Gold price slides late on Friday, poised to end the week positively, accumulating eight straight weeks of gains that pushed the yellow metal to all-time highs of $2,954.
WIth US stocks sharply lower, risk-off flows are weakening the AUDUSD. Technically, the 38.2% retracement and falling 100 day MA helped to stall the rally at the highs today.
The EUR/USD pair faced a setback on Friday, declining by 0.44% to settle near 1.0450 after encountering firm resistance at the 100-day Simple Moving Average (SMA) around 1.0540.
USDCAD struggles to break above key moving averages, with sellers dominating amid US dollar weakness. Canadian retail sales data weighs on pair, focus on key support levels for potential bounce.
UK Retail Sales rose a solid 2.1% in January, well ahead of expectations, after run of soft data in Q4, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Preliminary Eurozone PMI data for February were mixed to slightly softer, weighing on the EUR somewhat in European trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) is trading higher on the day overall, with yesterday’s big winner, the JPY, this morning’s big loser after Japan’s January headline CPI reflected the anticipated pick up to 4.0% Y/Y, Scotiabank's Chief FX Strategist Shaun Osborne notes.
European natural gas and power prices have dropped back over the past week despite a cold spell adding to heating demand in Northern Europe, Danske Bank's FX analyst Mohamad Al-Saraf reports.
As of 17 Feb, Politico’s poll of polls shows CDU/CSU leading at 30%, AfD at 21%, SPD at 16% and Greens at 13%, while other smaller parties are in the region of 5% or so.
The euro has benefited from the unwinding of US Dollar (USD) longs, but remains generally unattractive in the crosses, ING’s FX analysts Francesco Pesole notes.
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