EUR/USD could face a challenge on the sentiment toward early rate cuts by the ECB. ECB President Christine Lagarde expects interest rate cuts might be considered by the summer. Upbeat US Treasury yields could reinforce the strength of the US Dollar. (FXStreet)

GBP/USD attracts some buyers for the third successive day amid subdued USD demand. The hotter UK CPI dashed hopes for an early rate cut by the BoE and underpins the GBP. The intraday technical setup favours bulls and supports prospects for a further move up. (FXStreet)

USD/CAD moves sideways with a positive bias toward an upward direction. US Dollar rose as investors’ sentiment toward Fed rate cuts diminished. The upcoming US and Mexican elections could put further pressure on MXN. (FXStreet)

USD/CHF continues to gain ground after nervous comments from the SNB Chairman. SNB Chairman Thomas Jordan is concerned that excessive appreciation of CHF could drive inflation below zero. US Dollar gained ground on the diminished possibility of Fed rate cuts in March. (FXStreet)

EUR/GBP attempts to recover the recent losses ahead of UK Retail Sales data. Hot UK inflation numbers influence traders to trim their expectations for BoE rate cuts. ECB President Lagarde’s indication on rate cuts weighs on the Euro. (FXStreet)

GBP/JPY loses its recent gains around 188.25 following the downbeat UK Retail Sales data. UK Retail Sales fell 3.2% MoM in December from a 1.4% rise in November, below the market consensus The cross holds above the key EMA with the overbought RSI condition. The immediate resistance level will emerge at 189.00; 187.32 acts as an initial support level for EUR/JPY. (FXStreet)

EUR/JPY surges to 161.55, the highest level since November 30, 2023. ECB President Christine Lagarde said interest rate cuts might be on the table by the summer. The decline in the Japanese CPI in December reaffirms expectations that the BoJ will maintain its ultra-dovish stance. Investors await the December German Producer Price Index (PPI) and the ECB's Lagarde speech on Friday. (FXStreet)

NZD/USD moves on a downward trajectory after softer Business NZ PMI data. A breach below 0.6100 could lead the pair to retest January’s low at 0.6088. The seven-day EMA at 0.6150 could act as an obstacle followed by the 23.6% Fibonacci retracement level at 0.6165. (FXStreet)

USD/CNH extends its losses followed by the support at 23.6% Fibonacci retracement level at 7.1985. A break below the 14-day EMA could lead the pair to test the weekly low at 7.1748. Technical indicators suggest a bullish momentum to revisit the week’s high at 7.2322. (FXStreet)

WTI Oil prices struggle to attract follow-through buying and consolidate during the Asian session on Friday. Optimistic demand forecasts and concerns over disruptions in Middle East supplies lend support to Oil prices. Hopes that the markets will remain well supplied, China's economic woes and a bullish USD seem to cap gains. (FXStreet)

Gold price gains positive traction for the second successive day, though the upside seems limited. Escalating geopolitical tensions seems to benefit the safe-haven XAU/USD and remain supportive. Reduced bets for a March Fed rate cut push the US bond yields high and should cap further gains. (FXStreet)

Silver price finds an interim support near $22.40 amid geopolitical tensions. The Fed is expected to maintain status-quo in January policy meeting for the fourth time in a row. Fed Bostic warns about upside risks of inflation on premature rate cuts. (FXStreet)

Source: FXStreet

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