EUR/USD
EUR/USD remains steady after mild gains registered in the previous session, trading around 1.1420 during the Asian hours on Friday. The pair holds ground ahead of the Eurozone Harmonized Index of Consumer Prices data due later in the day. Traders will shift their focus toward the United States Nonfarm Payrolls due later in the North American session.
GBP/USD
The GBP/USD pair extends the decline to near 1.3195 during the Asian trading hours on Friday. The Pound Sterling edges lower against the Greenback due to rising expectations of the Bank of England rate cut next week. Investors brace for the US July employment data, including Nonfarm Payrolls and the Unemployment Rate, which will be published later on Friday.
USD/JPY
The Japanese Yen (JPY) hangs near a multi-month low against its American counterpart touched during the Asian session on Friday amid Bank of Japan (BoJ) Governor Kazuo Ueda’s dovish tone the previous day. In fact, Ueda advocated patience in policy normalization in order to observe the tariff impact after the US-Japan trade deal. This, along with domestic political uncertainty, turns out to be a key factor behind the JPY’s relative underperformance.
AUD/USD
The Australian Dollar (AUD) edges higher on Friday, halting its six-day losing streak. The AUD/USD pair remains steady as Australia was spared from the latest United States (US) tariff hikes, indicating that President Donald Trump had left the 10% baseline tariffs on Australian goods unchanged. Traders await the United States (US) Nonfarm Payrolls (NFP), due later in the day, which is expected to hold in positive territory.
NZD/USD
The NZD/USD pair extends its downside to around 0.5880 during the early Asian trading hours on Friday. The New Zealand Dollar (NZD) softens against the US Dollar (USD) amid escalating trade tension between the United States (US) and China.
USD/CAD
The USD/CAD pair posts a fresh two-month high near 1.3870 on Friday. The Loonie pair strengthens as an increase in the tariff rate announced by United States (US) President Donald Trump on imports from Canada has weakened the Canadian Dollar (CAD).
USD/CHF
The USD/CHF pair gathers strength to near 0.8145 during the early Asian session on Friday. The Swiss Franc (CHF) weakens against the US Dollar (USD) after the US President Donald Trump set a 39% tariff on goods from Switzerland. All eyes will be on the US July employment report, which will be released later on Friday.
CRUDE OIL
Oil prices moved little in Asian trade on Friday as U.S. President Donald Trump outlined tariffs against a slew of countries, ramping up concerns over their potential impact on oil demand.
Gold price struggles to capitalize on the overnight modest gains amid the Fed’s hawkish tilt. The USD climbs to a fresh multi-month peak and contributes to capping the precious metal. Trade jitters act as a tailwind for the XAU/USD pair as traders now await the US NFP report.
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