Trading news

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

Japanese Trade Minister Ryosei Akazawa said on Friday that he will continue to discuss Japan's allocation and timing of the International Energy Agency (IEA) led coordinated oil reserves release.

The AUD/JPY cross remains on the back foot for the second consecutive day and trades just above mid-112.00s during the Asian session on Friday.

Gold (XAU/USD) gains some positive traction during the Asian session on Friday and recovers a part of its losses recorded over the past two days.

West Texas Intermediate (WTI) oil price holds slight losses after surging more than 9% in the previous session, trading near $95.20 per barrel during the Asian hours on Friday.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.70 during the Asian trading hours on Friday.

USD/CAD steadies after registering over 0.25% gains in the previous session, trading around 1.3640 during the Asian hours on Friday. However, the commodity-linked Canadian Dollar (CAD) may strengthen amid surging oil prices, as Canada is the largest crude exporter to the United States (US).

The NZD/USD pair posts modest gains near 0.5855 during the early Asian session on Friday. Nonetheless, ongoing conflicts in the Middle East might cap the upside for the Kiwi against the US Dollar (USD).

Silver (XAG/USD) gains some positive traction during the Asian session on Friday and climbs back above the $85.00 mark in the last hour. The white metal, for now, seems to have snapped a two-day losing streak, though it remains on track to end the week on a flattish note.

GBP/USD pares recent losses from the previous session, trading around 1.3370 during the Asian hours on Friday. The pair strengthens as the US Dollar Index (DXY) retreats after gaining nearly 0.5% on Thursday.

Australia's Energy Minister said on Friday that the country will release up to 762 million litres of fuel from reserves after easing stockholding rules to counter supply disruptions linked to the Iran conflict.

The USD/JPY pair meets with some supply during the Asian session on Friday, and for now, seems to have snapped a three-day winning streak back closer to the 159.40-159.45 area, or the year-to-date high.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9007 compared to the previous day's fix of 6.8959 and 6.8888 Reuters estimate.

The EUR/USD pair holds positive ground near 1.1520 during the early Asian trading hours on Friday. However, the potential upside might be limited amid escalating geopolitical tensions in the Middle East.

AUD/USD gains ground after registering over 1% losses in the previous session, trading around 0.7090 during the Asian hours on Friday. The Australian Dollar (AUD) finds support against the US Dollar (USD) amid hawkish expectations surrounding the Reserve Bank of Australia (RBA) policy outlook.

A Reuters poll showed on Friday that 23 of 30 economists expect the Reserve Bank of Australia (RBA) to raise the Official Cash Rate (OCR) to 4.10% on March 17. Seven economists projected no change. The forecast marks a shift from February’s poll, which anticipated rates to remain at 3.85%.

 West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.

OCBC strategists Sim Moh Siong and Christopher Wong observe that Asian FX, including the Singapore Dollar, still vulnerable to Oil-driven inflation and growth risks despite the IEA’s reserve release.

Iran’s new supreme leader, Mojtaba Khamenei, said in his first public statement since being appointed that the closure of the Strait of Hormuz maritime passage should be continued as a “tool to pressure the enemy,” CNBC reported on Thursday. 

Gold price (XAU/USD) faces some selling pressure near $5,090 during the early Asian session on Friday. The precious metal extends the decline amid a stronger US Dollar (USD) and higher Treasury yields.