Silver prices (XAG/USD) fell on Friday, according to FXStreet data. Silver trades at $75.16 per troy ounce, down 0.23% from the $75.33 it cost on Thursday.
United Overseas Bank’s (UOB) economists Quek Ser Leang and Lee Sue Ann note AUD/USD broke above the prior range, reaching near 0.7100. Despite labeling the recent surge as overdone, they still see room for a push toward 0.7135, with 0.7000 now the key strong support.
UBS economist Paul Donovan discusses how US March consumer price inflation highlights US consumers’ war-related burden and affordability concerns.
Gold (XAU/USD) maintains its offered tone below the $4,750 level through the first half of the European session on Friday, albeit it lacks bearish conviction.
Commerzbank analysts Michael Pfister and Norman Liebke highlight that Brazil’s inflation edged higher in February, and they expect today’s March data to show another fairly sharp rise in prices.
ING’s Francesco Pesole notes that the US Dollar Index remains just below 99.0, with further downside seen if a permanent Middle East peace deal is agreed and Strait of Hormuz flows resume.
Oil prices are ticking up for the second consecutive day on Friday. The US benchmark West Texas Intermediate (WTI) Oil has returned to levels near $93.00 per barrel, as restrictions in the Strait of Hormuz keep a de facto blockade in place, adding strain to an already frail ceasefire deal in Iran.
Italy Industrial Output s.a. (MoM) below forecasts (0.5%) in February: Actual (0.1%)
Italy Industrial Output w.d.a (YoY) in line with forecasts (0.5%) in February
According to a report from the Guardian, Israel Defense Forces (IDF) chief of staff, Eyal Zamir, said that forces are continuing their combat operations in southern Lebanon and are “not in a ceasefire” with Hezbollah.
BNY’s Head of Markets Macro Strategy Bob Savage argues that Q1 US equities will be driven more by forward guidance than reported earnings, with consensus S&P 500 earnings growth around 13% and wide dispersion in forecasts.
The USD/CAD pair rebounds to near 1.3833 from the two-week low of 1.3805 on Friday after snapping a four-day losing streak.
