Precious Metals Prices Decline

Precious metals prices fell on Friday, with gold declining in key markets such as India. Silver also extended its losses for a second consecutive day, with some reports attributing the move to profit-taking as the metal slipped below $64 per troy ounce. fxstreet +1

US Dollar Weakens on Easing Fed Hike Bets

The US Dollar Index lost ground for a second successive day as cooling US inflation and labor market data tempered expectations for aggressive Federal Reserve rate hikes. This dollar weakness contributed to strength in other major currencies, including the British Pound, Canadian Dollar, and Euro. fxstreet +5

Hawkish Bank of Japan Speculation Supports Yen

The Japanese Yen gained strength amid growing speculation that the Bank of Japan could raise interest rates as soon as September and pursue a faster pace of monetary policy tightening. This hawkish sentiment helped the Yen recover from a two-week low against the US Dollar, with analysts noting that policy support is seen as necessary to stabilize the currency. fxstreet +5