FxAnalysis

USD/JPY remains rangebound between 158 and 160, with upside pressure building toward 160.40 as yield differentials continue to favor the US dollar.

The USD/CAD pair gains some positive traction on Friday, snapping a four-day losing streak to the 1.3800 neighborhood or over a two-week low set the previous day. Doubts over the durability of the US-Iran ceasefire support the safe-haven US Dollar (USD) and act as a tailwind for spot prices.

Whether Gold prices climb toward a $5,000 breakout or face a hard rejection partly hinges on the upcoming March Consumer Price Index (CPI) report due on Friday. 

GBP/USD is testing the key 1.35 resistance zone, where a rejection tied to higher US yields could trigger another short-term move back toward 1.34.

Gold remains at a crossroads in Friday’s Asian trades, trying to find a clear direction as markets remain cautiously optimistic ahead of the US inflation report and the US-Iran peace negotiations.

The Aussie Dollar’s continuous rebound seems to have strengthened in the last few days, giving bulls back control and paving the way for AUD/USD to perhaps test the upper end of its annual range sooner rather than later.