Bitcoin is pulling back after testing the 200-day EMA, but positive ETF flows and resilient price action keep the broader bullish recovery intact.

The USD/JPY pair struggles to capitalize on the previous day’s modest gains and trades with a mild negative bias through the first half of the European session on Friday. Despite renewed hostilities in the Strait of Hormuz, investors remain hopeful for a US-Iran peace deal.

A crisis that should make Norway richer could also put pressure on the very fund built to protect its future wealth. The irony is hard to miss. 

Gold is back on the bid early Friday, regaining traction above $4,700 as markets remain hopeful for a potential US-Iran peace deal in the countdown to the US Nonfarm Payrolls (NFP) release.

Spot Gold advances for a third consecutive day, hitting an intraday high of $4,765 before retreating some.

The NOK/SEK pair highlights an increasingly clear divergence between two neighboring economies that are often seen as similar, but are exposed to very different drivers. The current context favors the Norwegian Krone (NOK) over its Swedish counterpart, but for how long?