The USD/CAD pair is down 0.25% to near 1.3725 during the European trading session on Friday. The Loonie pair faces a slight selling pressure as the US Dollar (USD) retraces after failing to extend its two-week rally.
Oil prices firmed yesterday despite a recovery in the USD amid waning concern that President Trump may remove Federal Reserve Chairman Jerome Powell from his position. Some fairly supportive US macro data also supported the Oil.
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing, as the US Dollar falls alongside US Treasury yields amid higher risk appetite.Corporate earnings reports from Netflix, the Chipmaker TSMC, PepsiCo, and United Airli
Japan’s upper house election on Sunday has turned into a pivotal event for JGBs and the Japanese Yen (JPY), ING’s FX analyst Francesco Pesole notes.
Australian Dollar (AUD) managed to claw back earlier losses as USD backpedalled on comments from Fed’s Waller. AUD was last at 0.6518, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Slowing momentum suggests that instead of continuing to weaken, Euro (EUR) is more likely to trade in a sideways range of 1.1585/1.1655 against US Dollars (USD).
The EU Commission's EUR 2tn budget proposal has continued to face harsh criticism from Germany, ING’s FX analyst Francesco Pesole notes.
Silver prices (XAG/USD) rose on Friday, according to FXStreet data.
Eurozone Construction Output s.a (MoM) declined to -1.68% in May from previous 1.7%
Eurozone Construction Output w.d.a (YoY) dipped from previous 3% to 2.9% in May
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
The US Dollar is trading with a moderate negative tone on Friday. The risk-on mood triggered by the upbeat US corporate earnings seen on Thursday has extended to Friday’s European session, boosting demand for equities and pulling US yields and the USD lower.
Eurozone Current Account n.s.a down to €1B in May from previous €19.3B
Eurozone Current Account s.a registered at €32.3B, below expectations (€34.8B) in May
The Pound is keeps marching higher for the second consecutive day as the Japanese Yen struggles, hammered by a mix of lack of progress in the trade talks with the US, rising political uncertainty, and easing inflationary trends, which muddle the BoJ’s monetary policy outlook.The broad-based Yen weak
Here is what you need to know on Friday, July 18:
The AUD/JPY pair climbs to near 96.80 during the European trading session on Friday. The cross demonstrates strength as the Japanese Yen (JPY) underperforms across the board amid uncertainty surrounding elections in Japan on Sunday.
The Pound Sterling (GBP) ticks up slightly on Friday, but remains near an over two-month low around 1.3375 during the European trading session The outlook of the GBP/USD pair, which is set to close in the red for a third consecutive week, remains vulnerable due to growing concerns about the United
The EUR/GBP cross gains ground to near 0.8655 during the early European session on Friday. The Pound Sterling (GBP) edges lower against the Euro (EUR) as the UK Unemployment Rate hits the highest level in four years.
West Texas Intermediate (WTI) Oil price advances on Friday, early in the European session. WTI trades at $66.38 per barrel, up from Thursday’s close at $66.30.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $68.89 price posted on Thursday, and trading at $68.96.
Germany Producer Price Index (YoY) in line with expectations (-1.3%) in June
Germany Producer Price Index (MoM) above forecasts (0%) in June: Actual (0.1%)
West Texas Intermediate (WTI) Oil price extends its gains for the second successive day, trading around $66.40 per barrel during the Asian hours on Friday. Crude Oil prices receive support from concerns over supply risks.
The US Commerce Department said on Friday that it will impose preliminary anti-dumping duties on imports of Chinese graphite, which are a key component for electric vehicle batteries, after concluding that the materials had been unfairly subsidized, per Bloomberg.
The USD/CHF pair tumbles to around 0.8030 during the early European session on Friday. Persistent trade tensions and Federal Reserve (Fed) policy uncertainty boost the safe-haven demand, supporting the Swiss Franc (CHF).
The USD/CAD pair drifts lower during the Asian session on Friday and moves away from a three-and-a-half-week high, around the 1.3775 region touched the previous day. Spot prices, however, lack bearish conviction and trade just below mid-1.3700s, down less than 0.10% for the day.
The NZD/USD pair rises 0.4% to near 0.5955 during the Asian trading session on Friday. The Kiwi pair gains as the US Dollar (USD) struggles to extend its over two-week rally amid uncertainty surrounding trade talks between the United States (US) and the European Union (EU).
The Indian Rupee (INR) revisits a three-week low at open against the US Dollar (USD) on Friday. The USD/INR pair jumps to near 86.25, while the US Dollar holds onto gains near its immediate highs.
Silver price (XAG/USD) holds mild losses after two days of gains, trading around $38.20 per troy ounce during the Asian hours on Friday.
Gold prices fell in India on Friday, according to data compiled by FXStreet.
Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $3,309 area, or a one-week low, and oscillates in a narrow trading band during the Asian session on Friday.
The EUR/JPY cross gathers strength to around 172.80 during the early Asian session on Friday. The Japanese Yen (JPY) weakens against the Euro (EUR) amid reduced Bank of Japan (BoJ) rate hike bets.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent gains from the previous session and hovering around 98.50 during the Asian hours on Friday.
China's Commerce Minister Wang Wentao said on Friday that the economic and trade relations between the Unites States have gone through storms, but remain important to each other.
EUR/USD recovers its recent losses registered in the previous day, trading around 1.1630 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) loses ground amid easing risk sentiment following the dovish remarks from Federal Reserve (Fed) officials.
GBP/USD gains ground after registering small losses in the previous session, trading around 1.3440 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) edges lower due to dovish remarks from the Federal Reserve (Fed) officials.
The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Friday, though it lacks bullish conviction and remains close to an over three-month low touched earlier this week.
The Australian Dollar (AUD) advances on Friday, recovering its more than 0.5% losses from the previous session. The AUD/USD pair appreciates as the US Dollar (USD) faces challenges due to dovish remarks from the Federal Reserve (Fed) officials.
The NZD/USD pair attracts some buyers to around 0.5955 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) strengthens against the Greenback as China’s second-quarter (Q2) growth beats estimates.
On Friday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1498 as compared to the previous day's fix of 7.1461 and 7.1736 Reuters estimate.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $66.15 during the early Asian trading hours on Friday. The WTI edges higher amid renewed geopolitical tensions in the Middle East, raising concerns about tighter global oil supplies.
Japan’s National Consumer Price Index (CPI) rose by 3.3% YoY in June, compared to the previous reading of 3.5%, according to the latest data released by the Japan Statistics Bureau on Friday.
Japan National CPI ex Food, Energy (YoY) increased to 3.4% in June from previous 3.3%
Japan National Consumer Price Index (YoY) dipped from previous 3.5% to 3.3% in June
Japan National CPI ex Fresh Food (YoY) meets expectations (3.3%) in June
Silver price advanced on Thursday, 0.55% as the Greenback posted solid gains during the North American session, even though Wall Street finished the session with gains.
The USD/CAD pair trades in negative territory around 1.3740 during the early Asian session on Friday. The dovish remark from the Federal Reserve (Fed) officials weighs on the US Dollar (USD).
GBP/USD churned around the 1.3400 region on Thursday, grappling with fresh congestion after a brief reprieve from sustained selling pressure. United Kingdom (UK) labor data broadly missed the mark, and US Retail Sales came in stronger than expected.
Federal Reserve Governor Christopher Waller said late Thursday that he continues to believe that the Fed should cut its interest rate target at the July meeting, citing mounting economic risks and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures
Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic expressed further caution about the state of the US economy and potential tariff fallout on inflation metrics in an interview with the Wall Street Journal.
EUR/USD tumbles during the North American session, down 0.38% following the release of economic data from the United States (US), which triggered a reaction by investors, who trimmed their bets that the Federal Reserve (Fed) will cut interest rates.