Trading news

Silver prices (XAG/USD) fell on Friday, according to FXStreet data. Silver trades at $73.20 per troy ounce, down 0.76% from the $73.76 it cost on Thursday.

The Euro (EUR) edges up against the British Pound (GBP) on Friday, trading at the 0.8630 area at the time of writing after dropping from Thursday’s highs at 0.8670, but remains dangerously close to the eight-month lows of 0.8610.

Chris Turner at ING notes that recent European Central Bank communication had limited impact on Euro rates and the Euro, with markets still pricing a June rate hike near 90%.

ING’s Chris Turner argues Japanese authorities likely intervened to push USD/JPY back below 160, echoing the 2024 pattern of sizeable FX sales around late April and early May.

The USD/CAD pair extends its sideways consolidative price move through the first half of the European session and currently trades around the 1.3575-1.3570 region, or its lowest level since March 11.

United Kingdom M4 Money Supply (YoY): 4.3% (March) vs 3.6%

United Kingdom Net Lending to Individuals (MoM) above expectations (£5.9B) in March: Actual (£8B)

United Kingdom M4 Money Supply (MoM) above forecasts (0.5%) in March: Actual (0.8%)

United Kingdom Mortgage Approvals came in at 63.53K, above expectations (60K) in March

United Kingdom Consumer Credit registered at £1.895B above expectations (£1.8B) in March

United Kingdom S&P Global Manufacturing PMI came in at 53.7, above expectations (53.6) in April

The US Dollar (USD) remains practically flat against the Swiss Franc (CHF) on Friday, wavering within a few pips above 0.7800, on track for a 0.35% weekly loss after dropping from highs above 0.7900 the previous day.

The Australian Dollar (AUD) trades lower against its major currency peers during the European trading session on Friday. The Australian currency is slightly under pressure as investors turn cautious ahead of the Reserve Bank of Australia’s (RBA) monetary policy announcement on Tuesday.

Dow Jones futures gain 0.14%, trading near 49,900 during the European hours on Friday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 rise 0.12%, to near 7,250. However, Nasdaq 100 futures advance 0.04% to near 27,600.

Here is what you need to know on Friday, May 1:

European Central Bank (ECB) Governing Council member and President of the Deutsche Bundesbank, Joachim Nagel, said during the European trading session on Friday that the baseline scenario already entails a more restrictive monetary policy.

The GBP/JPY pair gives up its early gains and turns negative to near 212.00 during the European trading session on Friday.

The US Dollar (USD) plunged nearly 200 pips against the Japanese Yen (JPY) in the early European session on Friday, likely due to another intervention by Japanese authorities.

EUR/JPY loses ground for the second successive day, trading around 183.00 during early European hours on Friday.

European Central Bank (ECB) Governing Council member Madis Müller said on Friday that it is increasingly likely the ECB will need to raise interest rates.