Euro, gold hit record highs as Dollar weakens amid record U.S. unemployment claims

Euro, gold hit record highs as Dollar weakens amid record U.S. unemployment claims

Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar.

The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the week after European leaders announced a massive stimulus plan to soften the economic blow of the COVID-19 pandemic.

Gold prices gained 4.2%, last trading at $1.186 per ounce, a record high since September 2011. This puts the yellow metal just slightly behind the all-time high of $1,920.

Meanwhile, risk appetite for the Dollar soured after recent data showed a first-time increase in unemployment claims in the U.S. in nearly four months. In addition, U.S. lawmakers have struggled to agree on a new round of stimulus measures ahead of the previous batch’s expiry date in late July.  

The ever-increasing political tensions between the U.S. and China also took its toll on the Greenback, with a recent move where Beijing vowed to retaliate against a U.S. order aimed at closing one of its consulates.

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