Pound Sterling stays resilient against its major rivals early Friday after the data from the UK showed that the economy avoided stagnation in the second quarter. Following Wednesday's volatile action on US inflation data, the US Dollar Index holds steady as investors await Producer Price Index (PPI) figures for July. The US economic docket will also feature the University of Michigan's Consumer Sentiment Survey for August. (FXStreet)

NZD/USD remains under pressure and finds support above the 0.6000 area on Friday. The US Core CPI fell to 4.7% from 4.8%, Initial Jobless claims totaled 248,000. Analysts anticipate that the Reserve Bank of New Zealand (RBNZ) will maintain rates at 5.50% in its August meeting. Market players will monitor the US Producer Price Index (PPI), the University of Michigan (UoM) Consumer Confidence Survey. (FXStreet)

USD/CAD trades with a mild negative bias on Friday, albeit lacks follow-through selling. The emergence of some USD selling turns out to be a key factor exerting some pressure. Bets for one more Fed rate hike in 2023 to help limit losses for the Greenback and the pair. (FXStreet)

EUR/USD remains sideways around 1.0985, gaining 0.05% as markets turn cautious ahead of US PPI data. ECB Economic Bulletin revealed that the Eurozone’s inflation is still expected to be too high for too long. The US Core CPI fell to 4.7% from 4.8%, Initial Jobless claims totaled 248,000. Traders will closely watch July’s US Producer Price Index (PPI), UoM Consumer Confidence Survey. (FXStreet)

GBP/USD struggles to defend the first daily gains in four at the lowest level in a week. Unimpressive US inflation favored Fed policymakers to claim victory after hard-run. Fears of UK recession tame Cable pair’s recovery ahead of Q2 UK GDP. US PPI, more inflation clues will also direct Pound Sterling price. (FXStreet)

USD/JPY lacks upside momentum near the Year-To-Date high, prods four-day uptrend. Nearness to 145.00 psychological level for Japan intervention joins US Dollar’s retreat to weigh on Yen pair. Yields seesaw after rising the most in a week as traders await more clues to confirm Fed policy pivot. US PPI, Michigan CSI eyed for further directions, risk catalysts are the key to follow. (FXStreet)

AUD/USD remains on the defensive around 0.6525, up 0.14% ahead of the top-tier US data. The pair trades below the 50- and 100-hour EMAs with a downward slope on the four-hour chart. The immediate resistance is located at 0.6540; 0.6500 acts as the key support level. (FXStreet)

USD/MXN retreats from key EMA hurdle, fades the previous day’s rebound from one-week low. Banxico kept benchmark interest rates unchanged on mixed inflation clues. Bullish MACD signals keep Mexican Peso sellers hopeful of crossing four-month-old resistance. Bears need validation from 16.70 and US inflation data to keep the reins. (FXStreet)

USD/INR meets with a fresh supply on Friday and is pressured by a modest USD weakness. The recent range-bound price action warrants some caution before placing directional bets. A sustained strength beyond the 83.00 mark is needed to support prospects for further gains. (FXStreet)

Chinese woes impact rand valuations as South African Reserve Bank keeps rates on hold in July. ZAR receives slight reprieve as US inflation posts modest rise. USD/ZAR long-term trend remains unopposed. (DailyFX)

EUR/GBP takes offers to refresh intraday low after initially renewing a three-week high. Preliminary readings of UK Q2 GDP came in better than expected on QoQ, monthly GDP also rose for June. ECB’s monthly Economic Bulletin cites heavy uncertainty, Reuters poll suggests policy pivot in September. Risk catalysts will be crucial to watch for clear directions. (FXStreet)

GBP/JPY edges higher to 183.90 following the UK GDP data. The cross trades within an ascending trend-channel since August 4. GBP/JPY’s key resistance emerges at 184.00; the initial contention level to watch is at 183.20. (FXStreet)

EUR/JPY refreshes multi-year peak on Friday, albeit struggles to capitalize on the move. Intervention fears benefit the JPY and hold back traders from placing fresh bullish bets. The BoJ-ECB policy divergence suggests that the path of least resistance is to the upside. (FXStreet)

WTI crude oil bears struggle to extend the previous day’s retreat from the yearly high. Impending bull cross on MACD, one-week-old horizontal support and 200-HMA prod Oil sellers. WTI buyers remain hopeful unless witnessing clear downside break of $80.70. (FXStreet)

Gold Price remains below the key resistance confluence despite the corrective bounce, eyes third weekly loss. Indecision about major central banks’ next moves, China woes keep XAU/USD rebond in check. Expectations of easing inflation pressure in US allowed Fed to tease policy pivot and favored Gold Price recovery. Additional signals of easing US price pressure, FOMC Minutes eyed for clear directions. (FXStreet)

Silver struggles to gain any meaningful traction for the second straight day on Friday. The technical setup supports prospects for an extension of a multi-week downtrend. Attempted recovery is likely to remain capped near the $23.30 support breakpoint. (FXStreet)

Source: FXStreet, DailyFX

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