ING analysts Ewa Manthey and Warren Patterson note that Oil prices have steadied after US President Donald Trump extended the Iran energy deadline to 6 April, easing immediate pressure but maintaining a geopolitical premium.

The Euro (EUR) keeps trading sideways against the British Pound (GBP) on Friday, oscillating within a tight range around the 0.8650 level for the fourth consecutive day, on track for a 0.25% weekly decline.

The EUR/USD pair trades subduedly around 1.1520 during the European trading session on Friday.

Spain Consumer Price Index (MoM) climbed from previous 0.4% to 1% in March

Spain Harmonized Index of Consumer Prices (MoM) registered at 1.5%, below expectations (2.1%) in March

Spain Consumer Price Index (YoY) registered at 3.3% above expectations (2.4%) in March

Spain Harmonized Index of Consumer Prices (YoY) below expectations (3.9%) in March: Actual (3.3%)

DBS analysts Philip Wee and Chang Wei Liang argue that the Dollar’s (USD) broader downtrend has been interrupted by war-related haven demand and elevated Oil prices.

AUD/JPY edges higher after four days of losses, trading around 110.20 during the European hours on Friday. The technical analysis of the daily chart suggests a bearish bias as the currency cross moves downwards within the descending channel pattern.

Here is what you need to know on Friday, March 27:

Danske Research Team highlights that the central bank of Norway, Norges Bank delivered a hawkish hold at 4.00%, with internal debate over an immediate hike and an upwardly revised rate path. The bank now expects two 25bp hikes in June and September, followed by cuts from 2027.

Crude Oil prices have pared previous losses, returning to levels above $93.50 per barrel at Friday’s European session opening.

Standard Chartered economists Dan Pan and Steve Englander argue that the recent Oil price surge is unlikely to trigger a 1970s-style stagflation in the United States.

The GBP/JPY cross reverses an intraday dip to the 212.60-212.55 region on Friday and climbs to a fresh daily high during the early European session.

GBP/USD halts its three-day losing streak, trading around 1.3330 during the early European hours on Friday. The pair holds ground following the release of the United Kingdom’s (UK) Retail Sales figures.

Rabobank’s Senior FX Strategist Jane Foley notes that Bank of Japan policy expectations have changed little versus other G10 central banks, with markets already pricing a gradual tightening path.

United Kingdom Retail Sales ex-Fuel (MoM) above expectations (-0.8%) in February: Actual (-0.4%)

United Kingdom Retail Sales (MoM) above expectations (-0.8%) in February: Actual (-0.4%)

United Kingdom Retail Sales (YoY) came in at 2.5%, above forecasts (2.1%) in February

United Kingdom Retail Sales ex-Fuel (YoY) down to 3.4% in February from previous 5.5%

Pi Network (PI) remains under bearish pressure, extending losses for the second straight day. Large deposits to Centralized Exchanges (CEXs) and outflows from Pi Foundation wallets over the last 24 hours suggest intense selling pressure during the second migration phase.

The Bank of Japan (BoJ) releases its review report on developments in the natural rate of interest and the assessment of the degree of monetary accommodation during the European trading session on Friday.

UOB analysts report GBP/USD easing to around 1.3340, with the intraday bias still lower but momentum not strong enough for a deeper slide. They see declines likely limited to a test of 1.3305, with resistance at 1.3355/1.3375.

Asian equities trade sideways as uncertainty over the United States (US)–Iran peace talks limits risk appetite. At the time of writing, Japan’s Nikkei 225 is 0.03% higher to near 53,623, while Hong Kong’s Hang Seng Index is up 0.88 to 25,074, and the SSE Composite Index gains 0.75 to 3,920.

Commerzbank’s Michael Pfister notes that EUR/USD has rebounded on hopes for a Middle East ceasefire, but he doubts the war will end quickly and expects the pair to trade below pre-war levels for now.

Solana (SOL) trades around $86 at press time on Friday, after a 6% decline the previous day, in line with the broader market correction and over $1 million in outflows from SOL-focused Exchange Traded Funds.

The Indian Rupee (INR) opens lower against the US Dollar (USD) on Friday after a holiday the previous day due to Ram Navami celebrations.