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NZD/USD trades around 0.6045 on Friday after hitting an intraday high of 0.6079.The pair remains within a rising wedge formation, typically a bearish setup.NZD/USD hit 0.6089 on June 16, marking its YTD high, but has since lacked bullish follow-through.NZD/USD struggles to extend its recent advance on Friday, hovering near 0.6045 after an intraday high of 0.6079. The pair remains trapped inside a rising wedge formation, typically a bearish signal, as the broadly weak US Dollar steadies. The US Dollar Index (DXY) is holding above the 97.00 threshold, curbing the Greenback’s sharp pullback and weighing on Kiwi upside.From a technical perspective,…

WTI Crude Oil reports the largest weekly loss since March 2023.OPEC prepares to increase supply by an additional 411,000 barrels per day in July, easing supply concernsWTI remains supported by the $64.00 psychological level, but easing tensions in the Middle East limit near-term gains.West Texas Intermediate (WTI) Crude Oil has fallen sharply since reaching a high of $76.44 on Monday, with prices declining more than $10.00 per barrel this week.With losses over the past five sessions rising above 12%, this marks the largest weekly decline since March 2023.At the time of writing, WTI trades below $65.00 per barrel, with prices…

EUR/JPY trades near 170.00, its highest level since July 2024, on Friday.Soft Japanese data and steady BoJ stance undermine Yen demand.The euro remains firm despite a drop in Eurozone economic sentiment.The Euro (EUR) strengthens against the Japanese Yen (JPY) on Friday, with the EUR/JPY pair climbing toward levels not seen since July 2024. The cross is buoyed by a combination of strong Euro demand and persistent Yen weakness, as diverging monetary policy outlooks between the European Central Bank (ECB) and the Bank of Japan (BoJ) continue to drive the uptrend.At the time of writing, EUR/JPY is trading just shy of…

Gold weakens as risk sentiment improves, US equities rally pushing S&P 500 futures to record highs.Core PCE inflation for May rises along with June Michigan Consumer Sentiment Index while inflation expectations fall.XAU/USD remains on the backfoot with selling pressure increasing below $3,300.Gold (XAU/USD) is on the defensive heading into the weekend, pressured by a combination of mixed US data and improving global risk sentiment. The precious metal is trading below $3,300, down nearly 2% on the day, as safe-haven flows continue to unwind. Friday’s core PCE inflation print showed a modest uptick in May, reinforcing the Fed’s cautious stance and…

Dollar Index falls after the Fed’s preferred measure of inflation, the core PCE, rises in May.US Dollar continues to weaken, with the DXY nearing Thursday’s low of 97.00US Michigan Consumer Sentiment Index and Michigan Expectations ahead, providing additional insight into how consumers feel about current conditions.The US Dollar Index (DXY) is nearing 97.00 support as investors digest the latest batch of inflation data released out of the United States.Friday’s US core Personal Consumption Expenditure (PCE), released by the US Bureau of Economic Analysis, has served as an additional catalyst for DXY.This report, which represents the pace at which prices are…

USD/INR slides to two-week low amid broad US Dollar weakness and strong Rupee demand.Rupee supported by FII inflows, equity market gains, and falling Crude Oil prices.DXY holds near a three-year low as Trump’s Fed criticism and soft US GDP fuel rate cut bets.The Indian Rupee (INR) strengthens further on Friday, riding a wave of US Dollar (USD) weakness, as the Greenback slides further amid political noise and soft economic prints. US President Donald Trump’s fresh criticism of Federal Reserve (Fed) Chair Jerome Powell, paired with weaker-than-expected US Q1 Gross Domestic Product (GDP) data released on Thursday, is weighing heavily on…

NZD/USD trades near 0.6071, posting a fifth consecutive day of gains and eyeing year-to-date highs.Trump’s criticism of Powell, soft US Q1 GDP data, and the Iran-Israel de-escalation weigh on the US Dollar.ANZ Consumer Confidence jumps 5.9 points to 98.8 in June.The New Zealand Dollar (NZD) extends its winning streak against the US Dollar (USD) for the fifth straight session on Friday, buoyed by broad-based Greenback weakness. The NZD/USD pair is staging a solid recovery from a six-week low, edging higher to trade around 0.6071, just shy of year-to-date highs.The US Dollar remains under pressure following fresh criticism of Federal Reserve…

The rupee rose 24 paise to close at 85.48 (provisional) against the greenback on Friday on the back of strong FII inflows and firm domestic equity markets. Lower level of American currency index also favoured the Indian currency though an uptrend in crude oil prices capped its gain, forex traders said. Foreign institutional investors (FIIs) purchased equities worth ₹12,594.38 crore on a net basis on Thursday, according to exchange data. At the interbank foreign exchange, the rupee opened at 85.50 against the dollar and traded in the range of 85.43-85.65 before settling at 85.48 (provisional), up 24 from its previous…

The Australian Dollar offers its daily gains due to risk aversion as Iran declines to resume nuclear negotiations.President Trump may announce his preferred candidate to lead the Federal Reserve next year.The US Dollar depreciated due to risk-on sentiment following a fragile US-brokered Israel-Iran ceasefire.The Australian Dollar (AUD) retraces daily gains on Friday, halting its four-day winning streak. The AUD/USD pair edges lower following Iranian Foreign Minister Abbas Araghchi’s comments, noting that Tehran has no intention of resuming nuclear negotiations with the United States. “No agreement or arrangement has been made to resume negotiations. Neither any promise has been given, nor…

USD/CAD may test initial support at the eight-month low at 1.3539.The 14-day RSI remains below 50, strengthening bearish bias.The primary resistance appears at the nine-day EMA of 1.3682.The USD/CAD pair remains steady after registering over 0.50% losses in the previous session, trading around 1.3650 during the Asian hours on Friday. A persistent bearish sentiment is prevailing as the pair moves sideways within the descending channel pattern, suggested by the technical analysis of the daily chart.The 14-day Relative Strength Index (RSI) remains below the 50 level, reinforcing bearish pressure. Additionally, the USD/CAD pair has moved below the nine-day Exponential Moving Average…