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The EUR/USD pair gathers strength to around 1.1575 during the early Asian trading hours on Friday. The Euro edges higher against the US Dollar on the European Central Bank interest rate hike and improved risk sentiment.
GBP/USD is back firm above 1.3400 with the Greenback giving up most of its weekly gains, following headlines coming from the United States signaling US President Donald Trump signed a proclamation in which he announced that a deal with Iran is pretty much sealed.
Gold is seen consolidating the previous day's strong recovery from the YTD low and trading comfortably above $4,200 during the Asian session on Friday. Despite Trump's claim that a peace deal with Iran has been approved, a standoff over the Strait of Hormuz and Tehran's frozen funds keep a lid on the latest optimism. Furthermore, traders are still pricing in a greater chance of a rate hike by the Fed in 2026 amid sticky inflation, which helps revive the US Dollar demand and caps the upside for the bullion.
Bitcoin steadies its recovery on Thursday, edging higher toward $63,000 despite incessant capital outflows. Meanwhile, altcoins, including Ethereum and Ripple, exhibit subtle rebound signs, trading above $1,650 and $1.12, respectively.
Cryptocurrency prices are broadly rising on Thursday, following an overstretched downtrend. Despite sticky geopolitical tensions in the Middle East, tokens at the intersection of the blockchain technology and Artificial Intelligence (AI), including Bittensor (TAO), Near Protocol (NEAR) and Internet Computer (ICP) are testing recovery potential.
May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.
