Overnight, The dollar index hit a 20-year high on refugee claims, following a stock sell-off on Thursday. The dollar index hit 104.07 units, its highest since December 2002, before falling back to 103.45, down 0.10% on the day.
bags in Europe
European stocks closed their worst week in two months on Friday.sand technology and retail stocks were hit by sales on the prospect of further interest rate hikes to curb the highest inflation in decades.
The pan-European STOXX 600 index fell 1.9%. Retailers lost 2% and technology stocks lost 2.4%.
For its part, the retail index fell to a two-year low after a series of weak company results. According to analysts, this highlighted “the consequences of rising inflation, the war in Ukraine and a new round of lockdowns in China.”
The European Central Bank (ECB) is expected to raise interest rates later this yearand some market projections foresee a rise already in July, after the recent record inflation figures in the euro zone.
“We agree with investors that the ECB is likely to raise interest rates by 25 basis points in July.said Jack Allen-Reynolds, chief Europe economist at Capital Economics, warning that the worst is yet to come for the euro zone economy. eat even more real income,” he added.
Stocks in the oil and gas sector were among the few to rise in Europe, rising 0.5%, as crude prices climbed above $110 a barrel in the face of the European Union’s looming embargo on Russian crude.
gold and oil
Gold prices rose on dollar weakness on Friday, but the prospect of aggressive interest rate hikes by the Federal Reserve put bullion on track for its third straight weekly decline.
Spot gold gained 0.5% to $1,886.22 per ounce, dipping 0.5% on the week. US gold futures were up 0.6% at $1,886.60.
Regarding the price of oil, West Texas Intermediate (WTI) crude oil, which is listed on the New York futures market (Nymex), advanced 1.2% and was traded at US$109.59 a barrel in contracts with delivery in June.
Meanwhile, the Brent, which operates on the London electronic market (ICE), was trading at US$112.13 and appreciated 1.1% for delivery in July.
Source: Ambito
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