EUR/USD
The EUR/USD pair edges lower to around 1.0835 during the Asian trading hours on Friday. The Euro weakens against the US Dollar amid an escalating trade war between the United States and the European Union.
GBP/USD
GBP/USD loses its traction in the European morning on Friday and declines toward 1.2900. The data from the UK showed that the Gross Domestic Product contracted by 0.1% on a monthly basis in January, while Manufacturing Production decreased by 1.1%, weighing on Pound Sterling.
USD/JPY
The USD/JPY begins Friday’s Asian session on a higher note, following Thursday’s losses of 0.305, that pushed the exchange rate to close at 147.81 daily. At the time of writing, the pair trades at 147.91, virtually unchanged, as traders continued to digest US President Donald Trump’s tariff rhetoric.
AUD/USD
The Australian Dollar (AUD) receives support from rising commodity prices, including Gold, Steel, and Iron Ore on Friday. However, The AUD/USD pair could face pressure from a strengthening US Dollar (USD) amid growing fears of a global economic slowdown.
NZD/USD
The NZD/USD pair edges higher to around 0.5700 during the early Asian session on Friday. The growing concerns about US trade policies weigh on the US Dollar (USD) and create a tailwind for the pair. Later on Friday, traders will keep an eye on the preliminary Michigan Consumer Sentiment.
USD/CAD
The USD/CAD pair struggles to capitalize on the previous day’s positive move and trades with a mild negative bias during the Asian session on Friday. Spot prices, however, manage to hold above the 1.4400 mark amid a modest US Dollar (USD) uptick, though the upside seems capped amid some positive news coming out of the US-Canada trade talks on Thursday.
USD/CHF
The USD/CHF pair drifts higher to near 0.8840 during the Asian trading hours on Friday, bolstered by the renewed US Dollar demand. Nonetheless, a global trade war and rising geopolitical tensions could boost the safe-haven currency like the Swiss Franc (CHF) and cap the pair’s upside.
CRUDE OIL
Oil prices rebounded on Friday to recover some of their losses of more than 1% in the previous session, partly due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies.
Gold price remains well supported by the uncertainty surrounding Trump’s aggressive trade policies. Fed rate cut bets further benefit the yellow metal, though a modest USD uptick caps further gains. An improvement in global risk sentiment would further warrant some caution for the XAU/USD bulls.
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