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.