Scotiabank strategists Shaun Osborne and Eric Theoret note that stronger-than-expected United Kingdom (UK) Retail Sales, driven largely by fuel purchases, have supported the Pound (GBP), though broader UK data still point to a softer growth outlook.

Brown Brothers Harriman’s (BBH) Elias Haddad notes USD/JPY is consolidating just below 160.00 after slightly hotter March Consumer Price Index (CPI) that leaves Bank of Japan (BoJ) expectations unchanged for now.

Scotiabank strategists Shaun Osborne and Eric Theoret note that the Canadian Dollar (CAD) is little changed as USD/CAD retreats from repeated tests of the low 1.37 area.

USD/JPY trades around 159.50 on Friday at the time of writing, down 0.14% on the day and ending a sequence of four consecutive days of gains. The move comes amid a pullback in the US Dollar (USD), as improving market sentiment reduces demand for safe-haven assets.

Societe Generale analysts highlight that stronger‑than‑forecast United Kingdom (UK) inflation and PMIs (Purchasing Managers' Index) raise the question of a potential hawkish dissent at next week’s Bank of England (BoE) meeting, even though the house view is for a unanimous hold.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that EUR/USD is hovering near its 200-day moving average as Eurozone data signal stalling growth and rising inflation pressures.

The Euro (EUR) is trimming some losses against the US Dollar (USD) on Friday, despite the risk-averse mood, amid the growing uncertainty in the Middle East.

TD Securities analysts note United Kingdom (UK) Retail Sales for March surprised to the upside at 0.7% month-on-month versus their 0.1% forecast and a flat market consensus. The strength was driven mainly by food and fuel, with Easter timing and front-loaded fuel purchases.

MUFG’s Derek Halpenny highlights that USD/JPY is grinding higher toward the 160 level as geopolitical tensions and a prolonged Strait of Hormuz blockade fuel inflation risks.

NZD/USD trades higher around 0.5865 on Friday, gaining 0.22% at the time of writing, while the US Dollar (USD) loses ground with the US Dollar Index (DXY) down 0.18% at 98.65.

The GBP/USD pair recovers its early losses and turns positive around 1.3490 during the European trading session on Friday. The Cable gains as the US Dollar (USD) corrects after a three-day winning streak.

The Australian Dollar (AUD) posts marginal gains against the US Dollar (USD) on Friday, but remains near 10-day lows of 0.7110, with upside attempts capped below 0.7135 so far.

Russia Interest Rate Decision in line with forecasts (14.5%)

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note USD/JPY has pushed up to 159.84, validating earlier expectations for a retest of 159.65. While upward momentum is slowing, they still look for the pair to edge higher within a 159.40–160.05 intraday band.

EUR/JPY trades around 186.70 on Friday, posting a modest 0.06% gain as investors remain cautious ahead of a week marked by monetary policy decisions from several major central banks. The pair is supported by a broadly resilient Euro (EUR), while facing mixed flows on the Japanese Yen (JPY).

The US Dollar (USD) maintains a near-term bullish trend against the Swiss Franc (CHF), but the pair eased from 10-day highs of 0.7875 on Friday to levels close to 0.7860, as the President of the Swiss National Bank (SNB), Martin Schlegel, hinted at changes in the bank’s monetary policy.

Silver (XAG/USD) trades lower for the second consecutive day on Friday, weighed by the US Dollar’s strength, as investors lose their hopes of a swift end to the Middle East conflict.

Societe Generale analysts observe that USD/JPY has formed a small base above its 50‑day moving average after an earlier failed breakout.

The EUR/USD pair trades in a tight range around 1.1700 during the European trading session on Friday. The major currency pair consolidates while the US Dollar (USD) trades broadly firm, with investors shifting focus to central banks’ policy meetings next week.

ING’s Chris Turner says rising short-dated Eurozone yields on higher Oil and pass-through of input costs are not clearly supportive for EUR/USD. He argues the European Central Bank must get ahead of inflation expectations and that current real rate differentials are unsupportive.

Here is what you need to know on Friday, April 24:

Germany IFO – Expectations came in at 83.3 below forecasts (85) in April

Germany IFO – Current Assessment below expectations (86.2) in April: Actual (85.4)

Germany IFO – Business Climate below expectations (85.5) in April: Actual (84.4)

OCBC strategists Sim Moh Siong and Christopher Wong note that USD/JPY is again approaching 160 as the US Dollar (USD) benefits from safe-haven flows and Japanese authorities reiterate intervention readiness.

The USD/JPY pair enters a bullish consolidation phase on Friday and oscillates in a range below the 160.00 psychological mark through the early European session amid mixed cues. Nevertheless, spot prices seem poised to register gains for the first time in three weeks.

The AUD/USD pair trades subduedly around 0.7120 during the European trading session on Friday. The Aussie pair ticks lower as the US Dollar (USD) trades broadly firm amid higher oil prices due to the prolonged closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply.

USD/CAD continues its winning streak for the fourth successive day, trading around 1.3710 during the early European hours on Friday. However, the technical analysis of the daily chart indicates the pair is remaining within the descending channel pattern, signaling a persistent bearish bias.

The Euro (EUR) remains practically flat against the British Pound (GBP) on Friday, trading at 0.8675 at the time of writing, with resistance at the 0.8680 area capping Thursday’s rebound from 0.8654 lows.

The GBP/JPY pair finds buyers’ interest above 215.00 during the European trade on Friday after the release of the United Kingdom (UK) Retail Sales data for March.