EUR/USD
The EUR/USD pair struggles to capitalize on the previous day’s modest recovery gains and oscillates in a narrow band during the Asian session on Friday. Spot prices, however, hold above mid-1.1300s and the lowest level since May 2025, set on Thursday, warranting some caution for bearish traders.
GBP/USD
The GBP/USD pair trades with mild gains near 1.3200 during the early European session on Friday. The British Pound (GBP) strengthens against the US Dollar (USD) as markets focus on who might become finance minister under Andy Burnham, and the latest US inflation data has softened expectations for US rate hikes.
USD/JPY
The headline Tokyo Consumer Price Index (CPI) for June rose 1.7% YoY as compared to 1.4% in the previous month, the Statistics Bureau of Japan showed on Friday. The Japanese Yen (JPY) edges slightly higher in an immediate reaction to the Tokyo CPI inflation report. As of writing, the USD/JPY pair is up 0.01% on the day at 161.80.
AUD/USD
The AUD/USD pair edges lower to around 0.6900 during the Asian trading hours on Friday. The US Dollar (USD) strengthens against the Australian Dollar (AUD) on the expectation of US rate hikes later this year. The release of the Michigan Consumer Sentiment Index report will be the highlight later on Friday.
NZD/USD
NZD/USD continues its losing streak that began on June 17, trading around 0.5650 during the Asian hours on Friday. Technical analysis of the daily chart suggests the spot price is moving downwards within the descending channel, reflecting a persistent bearish bias.
USD/CAD
The USD/CAD pair declines to around 1.4190 during the early European trading hours on Friday. The US Dollar (USD) softens against the Canadian Dollar (CAD) as the US Personal Consumption Expenditures (PCE) Price Index inflation data eases US rate hike expectations. The Michigan Consumer Sentiment Index report will be the highlight later on Friday.
USD/CHF
USD/CHF gains ground after registering nearly 0.30%, trading around 0.8100 during the Asian hours on Friday. The pair rises as the US Dollar (USD) finds support from growing expectations of a Federal Reserve (Fed) rate hike. According to the CME FedWatch tool, markets have priced in a 63.4% probability that the Fed will raise interest rates during its September 15–16 meeting.
CRUDE OIL
Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.
Gold (XAU/USD) builds on its modest intraday bounce from the $3,983-$3982 region and climbs to the top end of its daily range heading into the European session on Friday. The US Dollar (USD) remains depressed below its highest level since May 2025 set on Thursday, amid receding Federal Reserve (Fed) rate-hike bets. This, in turn, is seen as a key factor lending some support to the commodity. Any meaningful recovery, however, still seems elusive, warranting caution for bullish traders.
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