The US Dollar (USD) stayed on the back foot this week, extending the broad slide that’s been in place since late November. The Federal Reserve’s (Fed) much-anticipated rate decision delivered few surprises, though Powell did make one thing clear: further rate hikes are off the table.
The Pound Sterling (GBP) notched up a third straight week of gains, finally breaking through the 1.3400 mark. It’s been a steady climb, and one that says more about the other side of the pair than anything happening at home.
Gold prices added roughly 3% in the week, flirting with the $4,350 mark on Friday, to finally settle at around $4,330. Despite its safe-haven condition, the bright metal rallied in a risk-on scenario, amid broad US Dollar (USD) weakness.
The EUR/USD pair surged to a fresh monthly high of 1.1762 in the second week of December, closing it with gains a handful of pips below the level.
Silver continues its explosive rally, touching $65 on Thursday as momentum, short squeezes, and structural supply shortages drive extreme price action.
The US dollar recovered against the yen on Thursday after bouncing from the key 155 level, reaffirming it as strong support.