On Friday, the Greenback failed to manage its gains to settle low vs. a basket of major currencies, moving further away from its strongest level in six weeks as worries sparked by news of U.S. tariffs on steel and aluminum imports overshadowed upbeat statements by Jerome Powell. The U.S. President Donald Trump announced plans to impose tariffs of 25% on imported steel and 10% on aluminum, in a move to “protect U.S. industry”. On the economic data front, traders are awaiting the university of Michigan sentiment index for February, which is expected to hit 99.5 from 99.9.
The Single currencies rose by 0.10%, to settle at $1.2276, positively affected by a weak USD. Meanwhile, earlier data showed that Italy GDP settled at 1.6%, which is unchanged from last month's forecast.
The Sterling pound fell by 0.10%, to settle at $1.3760. On the release front, traders are awaiting Markets wait BOE's Governor Mark Carney speech due later on the day.
Against the Canadian dollar, the Greenback rose by 0.17%, to settle at $1.2858. On the release front, traders are awaiting Canada GDP, which is expected to hit 3.4%, from 3.5%.
Also on Friday, Gold prices recovered, bouncing off a two-month decline, due to concerns over potential trade wars, which would have a negative impact on the U.S. economy, encouraging them to flock toward safer assets. Gold Futures - Apr 18 (GCJ8), rose by 0.95%, to settle at $1,317.60
Earlier today, Crude oil prices remained under pressure due to worries over U.S. production levels after data showed a weekly hike in the U.S. crude production and supplies. Data also showed that gasoline inventories increased by 2.483 million barrels, confounding anticipation for a decline of 190k barrels. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) fell as much as 0.36%, to settle at $60.77, and Brent Oil Futures - May 18 (LCOK8) was up by 0.14% at $63.74.
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