The Canadian dollar rose against a basket of major rivals on Friday following strong growth data.
Canada’s GDP growth clocked in at 0.1% in March, as expected.
On trading, the CAD/USD pair rose 0.6% as of 20:51 GMT to 0.7286.
Aussie
The Australian dollar was little changed against the US dollar at 0.6443.
US Dollar
The dollar index rose 0.1% as of 20:28 GMT to 99.3, with a session-high at 99.6, and a low at 99.1.
Trump accused China of violating an agreement suspending reciprocal tariffs with the US, adding that he was “too nice” with Beijing.
The US trade representative raised even more concerns when talking about potentially expanding tariffs against China if needed.
Earlier US data showed personal consumption rose 2.5% y/y in April, slowing down from 2.6% in March.
The University of Michigan’s consumer confidence survey fell 24.5% in May from 69.1 in the same month of last year.
Gold prices fell on Friday as the dollar index rose mildly against most major rivals, amid uncertainty about the US-China tariff war.
Trump accused China of violating an agreement suspending reciprocal tariffs with the US, adding that he was “too nice” with Beijing.
The US trade representative raised even more concerns when talking about potentially expanding tariffs against China if needed.
Earlier US data showed personal consumption rose 2.5% y/y in April, slowing down from 2.6% in March.
The University of Michigan’s consumer confidence survey fell 24.5% in May from 69.1 in the same month of last year.
Otherwise, the dollar index rose 0.1% as of 20:28 GMT to 99.2, with a session-high at 99.6, and a low at 99.1.
On trading, gold spot prices fell 0.8% as of 20:28 GMT to $3317.4 an ounce, while marking a 2.3% weekly loss, and a 1% monthly loss in May.
US stock indices fell on Friday amid renewed concerns about the trade war following new statements by US President Donald Trump against China.
Trump accused China of violating an agreement suspending reciprocal tariffs with the US, adding that he was “too nice” with Beijing.
The US trade representative raised even more concerns when talking about potentially expanding tariffs against China if needed.
Earlier US data showed personal consumption rose 2.5% y/y in April, slowing down from 2.6% in March.
On trading, Dow Jones rose 0.1% as of 15:13 GMT to 42,270 points, while S&P 500 fell 0.1% to 5904 points, as NASDAQ shed 0.3% to 19,111 points.
Oil prices steadied on Friday and headed for the second weekly loss in a row as investors expect OPEC+ to raise output in July, and with mounting uncertainty on US tariff policies after recent legal challenges.
Brent futures fell 18 cents, or 0.28% to $63.97 a barrel, while US West Texas fell 18 cents, or 0.3% to $60.76 a barrel.
Brent July futures end today, while August futures, the most traded now, fell 0.5% to $63.02 a barrel.
At these levels, prices are heading for a weekly loss surpassing 1%.
OPEC+ Considers Production Hike
Oil prices took a hit after a Reuters report indicated OPEC+ plans to raise July output by over 411 thousand bpd.
JPMorgan’a analysts said that global oversupplies rose to 2.2 million bpd, which led to a price adjustment to reflect market conditions.
The analysts expect prices to remain near current levels in the short term, before falling gradually to the high 50s by the year end.
US Tariffs Cast Shadows
US reciprocal tariffs were given a stay by the appeals court, revoking an earlier suspension order by a US federal court.
Such developments hammered Brent prices once more, which have already lost over 10% since Trump’s “Liberation Day” tariffs on April 2nd.
Prices faced even more pressure after earlier US data showed personal consumption slowed down in April, potentially reflecting weakness in local energy demand.