EUR/USD
The EUR/USD pair holds steady around 1.1445 during the early Asian session on Friday. Traders continue to digest the developments surrounding the Middle East conflicts. The preliminary reading of the Michigan Consumer Sentiment Index for July will be published later on Friday.
GBP/USD
GBP/USD extends its losses for the second successive day, trading around 1.3460 during the Asian hours on Friday. The currency pair underperforms as the US Dollar (USD) draws safe-haven support from intensifying geopolitical conflicts in the Middle East, just ahead of the preliminary Michigan Consumer Sentiment Index for July.
USD/JPY
The USD/JPY pair posts modest gains near 162.40 during the Asian trading hours on Friday. The US Dollar (USD) strengthens against the Japanese Yen (JPY) as the United States (US) launches a new wave of strikes against Iran for a sixth night in a row. Traders will keep an eye on the preliminary reading of the Michigan Consumer Sentiment Index for July later on Friday.
AUD/USD
The AUD/USD pair remains on the back foot for the second straight day and slides to the 0.7980 region during the Asian session on Friday. Nevertheless, spot prices seem poised to register gains for the third week in a row and remain within striking distance of a nearly three-week high, touched on Wednesday.
NZD/USD
NZD/USD inches higher after posting minor losses in the previous day, trading around 0.5840 during the Asian hours on Friday. The currency pair remains stronger as the New Zealand Dollar (NZD) holds its ground following the release of the country’s latest food price data.
USD/CAD
The USD/CAD pair struggles to capitalize on the overnight bounce from the vicinity of the 1.4000 psychological mark, or a one-month low, and attracts some sellers during the Asian session on Friday. Spot prices currently trade around the 1.4035 region, though the downside remains cushioned amid mixed fundamental cues.
USD/CHF
USD/CHF holds ground after registering modest gains in the previous day, trading around 0.8090 during the Asian hours on Friday. The pair could rise as the US Dollar (USD) receives support from escalating developments surrounding conflicts in the Middle East.
CRUDE OIL
Oil prices rose modestly in Asian trading on Friday and were on track for a sharp weekly gain as escalating fighting between the United States and Iran kept traders focused on the risk of supply disruptions from the Middle East, despite some recent profit-taking.
Gold (XAU/USD) sticks to its modest recovery gains around the $4,000 psychological mark heading into the European session on Friday, though any meaningful appreciation seems elusive. The commodity remains within striking distance of the monthly low and seems vulnerable to attract fresh sellers at higher levels amid a bearish fundamental backdrop. Crude oil prices have jumped over 10% this week as renewed US-Iran clashes stoked supply concerns, reviving inflation fears and lifting expectations that the US Federal Reserve (Fed) will keep rates higher for longer. This is seen as a key factor supporting the US Dollar (USD) and undermining the non-yielding bullion.
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