China’s export growth slowed more than expected while import slumped in the first two months of the year as the first 10% of US tariffs kicked in from 4 February, UOB Group's Economist Ho Woei Chen reports.
Gold’s price (XAU/USD) holds on to gains and consolidates for the third day in a row this week. The rally in Bullion stalls after US President Donald Trump shielded off all goods from Mexico and Canada that fall under the USMCA trade agreement from its freshly baked tariffs that got implemented earlier this week. Meanwhile, US equity markets trade below where they were on President Trump’s inauguration day.
The NZD/USD pair loses ground after registering gains in the previous four successive sessions, trading around 0.5720 during European trading hours on Friday.
Here is what you need to know on Friday, March 7: The US Dollar (USD) Index continues to edge lower on Friday and remains on track to post its largest weekly loss since November 2022.
The US Dollar Index (DXY), which tracks the US Dollar (USD) against six major currencies, continues its losing streak for the fifth consecutive day, pressured by declining US Treasury yields.
Silver (XAG/USD) oscillates in a narrow band during the Asian session on Friday and currently trades above mid-$32.00s, near its highest level in over a week touched the previous day.
The United States (US) Bureau of Labor Statistics (BLS) will publish the highly-anticipated Nonfarm Payrolls (NFP) data for February on Friday at 13:30 GMT.
Gold price trades with a mild negative bias for the second successive day on Friday, though it lacks follow-through selling and remains confined in a multi-day-old trading range.
The Japanese Yen (JPY) remains on the front foot against a broadly weaker US Dollar (USD) and keeps the USD/JPY pair close to its lowest level since early October touched on Thursday.
The Indian Rupee (INR) trades on a flat note on Friday. Persistent outflows by Foreign Institutional Investors (FII) could exert some selling pressure on the local currency.
On Friday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1705 as compared to the previous day's fix of 7.1692 and 7.2406 Reuters estimates.
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