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France Consumer Spending (MoM) came in at -0.6%, below expectations (-0.4%) in December
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EUR/USD cuts losses to regain 1.1900 in European trading on Friday. However, the further recovery appears limited as traders turn cautious ahead of the preliminary Q4 GDP reports from Germany and the Eurozone due later in the session.
GBP/USD has recovered some ground above 1.3750 in the European session on Friday. The US Dollar pauses its recovery, led by a deal between US President Donald Trump and Senate Democrats to avoid a US government shutdown. Traders will keep an eye on the Trump announcement of Fed Chair pick and US Producer Price Index data later on Friday.
Gold again comes under heavy liquidation pressure on Friday, following the previous day's volatile price swings and against the backdrop of a series of record highs set over the past two weeks or so. The US Dollar gains some positive traction amid the optimism over a Senate deal to fund the federal government through the remainder of the fiscal year.
Stellar continues to trade in the red, slipping below $0.20 on Friday, a level not seen since mid-October. Bearish sentiment intensifies amid falling Open Interest and negative funding rates in the derivatives market. On the technical side, weakening momentum indicators support further correction in XLM.
Microsoft's (MSFT) post-earnings cratering on Thursday sent other indices into pullback mode despite the narrow nature of its weakness.
Bitcoin, Ethereum, and Ripple continued their corrections on Friday, posting weekly losses of nearly 6%, 3%, and 5%, respectively. BTC is nearing the November lows at $80,000, while ETH slips below $2,800 amid increasing downside pressure.
