Why is the $ the only currency to trade against?

AUD/USD stages a comeback toward 0.7050 in Friday's Asian trading, after falling about 1% on Thursday. The pair draws support from a fresh selling wave seen around the US Dollar even as risk sentiment remains weak. Surging oil prices due to the Middle East war dent risk appetite. 

USD/JPY edges lower to near 157.50 in the Asian session on Friday after posting modest gains in the previous session. Broad US Dollar weakness, Japanese FX intervention risks and a risk-off market mood undermine the major, despite uncertainty over the BoJ interest rate hikes. All eyes now remain on the US Nonfarm Payrolls data. 

Gold price jumps back above $5,100 in the Asian session on Friday. The precious metal regains traction, helped by a fresh bout of US Dollar selling and persisting risk-off flows. The US employment report for February will take center stage later on Friday. 

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

The US Dollar (USD) is being supported by crude oil prices, which rose to its highest level since July 2024, amid headlines of potential interruptions to the Strait of Hormuz and attacks on vessels in the region.