EUR/USD
The EUR/USD pair attracts some sellers to around 1.1595 during the Asian trading hours on Friday, pressured by a rebound in the US Dollar. The German Gross Domestic Product for the second quarter is due later on Friday. The attention will shift to the Federal Reserve Chair Jerome Powell’s speech, with traders paring back wagers on an imminent interest-rate cut.
GBP/USD
GBP/USD moves little after four days of losses, trading around 1.3410 during the Asian hours on Friday. The pair faced challenges as the US Dollar gained ground following the key economic data from the United States released on Thursday. Traders await Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming to gain clues on the September policy outlook.
USD/JPY
The Japanese Yen (JPY) slides to a three-week low against a broadly firmer US Dollar (USD) during the Asian session on Friday. Despite signs that the underlying inflation in Japan remained sticky, the uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ) turns out to be a key factor undermining the JPY for the second straight day. The USD, on the other hand, climbs to its highest level since August 6 amid reduced bets for a more aggressive policy easing by the Federal Reserve (Fed) and lifts the USD/JPY pair further beyond mid-147.00s.
AUD/USD
The Australian Dollar (AUD) steadies near a two-month low at 0.6414 after registering losses in the previous four consecutive days. However, the AUD/USD pair lost ground as the US Dollar (USD) gained ground after the upbeat S&P Global US Purchasing Managers’ Index (PMI) data was released on Thursday. The AUD also received downward pressure as Consumer Inflation Expectations rose 3.9% in August, coming in below the previous increase of 4.7%.
NZD/USD
The NZD/USD pair extends the downside to near 0.5815, the lowest since April 11, during the early Asian trading hours on Friday. The New Zealand Dollar (NZD) softens against the Greenback as the Reserve Bank of New Zealand (RBNZ) delivered a rate cut and left the door open for further moves lower. The speech from Federal Reserve (Fed) Chair Jerome Powell at the Jackson Hole symposium will be in the spotlight later on Friday.
USD/CAD
USD/CAD remains stronger for the fourth successive session, reaching a three-month high at 1.3915 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) gains ground amid easing odds of a Federal Reserve (Fed) interest rate cut in September. Traders await the Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming, which could offer fresh clues on the September policy outlook.
USD/CHF
The USD/CHF pair posts a fresh weekly high near 0.8100 during the late Asian session on Friday. The Swiss Franc pair advances as the US Dollar (USD) trades firmly ahead of Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole (JH) Symposium at 14:00 GMT.
CRUDE OIL
Oil prices were little changed on Friday as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers and putting prices on track to snap a two-week losing streak.
Gold drifts lower for the second straight day as reduced Fed rate cut bets underpin the USD. The cautious market mood does little to lend any support to the safe-haven precious metal. Traders keenly await Fed Chair Powell’s speech for rate-cut cues and a meaningful impetus.
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