Trading news

The AUD/JPY cross trades in negative territory around 114.00 during the early European session on Friday. The China-proxy Australian Dollar (AUD) softens against the Japanese Yen (JPY) amid the lack of progress to open the Strait of Hormuz.

Gold prices fell in India on Friday, according to data compiled by FXStreet.

The GBP/JPY cross drifts lower for the second consecutive day – also marking the third day of a negative move in the previous three – and slides below the 212.00 mark, hitting a one-and-a-half-week low during the Asian session on Friday.

US President Donald Trump said that he had struck “fantastic trade deals” with Chinese President Xi Jinping as he wrapped up his Beijing visit on Friday, Reuters reported.

USD/CHF gains ground for the fifth consecutive day, trading around 0.7850 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) advances following the release of robust US Retail Sales data.

Gold (XAU/USD) is seen extending this week's pullback from the monthly peak and drifting lower for the fourth straight day on Friday amid a sustained US Dollar (USD) buying interest.

According to a spokesperson from the Chinese foreign ministry, Beijing wants the Strait of Hormuz to reopen as early as possible.

The EUR/USD pair extends its losing streak for the fourth trading day on Friday, trading 0.15% lower to near 1.1653 during the Asian trading session.

The GBP/USD pair faces some selling pressure near 1.3365 during the Asian trading hours on Friday. The British Pound (GBP) weakens against the US Dollar (USD) amid political uncertainty in the United Kingdom (UK) and risk-off sentiment. 

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the fifth consecutive day and trading around 99.10 during the Asian hours on Friday.

South Korea Trade Balance dipped from previous $23.77B to $23.76B in April

USD/CAD extends its winning streak for the eighth straight day, trading around 1.3740 during the Asian hours on Friday. The Canadian Dollar (CAD) continues to struggle due to its heavy reliance on the energy sector.

Silver (XAG/USD) attracts some follow-through selling for the second consecutive day on Friday and retreats further from over a one-month high, around the $89.35-$89.40 region, touched earlier this week.

US President Donald Trump said on Thursday that China’s leader Xi Jinping likely has power to sway Iran, adding that he’s not going to be much more patient on the Iran, Reuters reported on Friday.

The AUD/USD pair attracts some sellers to near 0.7205 during the early Asian trading hours on Friday. Markets remain cautious ahead of the second day meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing on Friday.

Japan’s Finance Minister Satsuki Katayama said that she will attend the G7 meeting in France from May 17, Reuters reported on Friday.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8415 compared to the previous day's fix of 6.8401 and 6.7976 Reuters estimate.

West Texas Intermediate (WTI) oil price remains in the negative territory after posting modest gains in the previous day, trading around $97.60 per barrel during the Asian hours on Friday.

The USD/JPY pair touches a two-week high during the Asian session on Friday and looks to extend the weekly uptrend amid a broadly firmer US Dollar (USD).

United States Trade Representative (USTR), Jamieson Greer, said that managing and controlling economic relationship with China are the key to meeting US domestic objectives, Reuters reported on Friday. Greer added that keeping the Strait of Hormuz open is crucial for China.