According to Bloomberg, the UK Cabinet is expecting the backstop text to be completed today. On the back of this development, the GBP/USD extended its daily rally and was last seen trading at 1.2975, adding 1% on a daily basis.
Author
FXStreet Team
FXStreet
EUR/USD recovers ground above 1.1600 in Friday's European trading. The pair's uptick is sponsored by a profit-taking pullback in the US Dollar, as traders reposition ahead of the critical US Nonfarm Payrolls data. Meanwhile, the Middle East conflict and higher oil prices could keep the recovery in check.
GBP/USD is rebounding toward 1.3400 in the European session on Friday. A modest improvement in risk sentiment and a broad-based US Dollar retreat help the pair recover its weekly losses. The focus now remains on the US NFP data and Middle East headlines for fresh trading incentives.
Gold price recovers its recent losses from the previous session. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.
The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for February at 13:30 GMT. Volatility around the US Dollar will likely ramp up on the employment report, with investors looking for fresh insights on the US Federal Reserve’s path forward on interest rates, especially after the crisis in the Middle East revived concerns over rising inflation.
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.
Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.
