European Central Bank (ECB) executive board member Fabio Panetta said on Friday that there is a “reduced room to cut rates further, but the macro outlook remains weak and trade tensions could worsen it.”
The US Dollar (USD) recovers on Friday after a sharp sell-off the previous day, with investors remaining uncertain over the existence of majority of tariffs imposed by United States (US) President Donald Trump on all of his trading partners since his return to the White House this year.
EUR/USD extends its reversal, and is trading near 1.1330 at the time of writing as investors trim their Dollar shorts, ahead of the release of April's US Personal Consumer Expenditures (PCE) Price Index numbers.
The Pound Sterling (GBP) claws back some of its early losses against the US Dollar (USD) and recovers to near 1.3470 during Friday’s North American session.
The USD/CAD pair regains positive traction on Friday and reverses a part of the previous day's retracement slide from the 1.3860 area, or a one-week high.
The USD/CHF pair loses ground to near 0.8230 during the early European session on Friday. The Swiss Franc (CHF) edges higher against the US Dollar (USD) due to persistent trade-related uncertainties.
AUD/JPY extends its losses for the second successive day, trading around 92.50 during the Asian hours on Friday. The currency cross depreciates nearly 0.50% as the Japanese Yen (JPY) gains ground against its peers after Tokyo’s core inflation came in stronger than expected.
EUR/GBP edges lower after registering more than 0.50% gains in the previous session, trading around 0.8420 during the Asian hours on Friday. The currency cross holds losses following the release of Germany’s Retail Sales data.
Retail Sales in Germany unexpectedly declined 1.1% month-over-month (MoM) in April, following the 0.9% revised growth (from -0.2%) reported in March, according to official data released by Destatis on Friday.
West Texas Intermediate (WTI) Oil price falls on Friday, early in the European session. WTI trades at $60.41 per barrel, down from Thursday’s close at $60.61.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $63.08 after its previous daily close at $63.30.
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, declined to 2.1% in April from 2.3% in March, the US Bureau of Economic Analysis reported on Friday. This reading came in below the market expectation of 2.2%.
The EUR/JPY cross attracts some sellers to around 163.25 during the early European session on Thursday. The Japanese Yen (JPY) strengthens against the Euro (EUR) amid rising expectations that the Bank of Japan (BoJ) will continue raising interest rates this year.
The US Securities and Exchange Commission (SEC) voluntarily dismissed its lawsuit against Binance yesterday (Thursday) with prejudice , meaning the agency cannot pursue the case again.
Silver price (XAG/USD) offers its recent gains registered in the previous session, trading around $33.00 per troy ounce during the Asian hours on Friday.
The GBP/USD pair attracts fresh sellers following the previous day's goodish rebound from the 1.3415 area, or the weekly low amid a modest US Dollar (USD) uptick.
Gold price (XAU/USD) consolidates below the $3,300 mark, or the daily low during the first half of the European session on Friday as traders opt to move to the sidelines ahead of the crucial US inflation figures.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges higher to near 99.40 during the Asian trading hours on Friday.
West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $60.30 per barrel during the Asian hours on Friday.
In a Reuters interview on Friday, Reserve Bank of New Zealand (RBNZ) Assistant Governor Karen Silk said that “interest rates are in 2.5%-3.5% neutral band.”
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