The EUR/USD pair declined to a three week low after the European Central Bank kept rates unchanged but kept the door open to a possible increase in September.
The British pound dropped in its worst week this month after new Prime Minister Andy Burnham did not provide details about his government’s fiscal plans.
The USD/JPY soared to a forty year high after markets looked past the Japanese government’s commitment to support the yen in the currency markets, while the yen had its worst weekly performance since May.
Gold prices ended the week higher having hit a two week peak midweek. But most of the gains were pared late in the week, as markets eyed the economic reality of an escalating conflict between the US and Iran.
The US S&P 500 dropped after mixed earnings, concerns about inflation and worries about AI spending combined. While Tesla posted mixed earnings, Intel beat expectations soundly.
Oil prices jumped to a fresh six week high after President Trump outlined that the US would increase the intensity of its attacks to punish Iran and its Houthi allies for attacks on oil tankers in the Bab el Mandab and Hormuz Straits.