Trading news

The USD/JPY pair is expected to conclude the week on a positive note above 143.00. The pair surges to near 143.50 on Friday as the US Dollar (USD) has resumed its recovery move on hopes that United States (US) President Donald Trump is close to make deals with number of his trading partners.

United States Michigan Consumer Expectations Index registered at 47.3 above expectations (47.2) in April

United States UoM 1-year Consumer Inflation Expectations registered at 6.5, below expectations (6.7) in April

United States UoM 5-year Consumer Inflation Expectation in line with forecasts (4.4%) in April

United States Michigan Consumer Sentiment Index registered at 52.2 above expectations (50.8) in April

European Central Bank (ECB) President Christine Lagarde said on Friday that the disinflation process in the Eurozone is well on track, per Reuters.

The United States and China are not engaged in any talks on tariffs, the Chinese embassy said on Friday, according to Reuters.

After US President Trump backtracked significantly on both tariffs against China and the dismissal of Fed Chair Powell, the price of Gold temporarily fell back below $3,300 per troy ounce, Commerzbank's FX analyst Thu Lan Nguyen notes.

Given this situation, it is hardly conceivable that Kazakhstan will limit oil production as planned, let alone compensate for the current overproduction with larger production cuts, Commerzbank's commodity analyst Carsten Fritsch notes.

Canada Retail Sales ex Autos (MoM) came in at 0.5%, above expectations (-0.4%) in February

Canada Retail Sales (MoM) in line with expectations (-0.4%) in February

Japanese Yen (JPY) is weak, down 0.7% against the US Dollar (USD) and underperforming most of the G10 currencies in an environment of broad-based USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.

According to a Reuters report, the eight OPEC+ countries with voluntary production cuts could also increase oil production more significantly in June, Commerzbank's commodity analyst Carsten Fritsch notes.

Pound Sterling (GBP) is down a modest 0.3% and showing relative gains against nearly all the G10 currencies, once again trading in tandem with its peers on trade-related headlines while still lagging in terms of magnitude, Scotiabank's Chief FX Strategist Shaun Osborne notes.

In the middle of next week, the World Gold Council (WGC) will publish its report on gold demand in the first quarter. This is likely to show that the sharp rise in the gold price in the first three months of the year was driven by strong investment demand.

Euro (EUR) is weak, down 0.4% against the US Dollar (USD) and a mid-performer among the G10. Trade-related headlines continue to dominate and data releases have been limited, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Brazil Mid-month Inflation meets expectations (0.43%) in April

The Canadian Dollar (CAD) is marginally softer on the session but holding up better than its major currency peers to the USD’s broader rebound, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The price of Brent oil rose to more than $68 per barrel this week, reaching its highest level since the announcement of reciprocal tariffs by US President Trump at the beginning of April, Commerzbank's commodity analyst Carsten Fritsch notes.

West Texas Intermediate (WTI), futures on NYMEX, is down over 1% to near $62.00 during European trading hours on Friday.