Trading news

The USD/JPY pair posts modest gains near 162.40 during the Asian trading hours on Friday. The US Dollar (USD) strengthens against the Japanese Yen (JPY) as the United States (US) launches a new wave of strikes against Iran for a sixth night in a row.

The AUD/USD pair remains on the back foot for the second straight day and slides to the 0.7980 region during the Asian session on Friday.

West Texas Intermediate (WTI) – the benchmark US crude oil price – edges higher during the Asian session on Friday, though it remains confined within a multi-day-old range.

The GBP/USD pair trades on a softer note around 1.3470 during the Asian trading hours on Friday. Geopolitical tensions in the Middle East trigger risk-off market sentiment and weigh on the Cable. The preliminary reading of the Michigan Consumer Sentiment Index for July is due later on Friday.

Silver price (XAG/USD) remains subdued for the third successive day, trading around $55.50 per troy ounce during the Asian hours on Thursday. Silver is on track to drop over 7% this week as escalating Middle East tensions drive oil prices up.

US President Donald Trump is delivering a primetime address to the nation from the White House on Friday.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7934 compared to the previous day's fix of 6.7909 and 6.7734 Reuters estimate.

Japan’s Finance Minister Satsuki Katayama said on Friday that the authorities are ready to act on currency moves whenever necessary. 

NZD/USD inches higher after posting minor losses in the previous day, trading around 0.5840 during the Asian hours on Friday. The currency pair remains stronger as the New Zealand Dollar (NZD) holds its ground following the release of the country's latest food price data.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, is seen oscillating in a narrow range just above the 100.50 level as traders await US President Donald Trump's speech.

The EUR/USD pair holds steady around 1.1445 during the early Asian session on Friday. Traders continue to digest the developments surrounding the Middle East conflicts. The preliminary reading of the Michigan Consumer Sentiment Index for July will be published later on Friday. 

Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.

Gold price (XAU/USD) falls to near an eight-month low around $3,975 during the early Asian session on Friday. The precious metal extends its downside as rising tensions in the Middle East raise inflation concerns and reinforce expectations of elevated US interest rates.

Federal Reserve (Fed) Vice Chair Philip Jefferson said that the current policy stance should support the job market and allow inflation to resume decline toward 2% as tariff effects and energy prices pass through, Reuters reported on Thursday.

BNY’s Geoff Yu highlights a hawkish 25bp hike by the Bank of Korea (BoK) to 2.75%, with guidance that Gross Domestic Product (GDP) and core inflation will exceed earlier forecasts.

Dollar-Yen has spent the week doing almost nothing at the most dramatic level in four decades.

West Texas Intermediate (WTI) Crude Oil is fading about one percent to just below $79.00 after a third consecutive failure at the $80.00 handle, where the 50-day Exponential Moving Average sits just above the figure and refuses to yield.

The Australian Dollar is going nowhere with great precision, with AUD/USD flat on the session and pinned to the 0.7000 handle for a fourth consecutive day.

Sterling is enduring its heaviest session of the month, with GBP/USD fading around half of one percent to just below 1.3500 after the week's advance stalled short of 1.3550 for a second consecutive day.

The GBP/JPY retreats some 0.34% on Thursday after the pair reached a new 18-year high of 219.62 on Wednesday. Nevertheless, at the time of writing, the cross-pair retreated to 218.80, down 0.34%, as the Yen recovers some ground.