The Pound Sterling registers back-to-back bearish days, dropping some 0.14% on Friday against the Greenback after economic data from the UK revealed that the Gross Domestic Product (GDP) contracted.
Gold prices shattered the $3,000 mark for the first time on Friday as a wave of economic and geopolitical uncertainty sent investors scrambling for safety, Reuters reported.
The EUR/USD pair edges higher and recovers to 1.0900 at the time of writing on Friday, erasing its sluggish performance from earlier this week. The resurgence in the pair comes after two headlines emerged late Thursday. United States (US) Senate
Pound Sterling (GBP) is little changed on the session after UK GDP data fell 0.1% in the January month, a little weaker than forecast, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is trading slightly more firmly on the session, helped by an improvement in risk appetite that has lifted high beta FX generally, Scotiabank's Chief FX Strategist Shaun Osborne notes.
USDCHF shows bullish momentum after testing critical levels during the week. Break above 200-hour moving average signals growing bullish sentiment. Buyers eye 38.2% Fibonacci retracement level at 0.88637 for further upside potential.
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, dips lower again on Friday after a few headlines on tariffs and the US spending bill. The index, which has been limited below the 104.00
Gold has broken out above the upper limit of the range within which it consolidated since February denoting possibility of extension in uptrend, Société Générale's FX analysts note.
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