The US Dollar extended its decline on Friday, as risk sentiment improved amidst a delay in President Trump's announced reciprocal tariffs. This development comes as the GBP/USD climbed toward 1.2600 during the European trading session, while the EUR/USD showed signs of recovery, advancing above 1.0450. Market participants are closely monitoring these currency movements, reflecting a shift in focus towards the upcoming US Retail Sales data.
President Trump recently announced tariffs targeting some of America's trading partners, with more levies expected in the coming quarters. This announcement has prompted anticipation of foreign retaliation, adding to the complexity of the geopolitical landscape. Traders are closely watching for any updates regarding Trump's tariffs and developments in the Russia-Ukraine peace negotiations, which could further influence market dynamics.
In the cryptocurrency market, Binance Coin (BNB) has shown significant activity, with trading volume reaching an impressive 5.13 billion. The long-to-short ratio for BNB has hit its highest level in over a month, indicating heightened trading interest. BNB's price traded around $680 on Friday, having rallied nearly 11% over the week, underscoring robust investor sentiment.
While the economic policies of the Trump administration are beginning to take shape, market analysts are evaluating their potential impact on global trade relationships. The delay in tariff implementation offers temporary relief to the market, providing a window for traders to assess their positions and strategies.