EUR/USD
EUR/USD edges higher after registering losses in the previous session trading around 1.0810 during the Asian hours on Friday. The pair gains ground as the US Dollar loses ground, driven by falling Treasury yields as markets anticipate more aggressive Fed rate cuts this year amid US growth concerns.
GBP/USD
GBP/USD holds little gains after registering losses in the previous session, trading around 1.2880 during the Asian hours on Friday. The pair steadies as traders adopt caution ahead of the US Nonfarm Payrolls report scheduled to be released later in the North American session.
USD/JPY
The Japanese Yen (JPY) sticks to its bullish bias through the Asian session on Friday, which, along with the weaker sentiment surrounding the US Dollar (USD), keeps the USD/JPY pair close to its lowest level since early October touched the previous day. Investors seem convinced that the Bank of Japan (BoJ) will continue to raise interest rates, which, in turn, has been a key factor exerting upward pressure on Japanese government bond (JGB) yields. The resultant narrowing of the rate differential between Japan and other countries acts as a tailwind for the lower-yielding JPY.
AUD/USD
The Australian Dollar (AUD) remains subdued against the US Dollar (USD) for the second consecutive day on Friday. The AUD/USD pair holds losses following the release of China’s Trade Balance data. Traders shift their focus on the US Nonfarm Payrolls (NFP) report later in the North American session.
NZD/USD
NZD/USD halts its four-day losing streak, trading around 0.5730 during the Asian hours on Friday. The pair encounters challenges as market caution prevails ahead of the release of China’s trade data and the US Nonfarm Payrolls (NFP) report later today.
USD/CAD
USD/CAD attracts some buyers and snaps a three-day losing streak to over a one-week trough. Bearish Oil prices undermine the Loonie and support the pair amid some repositioning trade. Traders now look forward to employment details from the US and Canada for a fresh impetus.
USD/CHF
The USD/CHF pair extends the decline to around 0.8820 during the early European session on Friday, pressured by the weaker US Dollar (USD). The markets turn cautious amid an escalating trade war initiated by the United States. Later on Friday, traders await the highly anticipated US Nonfarm Payrolls (NFP) for February.
CRUDE OIL
Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around U.S. tariff policy is creating concerns about demand growth at the same time major producers are set to increase output.
Gold price remains confined in a range on Friday as traders keenly await the US NFP release. Rising trade tensions, the risk-off mood, and a weaker USD lend support to the precious metal. Bets for more interest rate cuts by the Fed contribute to limiting losses for the XAU/USD pair.
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.
