Daily market news

The NZD/USD pair extended its advance on Friday’s session with the pair seen trading near the 0.5800 zone after a 1.39% daily rise. This move positioned price mid-range between the day’s low of 0.56282 and high of 0.57656, reinforcing a bullish short-term momentum shift.

The Pound Sterling extends its gains versus the US Dollar as the US-Sino trade war escalates, with China imposing 125% tariffs on US goods. Trade policies continue to drive price action, with economic data taking a backseat. At the time of writing, the GBP/USD trades at 1.3067, up 0.77%.

USD/JPY adds to the pessimism seen in the latter part of the week and recedes to the 142.00 region on Friday, an area last seen in late September.

While deeply oversold, further USD weakness is not ruled out; next support level is at 142.50. In the longer run, renewed momentum suggests USD is likely to continue to decline; mid-term support levels are at 142.50 and 139.55, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Australian Dollar (AUD) is likely to strengthen further, but the major resistance at 0.6290 still seems to be out of reach. In the longer run, for the time being, AUD is expected to trade in a 0.6000/0.6290 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

A break above 1.1275 could trigger further rally; the levels to monitor are 1.1350 and 1.1400. In the longer run, Euro (EUR) is likely to rally further; the levels to monitor are 1.1400 and 1.1450, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The EUR/USD pair remains firm near 1.1350 after retreating from 1.1385, the highest since February 2022, during the early European trading hours on Friday.

The USD/CAD pair remains weak near 1.3965 during the early European session on Friday. The Greenback edges lower against the Canadian Dollar (CAD) amid persistent concerns over the global and US economies.

Silver (XAG/USD) continues its winning streak for the third straight session, trading around $31.30 during Friday’s Asian session. The precious metal is gaining traction as the US Dollar weakens, with the US Dollar Index (DXY) dipping to around 100.20 at the time of writing.

GBP/USD is on track for its fourth consecutive daily gain, trading near 1.3030 during Friday’s Asian session. The pair continues to strengthen as the US Dollar loses ground amid lingering concerns over both the global and US economies.