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EUR/USD trades marginally lower on the day but manages to hold above 1.1550 in the American session, following Thursday's rebound. The pair edges down as the US Dollar rebounds slightly as investors cling to a cautious stance amid mixed headlines surrounding the conflict in the Middle East.
GBP/USD stays under modest bearish pressure and trades slightly below 1.3400 in the second half of the day on Friday. The renewed USD strength doesn't allow the pair to gain traction as investors adopt a cautious stance while awaiting headlines surrounding the US-Iran war.
After rising more than 3% on Thursday, Gold (XAU/USD) continued to edge higher but failed to gather momentum on Friday, returning to $4,200 region in the American session. The US Dollar rebounds following the recent selloff as investors remain sceptical about a resolution in the Middle East conflict, capping XAU/USD's upside.
The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.
More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.
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.
