Trading news

The NZD/USD pair is seen extending the previous day's retracement slide from the 0.5920-0.5925 area, or the highest level since March 11, and drifting lower for the second straight day on Friday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending gains for the second successive day and trading around 98.30 during the European hours on Friday.

Philip Wee at DBS Group Research observes that GBP/USD has struggled to extend its rise, stalling just below 1.36 as Bank of England (BoE) officials signal no urgency to raise rates at the April meeting.

Commerzbank economists Jörg Krämer and Bernd Weidensteiner argue that despite a sharper fall in global oil production than during the 1970s crises, advanced economies should suffer less this time.

BNY’s Head of Markets Macro Strategy Bob Savage argues that USD dynamics are central to Q2 diversification decisions, as the Rest of World equity index has shown a strong correlation with the USD index.

The GBP/JPY cross attracts fresh sellers following an intraday uptick to the 215.65-215.70 region and retreats to the lower end of its daily range during the early European session on Friday.

Deutsche Bank strategists highlight that the S&P 500 closed at another record high, while the NASDAQ logged a 12-session winning streak, its longest since 2009.

Silver price (XAG/USD) trades calmly near $78.70 during the European trading session on Friday. The white metal is broadly sideways as investors await the announcement of a timeline for another round of talks between the United States (US) and Iran.

The USD/CAD pair extends its downside to around 1.3685 during the early European trading hours on Friday. Reports of a ceasefire between Israel and Lebanon reduce safe-haven demand for the US Dollar (USD).

United Overseas Bank’s (UOB) strategists Quek Ser Leang and Lee Sue Ann note AUD/USD has retreated from a spike to 0.7197, with intraday action expected to stay in a 0.7130–0.7180 band.

The Euro (EUR) remains practically flat against the US Dollar (USD) on Friday, trading at 1.1782 at the time of writing.

Rabobank strategist Molly Schwartz highlights that European Union (EU) and Gulf Cooperation Council (GCC) officials see a potential US–Iran deal taking up to six months, which pushed Crude Oil futures back to around $98/bbl.

West Texas Intermediate (WTI) Oil price pares its recent gains from the previous day, trading around $89.60 per barrel during the Asian hours on Friday.

Danske Research Team notes that EUR/USD has retraced its war-linked decline and now trades around 1.18. They have revised their 1M and 3M EUR/USD forecasts to 1.18, expecting the pair to stay near current levels in the short term.

Commerzbank’s Michael Pfister highlights that the US Dollar (USD) was a key short‑term beneficiary of the Middle East conflict, even if much of that strength has since reversed.

The GBP/USD pair trades with mild losses near 1.3520 during the early European trading hours on Friday. The Cable softens against the US Dollar (USD) despite the stronger-than-expected UK economic data.

The Australian Dollar (AUD) trades higher against its major currency peers, is up 0.1% around 0.7170 against the US Dollar (USD) during the early European trading session on Friday.

The Indian Rupee (INR) opens higher against the US Dollar (USD) on Friday, as the opening of special credit lines for state-run oil buyers to meet their foreign exchange needs has strengthened the Asian currency.

Asian equities decline on Friday as investor sentiment turned cautious regarding the prospects of a lasting US–Iran ceasefire agreement. Additionally, traders engaged in profit-taking after a strong rally fueled by increasing optimism about a potential resolution to the US–Iran conflict.

The International Energy Agency (IEA) Chief Fatih Birol said on Friday that if the Strait of Hormuz is not reopened, we must prepare for significantly higher energy prices. Birol added that release of more emergency oil reserves is under consideration