EUR/USD
EUR/USD extends its gains for the fourth consecutive session, trading around 1.1710 during the Asian hours on Friday. The pair appreciates as the Euro receives support after France’s government survived a no-confidence vote, as Prime Minister Sebastien Lecornu’s pledge to suspend a key pension reform won backing from some left-wing lawmakers.
GBP/USD
The GBP/USD pair gains positive traction for the third consecutive day on Friday and moves further away from its lowest level since early August, around 1.3250-1.3245. Spot prices currently trade around mid-1.3400s, or one-and-a-half-week high touched on Thursday amid a broadly weaker US Dollar, though the intraday uptick lacks bullish conviction.
USD/JPY
The Japanese Yen (JPY) continues to scale higher against a broadly weaker US Dollar (USD) for the fourth straight day and hits a fresh two-week high during the Asian session on Friday. Investors now seem worried about economic risks stemming from signs of strain in US-China trade relations, rising geopolitical tensions, and a prolonged US government shutdown. This is evident from a generally weaker tone around the equity markets and is driving safe-haven flows towards the JPY.
AUD/USD
The Australian Dollar (AUD) declines against the US Dollar (USD) on Friday, extending its losses for the second successive session. The AUD/USD pair loses ground as the AUD could struggle due to escalating United States (US)-China trade tensions. It’s important to note that any shift in China’s economy can influence the Aussie Dollar, given the close trade relationship between China and Australia.
NZD/USD
NZD/USD gains ground after a flat performance in the previous session, trading around 0.5730 during the Asian hours on Friday. The daily chart’s technical analysis signals a potential bullish reversal as the pair price moves ahead in the descending wedge pattern. A continuation within the descending wedge indicates declining volume, reflecting weakening momentum in the bearish trend.
USD/CAD
The USD/CAD pair loses ground near 1.4040 during the Asian trading hours on Friday. The US Dollar (USD) softens against the Canadian Dollar (CAD) as global trade tensions and signs of weakening in the US economy bolster the case for further rate cuts by the Federal Reserve (Fed).
USD/CHF
The USD/CHF pair continues losing ground for the fourth successive day – also marking the fifth day of a negative move in the previous six– and drops to an over two-week low during the Asian session on Thursday. Spot prices currently trade around the 0.7900 mark and seem poised to depreciate further amid the prevalent US Dollar (USD) selling bias.
CRUDE OIL
Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine.
Gold retests the all-time peak following a sharp Asian session slide to the $4,280-4,279 region and remains on track to end in the green for the ninth straight week. Against the backdrop of persistent geopolitical uncertainties, concerns about US-China trade tensions, and a prolonged US government shutdown, temper investors’ appetite for riskier assets.
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