EUR/USD
EUR/USD struggles to build on Thursday’s gains and trades in negative territory, slightly above 1.1650 in the European session on Friday. Later in the day, Consumer Price Index (CPI) data from Germany and PCE inflation figures from the US will be scrutinized by investors.
GBP/USD
GBP/USD retreats to test the 1.3500 mark in the early European morning on Friday. Cable remains firmly entrenched in recent consolidation, but markets are positioning themselves for an upside reaction after Friday’s upcoming US Personal Consumption Expenditures Price Index inflation print.
USD/JPY
The USD/JPY pair loses ground to near 146.85 during the early Asian session on Friday. The Japanese Yen (JPY) edges higher against the US Dollar (USD) after the release of Japan’s Tokyo August Consumer Price Index report. The attention will shift to the US July Personal Consumption Expenditures (PCE) Price Index report, which is due later on Friday.
AUD/USD
The Australian Dollar (AUD) moves little against the US Dollar (USD) on Friday, following three days of gains. However, the AUD/USD may further appreciate as the US Dollar (USD) could struggle amid renewed dovish sentiment surrounding the Federal Reserve (Fed) policy outlook.
NZD/USD
The NZD/USD pair extends its upside to near 0.5900 during the Asian trading session on Friday. The Kiwi pair strengthens as the market sentiment is favorable for riskier assets on firm expectations that the Federal Reserve (Fed) will cut interest rates in the September policy meeting.
USD/CAD
The USD/CAD pair trades with mild gains near 1.3755 during the early Asian session on Friday. The US Dollar (USD) strengthens against the Canadian Dollar (CAD) after the upbeat US Gross Domestic Product (GDP) and weekly Initial Jobless Claims data. The Canadian GDP for the second quarter (Q2) and the US Personal Consumption Expenditures (PCE) Price Index report for July will be the highlights later on Friday.
USD/CHF
The USD/CHF pair attracts slight bids and rises to near 0.8025 during the European trading session on Friday. The Swiss Franc pair ticks up as the US Dollar (USD) trades marginally higher ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for July, which will be published at 12:30 GMT.
CRUDE OIL
Oil prices fell on Friday but are set for a weekly gain, caught between expectations of lower demand as the end of summer nears in the United States, the world’s biggest consumer, and uncertainty about the availability of Russian supply.
Gold price edges lower during the Asian trading hours on Friday. The yellow metal retreats from near a five-week high of $3425 in the previous session amid some profit-taking. Additionally, the upbeat US economic data, including the US GDP and weekly Initial Jobless Claims data, provide some support to the US Dollar and weigh on the USD-denominated commodity price.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
