A gauge of the dollar was within 0.1 percent of a seven-month high on bets U.S. economic growth will boost chances the Federal Reserve will raise interest rates next year sooner than some traders anticipate.
The yen approached the weakest since 2008 amid speculation Prime Minister Shinzo Abe will appoint a minister who may shift the national pension fund toward riskier assets, damping demand for Japan’s currency. Policy decisions by the Bank of Japan and the European Central Bank are due tomorrow. Australia’s dollar held a three-day drop before data forecast to show the South Pacific nation’s economy slowed. New Zealand’s kiwi traded near a six-month low after milk prices declined.
“The U.S. dollar has a bit further it can go,” said Janu Chan, an economist at St. George Bank Ltd. in Sydney. “The U.S. data looks strong and supportive of Fed rate hikes some time. If this improvement continues, then there’s a good chance that the Fed could move earlier than what markets are anticipating.”
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.