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This Friday the Euro rallied following ECB meeting, the Australian dollar (AUD) and oil drop while gold prices move up.
1 – EUR Higher Following ECB Meeting
EUR/USD rose on the back of the European Central Bank (ECB) meeting as president Mario Draghi did not provide the market with a reason to sell the single currency. The EUR climbed to as high as 1.1675, a level not seen since nearly 2 years. Draghi said that no exact date had been set for discussing any changes to the ECB’s ultra-easy monetary program but did say policymakers would revisit the topic in the autumn.
2 – AUD Lower Following Comments about RBA
The Australian dollar plunged after a top central banker said on Friday that the Reserve Bank of Australia doesn’t need to follow the leader when it comes to global monetary tightening. The Aussie tumbled 0.9 percent to $0.7889 after falling as low as $0.7875 earlier.
3 – Oil Prices Still Low
Oil finished lower Thursday, pulling back after a bigger-than-expected weekly drop in U.S. crude supplies sent prices to a six-week high a day earlier. Gold prices rose to a 3 week high, up 0.4% to $1247 an ounce, its highest since June 30.
4 – U.S. Stocks Lower
U.S. stocks finished mostly lower on Thursday. The S&P 500 index slipped 0.38 points to finish at 2,473.45. Dow Jones Industrial Average shed 28.97 points or 0.1%. However, the Nasdaq edged up 4.96 points to close at 6,390, rising for a 10th session in a row.
5 – GBP/USD the Weakest Pair of the Week
GBP/USD remains the weakest pair for the week as chances for a rate hike eased after weaker than expected inflation data released earlier in the week. Dollar closely followed as markets continue to doubt that the Fed is ready to raise interest rate again if President Donald Trump cannot push through his economic policies.