Another negative week for the US Dollar (USD) saw the US Dollar Index (DXY) add to the prior decline and challenge the area of multi-week troughs near 97.60, slipping further below its key 200-day Simple Moving Average (SMA).
The EUR/USD pair edged higher for a second consecutive week, flirting with the 1.1800 figure and settling nearby. Hopes for a deal between the United States (US) and Iran fluctuated throughout the week, but optimism prevailed despite the lack of progress.
Gold (XAU/USD) reversed its direction after a bearish start to the week and climbed above $4,700. Still, the persistent uncertainty surrounding the Middle East crisis limited the yellow metal’s upside.
The US dollar bounces from the key 156-yen level as geopolitical noise and BOJ intervention pressure ease, with a hot NFP print on Friday potentially driving a grind back toward 158 yen.
Copper rallies Thursday supported by AI-driven electrical demand and geopolitical tailwinds, with the $6 level acting as key support and bulls targeting a longer-term move toward $6.50.
The Australian dollar gives back early Thursday gains with resistance at 0.7250, but RBA rate hikes support a buy-the-dip strategy targeting a return to highs with key support holding at 0.71.