Market Overview

The US dollar index this week generally demonstrated a "rise amid a pullback and subsequent consolidation." At the beginning of the week, the index confidently increased amid escalating tensions in the Middle East and reached a more than 10-month high. Subsequently, expectations of a de-escalation led to a pullback in the index, but on Thursday, amid worsening risk appetite, it strengthened again, fluctuating around the 100 mark throughout the week. On Friday, after the release of labor market data, the dollar index again surpassed the 100 level.

Spot gold initially showed strength this week, then weakened, remaining generally in positive territory. On Wednesday, amid a falling dollar and expectations of stabilization, gold prices rose close to $4,800, the highest since March 19; however, on Thursday, following Trump's harsh statements, a sharp rise in oil prices, and concerns about inflationary pressures that could slow down rate cuts, some gold positions were taken off. Spot silver was even more volatile during the week, moving in the same direction as gold but with greater elasticity.

International oil prices remain the most volatile asset of the week. During the week, they briefly declined on hopes of a ceasefire, but on Thursday, after Trump announced that strikes on Iran would continue in the coming weeks and in the absence of information about the resumption of shipping through the Strait of Hormuz, oil prices surged sharply, with WTI surpassing $110 and Brent returning to $105.

Non-US currencies generally showed the following pattern: "a rebound at the start of the week and a return to previous levels by the end," with the weekly G10 gain against the dollar being almost completely offset. The yen failed to strengthen due to its status as a safe haven; USD/JPY temporarily exceeded 160, and Japan’s Ministry of Finance publicly warned of measures against speculative fluctuations.

American stocks for the week generally experienced a "recovery amid high volatility"; trading was closed on Friday due to a holiday. Over the week, the Dow increased by 2.96%, Nasdaq by 4.44%, and the S&P 500 by 3.36%, marking the largest weekly gain since November of last year.