In the latest developments in global currency markets, the US Dollar extended its downside on Friday, influenced by a mix of economic and political factors. Risk sentiment appeared to be buoyant, reinforcing a positive outlook among investors. A significant factor contributing to this sentiment was the delay in implementing reciprocal tariffs by the Trump administration, initially set to target several of America's trading partners.
The British Pound showcased strength in the European session, with the GBP/USD pair inching closer to 1.2600. This rise comes amid an evolving economic landscape influenced by President Trump's announcement of forthcoming tariffs, expected to be rolled out in subsequent quarters. The delay in these tariffs has provided temporary relief, although foreign retaliation remains a looming possibility. Meanwhile, market participants have turned their attention to imminent US Retail Sales data, which could further impact currency movements.
Simultaneously, the Euro marked gains, with the EUR/USD pair advancing above 1.0450 during European trading. This movement suggests a regaining of traction as the economic policies under the Trump administration begin to materialize. Investors are closely monitoring these policies for their potential to affect international trade dynamics and currency valuations.
In the cryptocurrency sphere, Binance Coin (BNB) has been in the spotlight. On-chain data presents a bullish scenario for BNB, with trading volumes soaring to 5.13 billion. Furthermore, the long-to-short ratio for BNB hit its highest level in over a month, indicating increased investor confidence. On Friday, BNB traded around $680, marking a rally of nearly 11% over the week.