US Session Open: AUDJPY up 360 pips; Canadian dollar, oil, and gold

USD/JPY attracts fresh sellers for the second straight day following the release of Tokyo CPI, which grew slightly more than expected in February. This comes on top of hawkish comments by BoJ officials and backs the case for further policy tightening, providing a modest lift to the Japanese Yen. Apart from this, sustained safe-haven buying, amid trade-related uncertainties and geopolitical tensions, benefits the JPY's safe-haven status. However, reduced Fed rate cut bets underpin the US Dollar and could help limit losses for the currency pair.

AUD/USD steadies around 0.7100 following the previous day's modest pullback and remains on track to register gains for the sixth week in a row as the RBA's hawkish stance continues to underpin the Aussie. However, reduced bets for a more aggressive easing by the US Fed keep the US Dollar close to the monthly peak. Furthermore, trade uncertainties and threats of imminent US strikes on Iran act as a headwind for the risk-sensitive Australian Dollar.

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Initial Jobless Claims in the week ending February 21 came in at 212K, below economists' expectations of 215K but slightly above the previous reading of 208K. Continuing Claims also declined to 1.833 million, signaling stabilization in labor market conditions.