month low on rising US inventories and reports that the US could consider relaxing sanctions against Russia soon.