US Dollar Surges Amid Trade War Escalation and Gold Gains

The US dollar has strengthened against nearly all currencies as equity markets trade mixed and bond yields decline alongside oil prices. In the North American market, traders sold euros in favor of other assets after the euro rose above $1.1700 in Europe.

Gold saw a significant gain before the weekend, increasing by over $110 an ounce to settle about 5.7% higher on the week, marking its second advance last week of more than 2%. The US and Canada trade talks have broken down, contributing to market uncertainty and risk aversion.

Ahead of the weekend, only one economic data release is scheduled: the July Chicago Fed's National Activity index. Despite the current market dynamics, investors await key releases in the upcoming week, which may shed light on the US economy's trajectory.