Markets started the week with mixed signals. US equities pulled back after testing record highs, with the S&P 500 briefly touching 7,000 before slipping toward 6,950, while the Nasdaq fell over 2%. Europe continued to lead, with the FTSE 100 breaking to new all-time highs above 10,200 and the DAX also tagging a record before easing.
In FX, dollar strength kept EURUSD below 1.16, GBPUSD near 1.34, and USDJPY just off the 159 area. Commodities remained in focus, with gold consolidating near record highs around $4,600, while silver extended its breakout above $90 after a strong weekly run.
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Volatile, Mixed Markets
Markets stayed choppy, moving around key levels without strong trends. US stocks tried to stabilise after early pullbacks, while Europe outperformed — the FTSE 100 stayed above 10,200, and the DAX tested support after a record high.
US data showed moderate growth: Core CPI 0.2% vs 0.3% expected, Core PPI flat, Core Retail Sales 0.5% vs 0.4%, and jobless claims pointing to a steady labour market.
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US Pullback, Europe Holding Strong
US stocks slipped from recent highs, with the Nasdaq down 2% and the S&P 500 retreating from 7,000 to around 6,950. Europe showed more resilience — the FTSE 100 hit new highs above 10,200, and the DAX pulled back slightly after reaching record levels. The split highlights the growing gap in momentum between US and European markets.
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Metals Rising, Oil Pulls Back
Precious metals stayed in focus. Gold hit new all-time highs but traded in a tight range near $4,600, while silver extended its rally above $90, up more than 12% this week. Oil gave back early gains, with WTI under $60 and Brent around $64 after a strong start to the week.
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Dollar Strength Pressures FX
The dollar stayed strong, keeping pairs under pressure. EURUSD couldn’t hold above 1.16, GBPUSD hovered near 1.34, and USDJPY pulled back slightly from 159 but stayed near multi-year highs. Markets also eyed UK GDP and BoE commentary, while the euro remained sensitive to ECB expectations.
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