The Euro fell overnight as the market interpreted commentary by Mario Draghi as meaning that QE is here to stay. The expectation of a rate hike in the U.S. this week also helped to push the currency further and fueled risk appetite.
Equity markets soared with the German Dax now looking to test 11,450 and U.S. stocks rising to fresh records on Friday, capping their best week since the presidential election.
The Dow industrials rose 142.04 points, or 0.7%, to 19756.85, on Friday. The S&P 500 gained 13.34 points, or 0.6%, to 2259.53, ending the week up 3.1%. Both indexes closed at fresh records for the third session in a row. Since the election, the Dow industrials have hit a record 14 times, while the S&P 500 has risen to highs seven times.
The Nasdaq Composite Index, gained 27.14 points, or 0.5%, to 5444.50, also a record.
Gold prices posted their fifth straight weekly loss on Friday, as money continued to flow out of exchange-traded funds that invest in the precious metal.
On the Comex division of the New York Mercantile Exchange, gold for February delivery closed down 0.9% at $1,161.90 a troy ounce. The lowest level since February this year.
The metal has suffered since Donald Trump was elected president as investors have put their money in the stock markets and bonds. Additionally, expectations of a Fed rate rise next week has also been negative on the metal.
Oil futures firmed on Friday, consolidating gains ahead of a weekend meeting of major oil-producing countries hoping to finalize a deal to cut production.
U.S. crude futures rose 66 cents, or 1.3%, to $51.50 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 44 cents, or 0.82%, to $54.33 a barrel on London’s ICE Futures Exchange.
