EUR/USD
The EUR/USD pair builds on the previous day’s goodish recovery move from the 1.1000 psychological mark, or a nearly four-week low and attracts some follow-through buyers for the second straight day on Friday.
GBP/USD
The GBP/USD pair gains positive traction for the second straight day and recovers further from over a three-week low, around the 1.3000 psychological mark touched on Wednesday.
USD/JPY
The USD/JPY pair weakens further below mid-141.00s during the Asian session on Friday and has now moved back closer to the YTD low touched earlier this week. Moreover, the fundamental backdrop seems tilted firmly in favor of bearish traders and supports prospects for an extension of a well-established downtrend witnessed over the past two months or so.
AUD/USD
The AUD/USD extends its upside for the third successive session on Friday as economic data from the United States (US) reinforced the possibility that the Federal Reserve (Fed) could lower interest rates by 50 basis points next week.
NZD/USD
In Thursday’s session, the New Zealand Dollar appreciated against its US counterpart, recovering from the previous session’s decline. The NZD/USD pair moved up by 0.75% to a high of 0.6180, as the bulls took control of the market.
USD/CAD
The USD/CAD pair reverses a modest Asian session dip and currently trades around the 1.3575 region, nearly unchanged for the day, though any meaningful appreciating move still seems elusive. The US Dollar (USD) sinks to over a one-week low amid growing expectations for an oversized interest rate cut by the Federal Reserve (Fed) next week, bolstered by signs of easing inflationary pressures in the US. In fact, data published on Thursday showed that the annual headline Producer Price Index (PPI) decelerated to 1.7% from the previous month’s downwardly revised reading of 2.1%. Adding to this, the core PPI, which excludes volatile food and energy prices, missed consensus estimates and came in 2.4% YoY during the reported month.
USD/CHF
USD/CHF appreciates for the second successive session, trading around 0.8550 during the European hours on Thursday. The US Dollar (USD) receives support as Treasury yields extend its gains for the second successive day.
CRUDE OIL
Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.
Gold price sits at a new all-time high near $2,570, as the US Dollar remains on the back foot alongside the US Treasury bond yields, in the aftermath of dismal US jobless claims and PPI inflation data. Data reinforced bets of a 50 bps Fed rate cut next week.
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