EUR/USD
EUR/USD recovers its recent losses posted in the previous session, trading around 1.1310 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) struggles due to a drop in US Treasury yields, which continue to depreciate after the 30-year US bond yield pulled back from 5.15%, the highest in 19 months.
GBP/USD
GBP/USD treaded water on Thursday, marking in a tight circle just north of the 1.3400 handle as global market sentiment suffers knock-on effects from a recent bout of worry that shot through Treasury yields this week. Investors are broadly focusing on the United States’ (US) mounting debt problems, which are poised to get a fresh injection (in the wrong direction) as President Donald Trump’s deficit-swelling “big, beautiful” tax and budget bill grinds its way through Congress.
USD/JPY
USD/JPY attracts fresh sellers during the Asian session on Friday following the release of hot consumer inflation figures from Japan, which keeps the door open for more interest rate hikes by the BoJ. Moreover, trade uncertainties and geopolitical risks underpin the JPY and weigh on the currency pair amid the lack of follow-through USD buying.
AUD/USD
AUD/USD extends the range play on Friday and remains below the 200-day SMA pivotal resistance as the RBA’s dovish outlook and renewed US-China trade tensions undermine the Aussie amid a modest USD recovery. However, Fed rate cut bets cap the upside for the USD, which, along with a positive risk tone, acts as a tailwind for the currency pair.
NZD/USD
The NZD/USD pair posts modest gains near 0.5900 during the early Asian session onn Thursday. The upbeat New Zealand Retail Sales data provide some support to the Kiwi against the US Dollar (USD). Traders will keep an eye on the speeches from the Federal Reserve (Fed) officials later on Friday, including Alberto Musalem, Jeff Schmid and Lisa Cook.
USD/CAD
The USD/CAD pair attracts fresh sellers following the previous day’s brief pause and slides to the 1.3825 area during the Asian session on Friday. Spot prices remain close to a two-week low touched on Wednesday and seem vulnerable to weaken further amid a broadly weaker US Dollar (USD).
USD/CHF
The USD/CHF pair extends the decline to around 0.8250 during the early European session on Friday. The Greenback weakens against the Swiss Franc (CHF) due to US fiscal concerns. Traders will take more cues from the advanced US S&P Purchasing Managers Index (PMI) for May.
CRUDE OIL
Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July.
Gold price lacks any firm intraday direction on Friday and seesaws between tepid gains/minor losses, around the $3,300 mark during the Asian session on Friday. The XAU/USD bears, however, seem reluctant to place aggressive bets and positioning for an extension of the previous day’s pullback from over a two-week high on the back of US fiscal concerns.
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