The GBP/USD pair remains in a strong uptrend above 1.3000, with technical momentum suggesting further gains toward 1.3300 as dollar weakness and risk sentiment support.
The broader trade war narrative has not gone away, and though we are getting a boost in risk assets, we’re also seeing the US Dollar suffer across the board.
The AUD/USD pair is rallying strongly from recent lows, with bulls targeting the 0.6415 resistance as falling US dollar and RBA outlook fuel upside momentum.
It seems the dramatic reaction in the capital markets and the collapse of consumer confidence prompted the Trump administration to postpone the reciprocal tariffs.
addition, the U.S. exempted certain electronics from reciprocal tariffs, easing fears of a deepening trade war.US markets closed higher fueled by upbeat bank earnings and comments from Fed officials. All 11 S&P 500 sectors gained, with materials and tech leading. Asia markets rose, and European markets up as US exempts some goods from tariffs.
The Australian dollar strengthened on Friday, as the AUD/USD currency pair approached the 0.6280 zone during the American trading session. The bullish tone for the Aussie emerged as the US dollar only continued to weaken across the board.
With the recent correction, silver prices have become quite attractive. Reasonable premiums, along with favorable prices, suggest it may be a great time to buy physical silver.
The US dollar was hammered against the Canadian dollar over the trading week, as bonds sold off quite viciously. It now appears to be testing a major area of support, as the 1.39 level has previously seen a lot of resistance.
If a genuine unwinding gets underway, there is a long way to go on the downside. But it is too soon to declare that. Yes, volatility bulls were unable to cling on to the weekly highs, but there are several layers of defendable support underneath.
