EUR/USD
EUR/USD extends its downside to three-day low around 1.0840 in the late Asian session on Friday. The major currency pair is expected to witness as appeal for safe-haven assets improve after the Swiss National Bank surprisingly cut interest rates by 25 bps to 1.50% on Thursday.
GBP/USD
The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Friday. The downtick of the major pair is backed by the stronger US Dollar and the dovish tilt of the Bank of England.
USD/JPY
The USD/JPY pair finds support after correcting to near 150.27 in the early Asian session on Friday. The asset rebounds as the US Dollar recovers after refreshing a five-day low. The US Dollar Index (DXY) bounces back from 103.17 as the Federal Reserve’s (Fed) latest economic projections showed that the United States growth rate for 2024 was revised higher to 2.1% from 1.4% forecasted in December’s policy meeting.
AUD/USD
The Australian Dollar (AUD) tumbled against the US Dollar (USD) on Thursday despite refreshing weekly highs at 0.6634, printed losses of 0.25%. However, as Friday’s Asian session begins, the AUD/USD exchanges hands at 0.6571, virtually unchanged as traders brace for the weekend.
NZD/USD
NZD/USD continues to lose ground on the second consecutive session on a stronger US Dollar (USD), which could be attributed to mixed data from the United States (US). The NZD/USD pair inches lower to near 0.6020 during the Asian trading hours on Friday.
USD/CAD
The USD/CAD pair trades on a weaker note above the 1.3500 mark during the early Asian trading hours on Friday. The decline of the US Dollar (USD) below the 104.00 mark weighs on the pair. At the press time, USD/CAD is trading at 1.3523, losing 0.05% on the day.
USD/CHF
The USDCHF jumped 1% in early European session on Thursday, following a surprise decision of the Swiss National Bank to cut interest rates by 25 basis points, as markets widely expected the central bank to keep rates unchanged in today’s policy meeting.
CRUDE OIL
Oil prices fell in Asian trade on Friday, and were set for a muted finish to the week as reports of renewed calls for a Israel-Hamas ceasefire pointed to fewer supply disruptions in the Middle East.
GOLD
Gold price edges lower on Friday amid some follow-through US Dollar buying interest. The Fed’s projected three rate cuts in 2024 will likely cap the USD and limit losses for the metal. Traders look forward to Fed Chair Jerome Powell’s speech for short-term opportunities.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
