The GBP/USD pair is climbing towards 1.2600 during the European session on Friday, marking a significant uptick as market participants keenly observe economic developments. Similarly, the EUR/USD pair has regained traction, advancing beyond 1.0450 in the European trading hours. This movement comes against a backdrop of evolving economic policies under the Trump administration and a heightened focus on forthcoming US Retail Sales data.
The US Dollar is experiencing a downside extension, attributed in part to improved risk sentiment following a delay in President Trump's proposed reciprocal tariffs. Traders are closely monitoring updates related to Trump's tariffs and the Russia-Ukraine peace deal, which continue to shape market dynamics. President Trump recently announced new tariffs targeting several of America's trading partners, with additional measures anticipated in future quarters. These actions are likely to provoke foreign retaliation, adding complexity to international trade relations.
In the cryptocurrency market, Binance Coin (BNB) has seen a remarkable surge in activity. Its trading volume reached an impressive 5.13 billion, with the long-to-short ratio hitting its highest level in over a month. As BNB trades around $680 on Friday, it has recorded a rally of nearly 11% over the past week, signaling strong investor interest and confidence in the asset.
Market participants remain vigilant as they digest these developments, particularly the implications of the Trump administration's tariff policies and their potential impact on global trade. The anticipation surrounding US Retail Sales data further underscores the cautious yet optimistic outlook among traders.