The Eurodollar had its best week in 16 years and climbed to a four-month high amid better-than-expected European data and agreement over increased European security spending.
The British pound also increased sharply to a four-month high as the greenback pulled back against its rivals following softer employment data on Friday.
The USD/JPY continued falling and test a five-month low sharply to hit an eight-week low after positive data from Japan fueled expectations that the Bank of Japan could increase rates a number of times this year.
Gold prices rose to a ten-day peak on Friday, after President Trump imposed tariffs upon Canada, Mexico and China as fears of a trade war grew. Friday’s lower than expected Nonfarm payrolls data also underpinned the precious metal.
U.S. stock markets tumbled lower as sentiment darkened on fears of an all-out trade war, although pharmaceutical stocks such as Moderna and Gilead bucked the trend lower.
Crude oil prices declined to its lowest level since April 2023 after OPEC stated that it was expected to go ahead with its plan to increase production by 138,000 barrels per day from April.