Pivot Points

AUD/USD drifts lower on Friday, although it remains confined within a multi-week-old trading range below the YTD high. Trade-related uncertainties and rising tensions in the Middle East weigh on investors' sentiment and the risk-sensitive Aussie. The downside, however, seems limited amid the USD slump to a multi-year low.

USD/JPY prolongs its downtrend for the third straight day on Friday. The global risk sentiment takes a hit amid an escalation of geopolitical tensions in the Middle East, which boosts the JPY's safe-haven status. The USD plummets to a two-year low amid rising Fed rate cut bets and contributes to the decline.

Gold price attracts buyers and climbs to over a one-month peak on Friday as rising geopolitical tensions in the Middle East underpin the safe-haven demand. Trade-related uncertainties, rising Fed rate cut bets, and a USD slump to over a two-year low provide an additional boost to the bullion.

Stablecoin issuer Circle saw a 9.1% decline on Thursday after it revealed that it has integrated USDC on the XRP Ledger, making it available for businesses and users on the remittance-based token's blockchain.

Despite legal challenges to IEEPA tariffs, US trade policy remains firm. Tariffs on steel and aluminium have doubled, and new sectoral tariffs are expected. Trade deals may emerge, but most will be symbolic. Effective tariff rates will stay high throughout 2025.

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