ING strategists Warren Patterson and Ewa Manthey observe that Gold stabilized after dropping below the $4,000/oz mark earlier in the week, supported by lower US Treasury yields following softer US inflation data.
Iranian Foreign Ministry said during the European trading session on Friday that the joint statement by the United States (US) and Gulf Cooperation Council (GCC) contains 'interventionist, irresponsible and provocative positions'.
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note AUD/USD remains under pressure after an impulsive decline, though oversold conditions have prompted near-term consolidation between 0.6880 and 0.6920.
According to the latest European Central Bank (ECB) survey, one-year forward Eurozone inflation expectations are expected to cool down, but longer-term projections remain steady, Reuters reports.
Danske Research Team notes that Brent Oil initially spiked after reports of an Iranian attack on a cargo ship near Oman and a pause in U.N. escort operations in the Strait of Hormuz.
The GBP/USD pair sticks to its positive bias for the second straight day, though it lacks bullish conviction and trades just above the 1.3200 mark during the early European session on Friday.
Austria UniCredit Bank Manufacturing PMI down to 50.9 in June from previous 51.7
Commerzbank’s Volkmar Baur notes that despite easing Oil prices and lower inflation expectations, market pricing still anticipates at least one more Federal Reserve rate hike by year-end, while the ECB is seen delivering only one further move to 2.5%.
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.
