It was a bearish week for the European majors, with a hawkish FOMC outlook on monetary policy doing the damage late in the week.
The dollar continues to rally
NEW YORK (Reuters) -Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.
Silver markets initially tried to rally during the course of the week but have since been hammered to reach down towards the $26 level.
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USD/CAD tested resistance at 1.2480.
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The USD has been seeing bad days these past few weeks due to its inflation rates being at their highest since August of 2008. This came after the Federal Reserve had made statements back in March suggesting that the sharp rise in inflation rates was only temporary. The rates continued to rise and consumer prices were still on the increase, with gasoline seeing over 50% increase from the previous year, inflation rates were well above the Fed's projected 2%.
Gold Price Forecast: XAU/USD pares biggest weekly losses since March 2020 below $1,800
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