This week, the US Dollar (USD) struggled to stabilise, leading the US Dollar Index (DXY) to drop to new three-year lows near 96.20.

Gold (XAU/USD) extended its positive performance this week, hitting all-time tops in levels just beyond the $3,700 mark per troy ounce soon after the Federal Reserve (Fed) announced its largely telegraphed interest rate cut on Wednesday, its first of the year.

The US Dollar (USD) staged a meaningful comeback this week, rebounding from three-year lows recorded in the first half of the week to end the week with modest gains after a positive reaction to the Fed’s interest rate cut and Chief Powell’s upbeat press conference.

The Pound Sterling (GBP) witnessed an eventful and volatile week against the US Dollar (USD) as markets weighed monetary policy decisions by the US Federal Reserve (Fed) and the Bank of England (BoE).

The EUR/USD pair peaked at 1.1918, a fresh four-year high on Wednesday, giving up most of its gains and settling at around 1.1750 by the end of the week.

The GBP/USD pair prolongs this week’s retracement slide from its highest since early July for the third straight day and slides below the 1.3500 psychological mark, or a two-week trough during the early European session on Friday.