EUR/USD
EUR/USD extends its winning streak that began on June 18, trading around 1.1700 during the Asian hours on Friday. The EUR/USD pair continues to gain ground as the US Dollar faces challenges due to renewed concerns over the US Federal Reserve’s independence.
GBP/USD
The GBP/USD pair holds positive ground near 1.3735 during the Asian trading hours on Friday. The prospect of Trump announcing the next Fed Chair weighs on the US Dollar against the Pound Sterling. The US Personal Consumption Expenditures – Price Index data for May will be in the spotlight later on Friday.
USD/JPY
The Japanese Yen (JPY) trades with a negative bias against the recovering US Dollar (USD), though it holds above the Asian session low touched in the aftermath of the softer Tokyo Consumer Price Index (CPI) released earlier this Friday. Moreover, Japan’s Retail Sales recorded growth for the 38th consecutive month, though at the slowest pace since February, reaffirming bets that the Bank of Japan (BoJ) could delay rate hikes until Q1 2026. This, along with a generally positive risk tone, is seen undermining the safe-haven JPY.
AUD/USD
The Australian Dollar (AUD) retraces daily gains on Friday, halting its four-day winning streak. The AUD/USD pair edges lower following Iranian Foreign Minister Abbas Araghchi’s comments, noting that Tehran has no intention of resuming nuclear negotiations with the United States. “No agreement or arrangement has been made to resume negotiations. Neither any promise has been given, nor any discussion has taken place on this matter,” Araghchi said as per CNN.
NZD/USD
The NZD/USD pair gains ground for the fourth consecutive day near 0.6065 during the early Asian session on Friday. The uptick of the pair is bolstered by a weakening Greenback amid renewed concerns over the US Federal Reserve’s (Fed) independence. The US May Personal Consumption Expenditures (PCE) – Price Index data will take center stage later on Friday.
USD/CAD
The USD/CAD pair remains steady after registering over 0.50% losses in the previous session, trading around 1.3650 during the Asian hours on Friday. A persistent bearish sentiment is prevailing as the pair moves sideways within the descending channel pattern, suggested by the technical analysis of the daily chart.
USD/CHF
The USD/CHF pair trades with caution near an over-a-decade low around 0.8000 during the Asian session on Friday. The Swiss Franc pair struggles to find ground as the US Dollar (USD) continues to face selling pressure amid worries over the autonomous status of the Federal Reserve (Fed) and uncertainty surrounding the completion of the 90-day tariff deadline on July 9.
CRUDE OIL
Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.
Gold price weakens below $3,300 as a positive risk tone undermines safe-haven demand. Fed rate cut bets and a bearish USD do little to impress the XAU/USD bulls or lend support. Traders now look to the release of the US PCE Price Index for a fresh directional impetus.
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