EUR/USD
The EUR/USD pair breaks its four-day losing streak, trading around 1.0840 during the Asian session on Friday. However, the US Dollar (USD) received support and reached a two-month high of 103.87 on Thursday, supported by a solid US Retail Sales report, which fueled expectations that the Federal Reserve (Fed) may implement nominal rate cuts.
GBP/USD
GBP/USD managed to plug the leaks and stop its most recent backslide, but potential for a bullish rebound remains tepid at best. The Pound Sterling clawed back a scant sixth of a percent against the Greenback on Thursday, well short of the midweek plunge that saw Cable slump another six-tenths of a percent.
USD/JPY
USD/JPY is off the highs, trading close to 150.00 in Friday’s Asian trading, undermined by the Japanese verbal intervention and a broad-based US Dollar pullback. A tepid risk sentiment aids the safe-haven Japanese Yen, keeping the pair on the backfoot ahead of Fedspeak.
AUD/USD
AUD/USD defends minor bids above 0.6700 in the Asian session on Friday. The pair fails to benefit due to mixed Chinese GDP and activity data but it continues to draw support from hawkish RBA expectations, a broad US Dollar retreat and renewed Chinese stimulus expectations. Fedspeak eyed.
NZD/USD
The NZD/USD pair extends its sideways consolidative price move through the Asian session on Friday and remains within the striking distance of a nearly two-month low touched earlier this week. Spot prices hold steady around the 0.6065 region and move little following the release of mostly upbeat Chinese macro data.
USD/CAD
The USD/CAD pair trades with mild gains around 1.3795 during the early Asian session on Friday. The further upside in the Greenback amid the stronger US economic data provides some support to the pair. Later on Friday, the US Building Permits and Housing Starts will be released. Also, the US Federal Reserve’s (Fed) Raphael Bostic, Neel Kashkari and Christopher Waller.
USD/CHF
The USD/CHF pair retreats a few pips from a two-month peak touched earlier this Friday and trades around mid-0.8600s, nearly unchanged for the day during the first half of the European session. Meanwhile, the fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.
CRUDE OIL
Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand.
Gold price gains positive traction for the fourth successive day and jumps to a fresh all-time peak. Major central banks remain in rate-cut mode and continue to benefit the non-yielding XAU/USD. Middle East tensions and the US political uncertainty provide an additional boost to the commodity.
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