EUR/USD
The Euro (EUR) holds minor gains against a somewhat softer US Dollar (USD) on Friday. The pair edged up to the mid-range of the 1.1400s, but it has failed to find acceptance above the top of the last two weeks’ trading range, in the area of 1.1475, and is set to close the week practically unchanged.
GBP/USD
The GBP/USD pair gathers strength to around 1.3430 during the Asian trading hours on Friday. The British Pound (GBP) edges higher against the US Dollar (USD) on the UK government leadership transition and growing expectations of further Bank of England (BoE) interest rate hikes.
USD/JPY
The USD/JPY pair tumbles to around 161.50 during the early European trading hours on Friday. The Japanese Yen (JPY) edges higher against the US Dollar (USD) after the reports that Japan plans to encourage pension funds to increase their holdings of domestic financial assets.
AUD/USD
The AUD/USD pair attracts buyers for the second straight day and climbs to a two-and-a-half-week top, around the 0.6970 area, during the Asian session on Friday. Spot prices, however, retreat a few pips in the last hour and currently trade around mid-0.6900s, still up 0.10% for the day.
NZD/USD
The NZD/USD pair gains strong follow-through positive traction for the third straight day and rallies to an over three-week top during the Asian session on Friday. Spot prices currently trade around the 0.5775-0.5780 region, up nearly 0.40% for the day, and remain on track to register strong gains for the second week in a row amid a combination of supporting factors.
USD/CAD
The USD/CAD pair loses momentum to near 1.4145 during the early European session on Friday. The US Dollar (USD) weakens against the Canadian Dollar (CAD) on receding expectations of a rate increase from the US Federal Reserve (Fed).
USD/CHF
The Swiss Franc (CHF) pares some of its early gains against the US Dollar (USD) during the early European trading session on Friday. The USD/CHF pair is 0.26% lower at around 0.8048 even after a slight recovery move.
CRUDE OIL
Oil prices edged higher on Friday and were on track for solid weekly gains as traders balanced renewed U.S.-Iran hostilities against expectations the conflict will remain contained and avoid a major disruption to crude supplies from the Persian Gulf.
Gold (XAU/USD) struggles to capitalize on the previous day’s positive move and meets with a fresh supply during the Asian session on Friday. As investors digest Wednesday’s less hawkish FOMC Minutes, the US Dollar (USD) recovers slightly from an over one-week low amid prospects of a US Federal Reserve (Fed) rate hike and persistent geopolitical uncertainties. This, in turn, is seen as a key factor exerting downward pressure on the bullion, warranting caution before positioning for an extension of the recovery from a one-week low set on Wednesday.
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