EUR/USD bounces back as the Euro's (EUR) recovers strongly after the European Commission (EC) signaled that it has prepared concessions for the US to escape some tariffs from President Donald Trump, which he will announce on Wednesday.
US crude oil inventories declined by 3.3 million barrels last week, as reported by the US Department of Energy in the middle of the week, Commerzbank's commodity analyst Carsten Fritsch notes.
The value of currencies in FX markets is typically driven by interest rate differentials, with FX effectively being seen as an extension of monetary policy.
Data published this week by the Hong Kong Statistics Authority on Gold trade with China confirmed the picture of very weak demand for Gold in China, Commerzbank's commodity analyst Carsten Fritsch notes Gold exports to China and Hong Kong come to a standstill in February "According to the data, 26.4 tons more Gold were delivered from China to Hong Kong in February than vice versa.
Silver (XAG/USD) climbs its highest level since late October 2024 during the first half of the European session on Friday and currently trades around mid-$34.00s, up nearly 0.30% for the day.
The AUD/USD pair extends its sideways consolidative price move for the fourth straight day on Friday and remains confined in a range around the 0.6300 mark through the first half of the European session.
The Pound Sterling (GBP) outperforms against its peers, except the US Dollar and the Japanese Yen (JPY), on Friday after the release of the United Kingdom (UK) Retail Sales data for February and revised Q4 Gross Domestic Product (GDP) figures.
The United Kingdom (UK) Retail Sales jumped 1% month-over-month (MoM) in February after rising 1.7% in January, the latest data published by the Office for National Statistics (ONS) showed Friday. Markets expected a 0.3% drop in the reported month.
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