EUR/USD
The EUR/USD pair regains positive traction on the last day of the week and for now, seems to have stalled its pullback from the vicinity of over a one-year high touched on Wednesday. Spot prices trade around the 1.1125 region and draw support from the emergence of fresh selling around the US Dollar.
GBP/USD
The GBP/USD pair trades in positive territory for the seventh consecutive day near 1.3105 during the early European session on Friday. The confidence of investors that the US Federal Reserve will start easing monetary policy in the upcoming September meeting continues to undermine the US Dollar broadly.
USD/JPY
The Japanese Yen (JPY) strengthens against the US Dollar (USD) following the release of the National Consumer Price Index (CPI) inflation data and a speech by Bank of Japan (BoJ) Governor Kazuo Ueda in Parliament on Friday. Ueda stated that “the BoJ raised rates in July as the economy and inflation moved largely in line with forecasts.”
AUD/USD
The Australian Dollar (AUD) retraces its recent gains against the US Dollar (USD) amid rising risk-on sentiment on Friday. Traders await the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the North American session.
NZD/USD
NZD/USD retraces its recent gains toward two-month highs, trading around 0.6150 during the Asian session on Friday. This upside of the NZD/USD pair could be attributed to the tepid US Dollar (USD) amid improved risk sentiment. Traders assess the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the North American session.
USD/CAD
The USD/CAD pair struggles to capitalize on the previous day’s recovery from the 1.3570 area or the lowest level since April 10 and attracts fresh sellers during the Asian session on Friday. Spot prices slide back below the 1.3600 mark in the last hour and seem vulnerable to prolonging a well-established downtrend witnessed over the past three weeks or so.
USD/CHF
USD/CHF edges lower as the US Dollar (USD) loses ground ahead of the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium scheduled later in the North American session. Powell may deliver a statement about the possibility of interest rate cuts in the United States (US), which is highly anticipated by market participants. The USD/CHF pair trades around 0.8520 during the Asian session on Friday.
CRUDE OIL
Oil prices were little changed on Friday, on track to end the week lower, as downward revisions to U.S. employment data raised concerns over demand and renewed ceasefire talks in Gaza eased worries about supply disruptions.
Gold price is back in the green zone early Friday, adding on to Thursday’s late rebound. The Gold price rebound could be linked to the resumption of the US Dollar decline, in the face of fresh USD/JPY sell-off and negative US Treasury bond yields.
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