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USD/JPY is holding above 161.00 in the Asian session on Friday, on a retreat from its highest level since July 2024 set the previous day. Hawkish BoJ commentary and April Minutes affirm further rate hike expectations, offsetting the softer Japanese National CPI print and support the Japanese Yen as intervention fears loom.
AUD/USD attacks 0.7000 in the Asian session on Friday, remaining close to the weekly low, and seems poised to register modest weekly losses. The US Dollar sits near its highest level since May 2025 as the Fed's hawkish tilt overshadows optimism over the US-Iran peace deal, weighing on the pair.
Gold extends three-day losing streak below $4,200, eyes third straight weekly loss. The US Dollar sits at yearly highs amid hawkish Fed outlook, renewed Iran tensions. Technically, Gold remains vulnerable, with a retest of $4,000 likely on the cards.
The US Dollar Index did a phoenix comeback, rising from its ashes and reconquering 100. The reasons behind the US Dollar rally are pretty clear: the Memorandum of Understanding between the United States and Iran, and a hawkish Federal Reserve. Both events were long-awaited and much expected. However, the market reacted with surprise when there were no surprises at all.
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