The US dollar powered ahead in the second half of the week after the latest CPI reading showed US nudging higher.

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Gold climbed this week, setting a new all-time high near $2,430. However, prices eventually backed off those levels, closing near $2,345 on Friday.

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The euro suffered a major setback this week, primarily against the U.S. dollar. The European Central Bank’s dovish guidance laid the groundwork for the common currency’s downturn, but rising geopolitical risks in the Middle East also weighed.

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Contrasting data in the US and Europe highlights the need for policy divergence between the Fed and European Central Bank – weighing on EUR/USD

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The US dollar index opens higher in Europe, aided by a weak Euro, and is back at highs seen last November. Gold is unfazed by US dollar strength and continues to print new highs.

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