The Australian Dollar (AUD) underperforms its major currency peers, trading 0.25% lower to near 0.6890 against the US Dollar (USD) during the European trading session on Friday. The antipodean weakens as market participants expect the next move by the Reserve Bank of Australia (RBA) on the downside.
Deutsche Bank strategists note that tech weakness extended from the Magnificent 7 and Apple into Asian markets, weighing on risk sentiment and US equity futures.
Silver (XAG/USD) has bounced up from seven-month lows below $56.00 on Friday, to reach session highs at $57.80 at the moment of writing.
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note GBP/USD failed to test major support at 1.3110, instead rebounding from 1.3152 to 1.3218 before closing at 1.3190.
The USD/CHF pair trades 0.2% lower at around 0.8085 during the European trading session on Friday, extending its correction from the 10-month high of 0.8140 posted on Wednesday.
ING strategists Warren Patterson and Ewa Manthey note that Oil rebounded after a vessel was struck in the Persian Gulf, but they stress that price momentum remains to the downside as flows through the Strait of Hormuz recover.
The GBP/JPY cross struggles to capitalize on the previous day's modest recovery gains and seesaws between tepid gains/minor losses through the early European session on Friday. Spot prices currently trade just below mid-213.00s, nearly unchanged for the day amid mixed fundamental cues.
EUR/CAD remains flat after paring intraday losses, trading around 1.6150 during the European hours on Friday.
MUFG’s Lloyd Chan notes that strong United States (US macro data continue to support a high-for-longer US rates environment, with Personal Consumption Expenditures (PCE) Price Index inflation and Gross Domestic Product (GDP) both firm.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 101.40 during the early European trading hours on Friday.
Dow Jones futures decline 0.13%, trading near 52,270 during the early European hours on Friday. Meanwhile, S&P 500 futures fall by 0.60% to near 7,380, and Nasdaq 100 futures plunge 1.29%, trading near 29,350 at the time of writing.
Here is what you need to know on Friday, June 26:
