Trading news

The Indian Rupee (INR) opens higher against the US Dollar (USD) on Friday, as the opening of special credit lines for state-run oil buyers to meet their foreign exchange needs has strengthened the Asian currency.

Asian equities decline on Friday as investor sentiment turned cautious regarding the prospects of a lasting US–Iran ceasefire agreement. Additionally, traders engaged in profit-taking after a strong rally fueled by increasing optimism about a potential resolution to the US–Iran conflict.

The International Energy Agency (IEA) Chief Fatih Birol said on Friday that if the Strait of Hormuz is not reopened, we must prepare for significantly higher energy prices. Birol added that release of more emergency oil reserves is under consideration

The USD/JPY pair is seen building on the previous day's goodish rebound from the 158.25 region, or over a one-week low, and gaining some follow-through positive traction on Friday. This marks the third straight day of a move up and lifts spot prices to mid-159.00s during the Asian session.

The AUD/JPY cross trades in positive territory for the fifth consecutive day around 114.30 during the early European session on Friday. The Australian Dollar (AUD) strengthens against the Japanese Yen (JPY) on a hawkish stance of the Reserve Bank of Australia (RBA). 

Gold prices remained broadly unchanged in India on Friday, according to data compiled by FXStreet.

The NZD/USD pair trades with a mild negative bias for the second straight day and remains on the back foot below the 0.5900 mark through the Asian session on Friday.

EUR/JPY gains after registering little losses in the previous day, trading at 187.83, an all-time high, during the Asian hours on Friday. The technical analysis of the daily chart indicates the currency cross is trending higher within an ascending channel, signaling a persistent bullish bias.

The USD/IDR pair catches aggressive bids during the Asian session on Friday and advances to a fresh all-time peak, around 17,1885-17,190 region in the lar hour. Spot prices remain on track to register strong weekly gains and seem poised to appreciate further.

The EUR/USD pair trades subduedly near 1.1777 during the Asian trading session on Friday. The major currency pair has turned sideways after a two-week-long rally to near 1.1825 as investors await the announcement of another round of talks between the United States (US) and Iran.

Gold (XAU/USD) reverses modest Asian session losses to the $4,768-$4,767 region, or a three-day trough, though it lacks follow-through and remains below the $4,800 mark amid mixed cues.

USD/CHF moves little after two days of gains, trading around 0.7830 during the Asian hours on Friday. The pair steadies as traders adopt caution on uncertainty over US–Iran peace deal discussions.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.25 during the Asian trading hours on Friday. The DXY trades on a flat note amid uncertainty surrounding a ceasefire between Israel and Lebanon.

GBP/USD loses ground for the third successive day, trading around 1.3520 during the Asian hours on Friday. The Pound Sterling (GBP) remains under pressure as traders pare back expectations for a Bank of England (BoE) rate hike, amid increasing optimism that tensions in the Middle East may be easing.

Bank of Japan (BoJ) Governor Kazuo Ueda said that a decision on how soon to raise interest rates must take into account the fact that the nation's real interest rate is low, Reuters reported on Friday.

The USD/JPY pair gathers strength around 159.35 during the Asian trading hours on Friday. The pair extends the rally for the third consecutive day amid uncertainty in the Middle East. However, heightening intervention warnings from Japanese officials might cap the upside for USD/JPY. 

The AUD/USD pair holds steady above mid-0.7100s during the Asian session on Friday and for now, seems to have stalled the previous day's modest pullback from its highest level since June 2022. Spot prices remain on track to register strong weekly gains amid a supportive fundamental backdrop.

USD/CAD remains subdued for the fifth consecutive day, trading around 1.3700 during the Asian hours on Friday.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8622 compared to the previous day's fix of 6.8616 and 6.8206 Reuters estimate.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.00 during the Asian trading hours on Friday. The WTI price edges higher after reports that Lebanon's army accuses Israel of violating the ceasefire.