EUR/USD
The EUR/USD pair weakens to near 1.0290 during the early European session on Friday. The expectation of further rate cuts by the European Central Bank drags the Euro lower against the Greenback. Traders await the Eurozone Current Account and Harmonized Index of Consumer Prices for fresh impetuses.
GBP/USD
GBP/USD churned chart paper near familiar levels on Thursday, chalking in a flat day after exploring some intraday downside and snapping a two-day win streak as price action gets hung up on the 1.2200 handle.
USD/JPY
The Japanese Yen (JPY) retreats after touching a one-month high against its American counterpart and extends its steady intraday descent heading into the European session on Friday. Israel-Hamas ceasefire deal and a generally positive tone around the equity markets undermine demand for traditional safe-haven assets, including the JPY. Apart from this, the emergence of some US Dollar (USD) dip-buying assists the USD/JPY pair to stage a goodish intraday recovery of around 75 pips from sub-155.00 levels.
AUD/USD
The Australian Dollar (AUD) loses daily gains against the US Dollar (USD) on Friday. However, the AUD/USD pair gained ground due to the robust economic data from China. China’s Gross Domestic Product (GDP) grew 5.4% over the year in the fourth quarter of 2024 after reporting a 4.6% expansion in the third quarter. Data beat the market consensus of 5% in the reported period, by a wide margin.
NZD/USD
The NZD/USD pair edges higher to around 0.5610 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) strengthens after the stronger-than-expected Chinese economic data. Investors will take more cues from the US Building Permits, Housing Starts and Industrial Production for December, which are due later on Friday.
USD/CAD
The USD/CAD pair gains traction to near 1.4405 during the early European session on Friday. The recovery of the US Dollar (USD) broadly provides some support to the pair. Nonetheless, the rising bets that the US Federal Reserve (Fed) would reduce interest rates twice this year might cap the upside for the pair.
USD/CHF
USD/CHF remains steady following three days of losses, hovering near 0.9110 during the Asian trading hours on Friday. However, the pair faced challenges as the US Dollar (USD) extended losses after the weaker US Retail Sales data released on Thursday.
CRUDE OIL
Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest U.S. sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
GOLD
Gold price stands firm near a one-month high amid bets for additional rate cuts by the Fed. The recent pullback in the US bond yields and the USD further underpin the precious metal. Israel-Hamas ceasefire deal holds back bulls from placing fresh bets around the XAU/USD pair.
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