The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, turns higher on Friday, recovering from earlier weakness, though it remains on track to close the week in negative territory.
Gold (XAU/USD) prints back-to-back days of gains, up over 0.50% as the US Dollar extends its losses amid Japan’s intervention in the market, while news that Iran submitted a new proposal drove oil prices lower.
Dow Jones Industrial Average (DJIA) futures traded above 49,800 in overnight and pre-market action, building on a near 1,500-point rally from Thursday morning's lows around 48,500 and pressing toward the 50,000 mark for the first time.
The US Dollar Index (DXY) fell to a two-week low near the 98.00 price zone on Friday, extending the losses seen the previous day and ending a week in which the world's most important central banks confirmed a hawkish shift due to rising inflation pressures.
Donald Trump, United States President, announced on Friday through Truth Social a new round of tariffs on the European Union (EU) for cars and trucks.
West Texas Intermediate (WTI) crude Oil eases on Friday, trimming part of the strong gains registered earlier this week as renewed diplomatic efforts to end the US-Iran war lift market sentiment.
Silver (XAG/USD) trades around $76.00 on Friday at the time of writing, up 3.05% on the day, supported by renewed demand despite a macroeconomic backdrop that remains challenging for non-yielding assets.
USD/JPY turns flat in the day after diving to a daily low of 155.48 during Friday’s session, in the aftermath of two straight days of Japanese authorities intervening in the FX markets to strengthen the Yen, which had weakened past the 160.00 figure. The pair trades at 156.67, flattish.
EUR/USD edges higher on Friday as fresh geopolitical developments surrounding the US-Iran war weigh on the US Dollar (USD) and support the Euro (EUR). At the time of writing, the pair is trading around 1.1768, hovering near its highest level in over a week.
NZD/USD trades around 0.5915 on Friday at the time of writing, up 0.10% on the day, near recent highs around the 0.5930 area.
GBP/USD clears the 1.3600 barrier, up over 0.50%, as the Greenback gets battered for the second straight day amid speculation that Japanese authorities continued an intervention in the FX space to prop up the Yen. At the time of writing, the pair trades at 1.3650, up 0.38% near a ten-week high.
Twilio (TWLO) stock rose as much as 21% on Friday morning as the market digested the cloud communications platform's first-quarter results, released afterhours on Thursday.
Lorie Logan, President of the Federal Reserve (Fed) Bank of Dallas, spoke at the Bank of Dallas, claiming that the Fed should not have give guidance that implies easing right now. She also added that the next rate move could be a cut or a hike.
The Institute for Supply Management’s (ISM) data showed the Manufacturing PMI held steady at 52.7 in April, slightly below analysts’ expectations of 53.0.
BNY reports that Bundesbank President Joachim Nagel has signaled a likely European Central Bank rate hike in June unless the outlook improves, reinforcing a hawkish bias.