The hard data from the US does not yet show any real signs of a drastic economic slowdown as a result of the new US administration's erratic trade and economic policy, although growth in the first quarter surprised on the downside with a contraction, fueling recession fears.
Gold (XAU/USD) price extends its weekly gains, trading near $3,329 at the time of writing on Friday, up nearly 1% on the day, on a new tailwind for the safe haven precious metal.
The AUD/JPY cross attracts some buying on Friday and for now, seems to have snapped a three-day losing streak to sub-92.00 levels, or a three-week low touched the previous day.
Silver (XAG/USD) builds on the previous day's bounce from the $32.60 area and gains some follow-through positive traction on Friday. The momentum extends through the early European session and lifts the white metal to a fresh daily peak, around the $33.25-$33.30 region in the last hour.
USD/CHF retraces its recent gains registered in the previous session, trading around 0.8260 during the European hours on Friday. Meanwhile, the US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, is trading lower at around 99.60 near two-week lows.
The Pound Sterling (GBP) outperforms its peers, except antipodeans, in European trading hours on Friday after the release of the stronger-than-projected United Kingdom (UK) Retail Sales data for April.
EUR/GBP recovers its recent losses registered in the previous session, trading around 0.8410 during the Asian hours on Friday. The currency cross advances as the Euro (EUR) attracts buying support following Germany’s Gross Domestic Product (GDP) data for the first quarter, released by Destatis.
The EUR/JPY cross edges lower to near 162.35 during the early European session on Friday. The Japanese Yen (JPY) strengthens against the Euro (EUR) due to rising expectations that the Bank of Japan (BoJ) will continue raising interest rates this year.
West Texas Intermediate (WTI) Oil price is neutral on Friday, early in the European session. WTI trades at $60.67 per barrel, not far from its Thursday close at $60.67.Brent Oil Exchange Rate (Brent crude), however, advances from its previous close at $63.60 to trade at $63.63.
The United Kingdom (UK) Retail Sales jumped 1.2% month-over-month (MoM) in April after advancing 0.1% in March (revised from 0.4%), the latest data published by the Office for National Statistics (ONS) showed Friday. Markets expected a 0.2% rise in the reported month.
GBP/USD posts gains of about a quarter of a percent in the Asian hours on Friday, trading around 1.3450 at the time of writing. The pair edges higher as the Pound Sterling (GBP) attracts buyers after the GfK better-than-expected Consumer Confidence Index for the United Kingdom (UK) was released.
The Financial Times reported on Friday that US President Donald Trump's trade negotiators are pressuring the EU to reduce tariffs on US imports unilaterally, claiming that without concessions, the bloc would not move in discussions to avoid extra 20% "reciprocal" taxes.
The USD/CAD pair attracts fresh sellers following the previous day's brief pause and slides to the 1.3825 area during the Asian session on Friday. Spot prices remain close to a two-week low touched on Wednesday and seem vulnerable to weaken further amid a broadly weaker US Dollar (USD).
Gold price (XAU/USD) retains its intraday bullish bias through the first half of the European session on Friday and is currently placed just below a two-week high touched the previous day.
Silver price (XAG/USD) edges higher after registering losses over 1% in the previous session, hovering around $33.10 per troy ounce during the Asian trading hours on Friday.
The Indian Rupee (INR) trades in positive territory on Friday. A broader weakness in the US Dollar (USD) and the progress of a multi-phase trade deal between the US and India provide some support for the local currency in the near term.
The Japanese Yen (JPY) retains a bullish bias against a weaker US Dollar (USD) through the early European session on Friday and remains close to a two-week high touched the previous day.
The Australian Dollar (AUD) posts gains against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair jumps as the Greenback comes under pressure, driven by the 30-year US bond yield pulling back from highs in 19 months.
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