The U.S. Dollar Index remained strong overall this week, rising to a 17-month high at one point and on track for its third consecutive week of gains. The key driver behind this trend was a global sell-off in long-term bonds; the yield on the 10-year U.S. Treasury note rose to about 5.36% at one point—its highest level since 2002—significantly strengthening the dollar’s yield advantage and its status as a safe-haven asset.On Friday, the nonfarm payrolls data fell short of expectations, cooling market expectations for a Fed rate hike and causing the U.S. Dollar Index to pull back slightly; as of this writing, it stands at 101.88.
Spot gold weakened significantly overall this week. On Monday, it plummeted by as much as 4% at one point, hitting a low of $4,110 per ounce—its lowest level in over seven weeks—and breaking below the 100-day moving average. Although a rebound followed, the weekly decline remained close to 2% as of this writing.Spot silver followed suit with a correction this week, exhibiting significantly greater volatility than gold. On Monday, silver prices fell approximately 4.5% in a single day to around $61.39; although they have since recovered somewhat, they remain in a weekly downtrend.
International crude oil continued to fluctuate at high levels this week, with Brent trading consistently above $100, while WTI fluctuated around the $90 mark. Overall, the market pattern featured gains driven by geopolitical risks and profit-taking triggered by expectations of improved supply.At the start of the week, escalating tensions between the U.S. and Iran drove oil prices higher; subsequently, expectations of negotiations and the resumption of exports reduced risk premiums; and toward the end of the week, renewed military tensions in the Middle East once again supported oil prices.
Major non-U.S. currencies came under overall pressure this week, with the euro leading the decline and the British pound and Australian dollar weakening in tandem, while the Japanese yen continued to be weighed down by high U.S. Treasury yields.The euro fell to its lowest level since May 2025, with French fiscal risks and pressure in the European bond market amplifying the decline; the British pound and Australian dollar approached multi-month lows, while the U.S. dollar remained at elevated levels against the yen.
U.S. stocks performed relatively weakly overall this week but showed resilience; the S&P 500 and Dow Jones Industrial Average were weighed down by rising oil prices and U.S. Treasury yields, while the Nasdaq held up relatively well.A sharp rise in long-term yields early in the week put pressure on high-valuation tech stocks, but moderate inflation data and receding expectations for interest rate hikes subsequently drove a rebound in the tech and AI sectors, while energy stocks remained relatively strong in tandem with oil prices.