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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD turns south on Friday and declines toward 1.3400 after posting impressive gains earlier in the week. Heightened Middle East tensions and rising global oil prices provide some support for the safe-haven US Dollar (USD) heading into the weekend and weighs on the pair.
EUR/USD corrects lower on Friday and trades below 1.1500 following a two-day rally that saw the pair gain more than 1%. The risk-averse market atmosphere helps the US Dollar outperform its rivals heading into the weekend and forces the pair to retrace a portion of its weekly gains.
Gold comes under renewed bearish pressure following a two-day recovery and trades deep in the red below $4,100, as the US Dollar regains its traction. Escalating US-Iran tensions keep inflation risks and Fed rate hike bets in play, supporting the USD, while the technical setup seems tilted in favor of bearish traders and backs the case for further losses.
Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.
The Indian Rupee extends the week-long rally against the US Dollar on Friday. The USD/INR pair slides to a fresh over two-week low near 95.30 due to the overnight slump in the US Dollar amid growing doubts regarding whether the Federal Reserve is seriously committed to bringing the United States inflation down.
