Trading news

USD/CAD gains ground after four days of losses, trading around 1.3820 during the Asian hours on Friday. The pair appreciates as the commodity-linked Canadian Dollar (CAD) struggles amid lower oil prices, given Canada’s status as the largest crude exporter to the United States (US).

The USD/KRW pair holds onto its early gains around 1,478.00 during the Asian trading session on Friday.

The USD/JPY pair gathers strength to around 159.15 during the Asian trading hours on Friday. Ongoing concerns regarding the Strait of Hormuz and the Middle East continue to lift the US Dollar (USD) against the Japanese Yen (JPY).

Silver (XAG/USD) struggles to capitalize on a three-day-old modest recovery from levels below the $70.00 psychological mark and oscillates in a narrow band during the Asian session on Friday.

GBP/USD edges lower after four days of gains, trading around 1.3430 during the Asian hours on Friday. The pair depreciates as the US Dollar (USD) holds ground on renewed risk aversion, which could be attributed to the uncertainty over the United States (US)-Iran ceasefire.

The AUD/JPY cross enters a bullish consolidation phase during the Asian session on Friday and reacts little to mixed Chinese inflation figures. Spot prices currently trade just above mid-112.00s, or the highest level since March 18, and remain on track to register strong weekly gains.

The NZD/USD pair edges lower to near 0.5855 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) remains weak against the US Dollar (USD) after mixed Chinese economic data. The attention will shift to the US inflation report later on Friday. 

AUD/USD halts its four-day winning streak, trading around 0.7070 during the Asian hours on Friday. However, the pair is up over 2.5% on the week at the time of writing.

Bank of Japan (BoJ) Deputy Governor Ryozo Himino said on Friday, “don't think Japan’s economy is in stagflation.”

China Consumer Price Index (MoM) below forecasts (-0.2%) in March: Actual (-0.7%)

China Producer Price Index (YoY) above forecasts (0.4%) in March: Actual (0.5%)

China Consumer Price Index (YoY) came in at 1%, below expectations (1.2%) in March

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades with a mild positive bias during the Asian session on Friday, though it lacks bullish conviction amid hopes of Iran ceasefire stabilizing.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Friday at 6.8654 compared to the previous day's fix of 6.8649 and 6.8313 Reuters estimate.

South Korea BoK Interest Rate Decision in line with forecasts (2.5%)

The EUR/USD pair trades in negative territory around 1.1690 during the early Asian session on Friday. The Euro (EUR) weakens against the US Dollar (USD) as traders remain cautious about whether a fragile two-week ceasefire between the United States and ‌Iran would hold.

Israeli Prime Minister Benjamin Netanyahu said on Friday that he has issued an instruction to start direct negotiations with Lebanon “as soon as possible”, the Washington Post reported on Friday. However, Netanyahu insisted that Israel’s attacks across the country targeting Hezbollah would continue.

Japanese Prime Minister Sanae Takaichi said that the government is weighing a plan to release approximately 20 days' worth of additional oil reserves starting from early May onwards, Reuters reported on Friday.

Japan Producer Price Index (MoM) below expectations (0.9%) in March: Actual (0.8%)

Japan Producer Price Index (YoY) registered at 2.6% above expectations (2.4%) in March