Silver (XAG/USD) trades around $68.50 on Friday at the time of writing, up 0.59% on the day, supported by renewed investor interest. Despite this uptick, the white metal remains within a broadly sideways trend, as market participants stay cautious amid an uncertain macroeconomic environment.
Scotiabank strategists Shaun Osborne and Eric Theoret report EUR/USD has slipped slightly below yesterday’s low as Dollar strength persists. ECB data show moderating inflation expectations, while President Lagarde signaled caution on rate moves given energy-price risks.
ING’s Chris Turner notes that Banxico’s 25 bp rate cut to 6.75% came with largely unchanged inflation forecasts and a projection of a return to target in early 2027.
GBP/JPY trades flat on Friday after slipping earlier in the European session, as the Japanese Yen (JPY) strengthened amid rising intervention fears. The move comes as USD/JPY trades within striking distance of the 160.00 level, a key zone that previously prompted action from Japanese authorities.
United States UoM 1-year Consumer Inflation Expectations above forecasts (3.4%) in March: Actual (3.8%)
Brown Brothers Harriman’s (BBH) Elias Haddad highlights that global risk sentiment is deteriorating as Oil rises, equities and bonds fall, and the Dollar strengthens.
Commerzbank’s Dr. Vincent Stamer updates Euro area inflation projections incorporating the Iran War and associated energy shock. The bank expects higher Oil and natural gas prices to push headline inflation above 3% in 2026 before easing back to the ECB’s 2% target by 2027.
United States Michigan Consumer Expectations Index came in at 51.7 below forecasts (54.1) in March
United States UoM 5-year Consumer Inflation Expectation in line with forecasts (3.2%) in March
United States Michigan Consumer Sentiment Index came in at 53.3 below forecasts (54) in March
Scotiabank strategists Shaun Osborne and Eric Theoret highlight that the Canadian Dollar (CAD) is steady to slightly firmer versus the Dollar despite weak risk appetite, helped by a modest bid for commodity currencies.
Halpenny stresses that the extension of Trump’s pause only on attacks against energy assets, combined with Iran’s limited tanker gestures, suggests the Strait of Hormuz will stay constrained.
