In the Asian trading session on Friday, the AUD/USD showed a slight uptick, though it struggled to muster significant bullish momentum. The currency pair remains precariously close to a nearly two-week low, a level reached the previous day amidst intensifying trade war fears. The USD/JPY, meanwhile, continued its downward trajectory for the third consecutive day, lingering near its monthly low. This development comes as investors react to rising core consumer prices in Tokyo, fueling speculation of potential interest rate hikes by the Bank of Japan (BoJ).
The global economic landscape continues to be shaped by concerns over U.S. President Donald Trump's proposed tariff plans, which are perceived as a threat to both domestic and international growth. These fears have not only capped gains in the Japanese yen but have also spurred increased demand for safe-haven assets such as bullion. Simultaneously, the European Central Bank's decision to cut interest rates by 25 basis points came as no surprise to market participants, who had largely anticipated the move.
Market sentiment was further influenced by economic developments in China, where ongoing woes have weighed on the Australian dollar, despite a modest strengthening of the U.S. dollar. These challenges are exacerbated by expectations that the Reserve Bank of Australia (RBA) might lower interest rates next month, bolstered by emerging signs of easing inflationary pressures.
In parallel, the Ethereum community has shown significant support for researcher Danny Ryan to step into the role of executive director at the Ethereum Foundation. This endorsement highlights the community's confidence in Ryan's leadership amid a rapidly evolving blockchain landscape.