Euro (EUR) continued to ease lower after hitting a more than 3Y high of 1.1570s. EUR was last at 1.1350 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The dollar is continuing its positive correlation with US equity markets and is edging higher. Investors seem to be taking positively the newsflow that US-China tariffs could be negotiated substantially lower.
The USD/CAD pair retains its positive bias through the first half of the European session on Friday and currently trades near the top end of the weekly range.
Silver price (XAG/USD) inches lower following two days of gains, trading around $33.40 per troy ounce during the European hours on Friday. The metal’s safe-haven appeal weakens as reports emerge suggesting China may lift tariffs on certain US imports.
The Pound Sterling (GBP) strives to gain ground near the intraday low of 1.3280 against the US Dollar (USD) during European trading hours after the release of the upbeat United Kingdom (UK) Retail Sales data for March.
Commenting on the trade talks with the United States (US), China's Foreign Ministry clarified that “China and the US are not having any consultations or negotiations on tariffs.”
Indian Rupee (INR) crosses trade with a negative bias at the start of Friday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.93, with the EUR/INR pair declining from its previous close at 97.19.
The EUR/GBP cross loses momentum to near 0.8530 during the early European session on Friday. The Pound Sterling (GBP) strengthens against the Euro (EUR) after the stronger-than-expected UK economic data.
West Texas Intermediate (WTI) Oil price advances on Friday, early in the European session. WTI trades at $62.84 per barrel, up from Thursday’s close at $62.61.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $65.65 price posted on Thursday, and trading at $65.88.
The United Kingdom (UK) Retail Sales jumped 0.4% month-over-month (MoM) in March after advancing 0.7% in February, the latest data published by the Office for National Statistics (ONS) showed Friday. Markets expected a 0.4% drop in the reported month.
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 99.75 during the early European session on Friday amid positive developments in negotiations with allies India, Japan and South Korea.
Silver (XAG/USD) edges lower after testing the three-week top during the Asian session on Friday and currently trades around the mid-$33.00s, down 0.30% for the day. The technical setup, however, warrants caution before positioning for any meaningful depreciating move.
EUR/JPY extends its gains for the third successive session, trading around 162.80 during the Asian hours on Friday. Technical analysis of the daily chart shows the currency cross consolidating within an ascending channel, reinforcing a bullish outlook.
The AUD/JPY cross attracts some follow-through buyers for the third successive day and touches over a three-week top, around the 92.00 mark during the Asian session on Friday.
Gold price (XAU/USD) recovers slightly from the daily low and climbs back above the $3,300 mark in the last hour, though it retains the negative bias through the first half of the European session on Friday.
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