EUR/USD
EUR/USD remains in the red near 1.0900 in European trading on Friday. The sustained US Dollar rebound amid risk-aversion and firmer US Treasury bond yields weighs on the pair. ECB policy decision fails to lift the Euro. Fedpseak remains on tap later in the day.
GBP/USD
GBP/USD is testing weekly lows below 1.2950 in the early European session on Friday. The pair stays on the back foot after disappointing UK Retail Sales data amid the extended US Dollar recovery. The focus now shifts to the Fedspeak.
USD/JPY
The Japanese Yen (JPY) continues to lose ground following the release of the latest inflation data on Friday. Japan’s National Consumer Price Index (CPI) for June held steady at 2.8%, matching the previous month’s figure and remaining at the highest level since February. Meanwhile, Core CPI inflation rose to 2.6%, slightly above the previous reading of 2.5% but just below the consensus estimate of 2.7%.
AUD/USD
The Australian Dollar (AUD) extends its losing streak for the fifth successive session on Friday. This decline in the AUD/USD pair can be attributed to the strengthening of the US Dollar (USD) due to increased risk aversion. However, the downside for the AUD may be limited by higher-than-expected Employment Change figures, which indicate tight labor market conditions and raise concerns about a potential interest rate hike from the Reserve Bank of Australia (RBA).
NZD/USD
During the early Friday’s session, the NZD/USD dropped by 0.60% to touch the 0.6050 level. The pair’s struggle to remain firm above the 0.6070 mark keeps it near the lows recorded in May. S
USD/CAD
The USD/CAD pair seesaws between tepid gains/minor losses during the Asian session on Friday and consolidates its recent recovery gains from sub-1.3600 levels, or a three-month low touched last week. Spot prices currently trade around the 1.3700 mark, nearly unchanged for the day, and remain on track to register weekly gains for the first time in the previous six.
USD/CHF
The USD/CHF pair trades on a positive note around 0.8840, snapping the three-day losing streak on Friday during the late European trading hours. The modest rebound of the US Dollar (USD) provides some support to the pair. Looking ahead, traders will take more cues from the weekly Initial Jobless Claims and Philly Fed Manufacturing Index.
CRUDE OIL
Oil prices fell on Friday, putting them on track for a second weekly decline, as a strong dollar and mixed economic signals weighed on investor sentiment.
Gold price corrects further from the record high amid some follow-through USD buying. September Fed rate cut bets should cap the USD and help limit losses for the XAU/USD.
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