EUR/USD
EUR/USD holds higher ground near 1.0450 in the early European session on Friday, bolstered by renewed US Dollar weakness. The preliminary reading of the HCOB Purchasing Managers Index for January from the Eurozone and Germany now remains in focus.
GBP/USD
GBP/USD extends its gains for the second successive day, trading around 1.2400 during the Asian hours on Friday. The pair’s upside could be attributed to the remarks from US President Donald Trump on late Thursday.
USD/JPY
USD/JPY is posting sizeable losses while below 155.50 in early Europe on Friday. The pair remains heavy after the Bank of Japan’s rate hike to 0.50%. Higher inflation forecasts by the BoJ signals further rate hikes in the offing, lending support to the Japanese Yen ahead of Governor Ueda’s presser.
AUD/USD
The Australian Dollar (AUD) continues its upward momentum against the US Dollar (USD) for the third consecutive session on Friday. The AUD/USD pair strengthened as US President Donald Trump expressed optimism, stating that he “would rather not have to use tariffs on China” and is hopeful about reaching a deal. Trump’s remarks came after his conversation with China’s President Xi Jinping on Thursday, hinting at potential progress in US-China trade negotiations.
NZD/USD
The NZD/USD pair trades in negative territory around 0.5675 during the early Asian session on Friday. The New Zealand Dollar (NZD) struggles to gain ground amid the uncertainty surrounding tariff announcements on China by US President Donald Trump and the dovish stance of the Reserve Bank of New Zealand (RBNZ).
USD/CAD
The USD/CAD pair trades with mild gains near 1.4375 during the early Asian session on Friday. Investors await further clarity on tariff announcements by US President Donald Trump. Later on Friday, the flash US S&P Global Manufacturing and Services Purchasing Managers Index (PMI) for January will be in the spotlight.
USD/CHF
The USD/CHF pair struggles to capitalize on the previous day’s modest bounce from the 0.9035-0.9030 area, or over a two-week low and oscillates in a narrow range during the Asian session on Thursday. Spot prices currently trade around the 0.9060 region, nearly unchanged for the day amid subdued US Dollar (USD) price action.
CRUDE OIL
Oil prices were little changed on Friday but headed for a weekly decline after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices.
GOLD
Gold price catches fresh bids on Friday and builds on over a one-month-old uptrend. Worries about a fresh wave of global trade wars underpin the safe-haven commodity. Bets for more Fed rate cuts weigh on the USD and further benefit the XAU/USD pair.
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