Author
FXStreet Team
FXStreet
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 trades in negative territory around 1.3450 in the European trading hours on Friday. Heightened Middle East tensions and rising global oil prices provide some support for the safe-haven US Dollar (USD), weighing on the pair. The US Michigan Consumer Sentiment Index will be published later on Friday.
EUR/USD holds steady above 1.1500 on Friday following a two-day rally that saw the pair gain more than 1%. While the risk-averse market atmosphere supports the US Dollar and caps the pair's upside, the stronger-than-expected HICP inflation figures from the Eurozone helps it keep its footing.
Gold meets with a fresh supply on Friday as the US Dollar rebounds from a one-and-a-half-month trough. Escalating US-Iran tensions keep inflation risks and Fed rate hike bets in play, supporting the USD. 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.
