The GBP/USD pair attracts heavy selling during the first half of the European session on Friday and dives back closer to mid-1.3200s, or the year-to-date low touched last week, in reaction to the disappointing UK macro data.
EUR/USD stays under bearish pressure after posting losses for three consecutive days and trades at its lowest level since August below 1.1500. The technical outlook points to oversold conditions but sellers could refrain from betting on a steady rebound in the near term.
Gold is up roughly 1% in Friday’s Asian hours, reversing the previous decline to near the $5,050 region. Buyers refuse to give up yet, as Gold continues to find a floor ahead of the US GDP revision and Personal Consumption Expenditures (PCE) Price Index release.
Since being rejected from the yearly highs near the 1.2100 mark in late January, the short-term picture for EUR/USD has been steadily deteriorating.
Renewed US Dollar (USD) demand amid risk aversion pushed XAU/USD lower on Thursday, with the pair currently trading at around $5,120. Latest tensions revolve around the Strait of Hormuz, which remains closed, and there are reports indicating Iran planted mines through it.
The Australian Dollar (AUD) remains firm amid elevated domestic inflation and the hawkish stance from the Reserve Bank of Australia (RBA). This combination maintains the door open for AUD/USD to go up even more, and it also helps to protect against occasional pullbacks.