EUR/USD
EUR/USD consolidates weekly gains above 1.0850 in the early European session on Friday. The pair stays supported amid the US Dollar weakness, in the aftermath of softer-than-expected US CPI data and the USD/JPY sell-off. US PPI inflation data is awaited.
GBP/USD
The GBP/USD pair seesaws between tepid gains/minor losses around the 1.2900 mark during the Asian session on Friday and remains well within the striking distance of a one-year peak touched the previous day.
USD/JPY
USD/JPY is paring back gains to chop around 159.00 in the European morning on Friday. The pair witnessed wild swings overnight, fuelled by the suspected dual rounds of Japanese FX intervention. Traders stay on high alert amid looming risks of more intervention.
AUD/USD
The Australian Dollar (AUD) trades around its six-month high of 0.6798 recorded in the previous session. The AUD/USD pair found support as the US Dollar (USD) weakened following softer-than-expected US Consumer Price Index (CPI) data in June. This has increased expectations of a potential Federal Reserve (Fed) rate cut in September.
NZD/USD
The NZD/USD pair trims gains near 0.6090 during the early Asian session on Friday. The pair loses traction after retreating from the previous session high of nearly 0.6135. Later on Friday, investors will keep an eye on the US June Producer Price Index (PPI) and the preliminary Michigan Consumer Sentiment gauge.
USD/CAD
The USD/CAD pair trades with mild losses near 1.3630 after bouncing off the two-month lows around 1.3588 during the early Asian session on Friday. The pair edges lower after the softer-than-expected US inflation readings in June have fueled the expectation of a Federal Reserve (Fed) rate cut in September, which weighs on the Greenback.
USD/CHF
The USD/CHF pair trades with mild losses near 0.8995, snapping the three-day winning streak during the early European session on Friday. The rising Federal Reserve (Fed) rate cut bets drag the pair lower.
CRUDE OIL
Oil prices inched up on Friday amid signs of easing inflationary pressures in the world’s biggest oil consumer, the United States, though the contracts were headed for a weekly decline.
GOLD
Gold price is reversing to test the $2,400 threshold early Friday, staging a minor pullback from a new two-month top set at $2,425 on Thursday. Traders now look forward to the US Producer Price Index data and looming risks of more Japanese forex market intervention for the next push higher in Gold price.
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