Forex Friday

This US-China trade truce has only had a limited influence on the dollar, with the greenback held back by soft data. Against this backdrop, the EUR/USD forecast remains modestly positive in the near-term outlook.

GBPUSD, USDCAD Outlook: This week, the U.S. dollar lost bullish momentum, pushing both USDCAD and GBPUSD toward their respective 2025 extremes. With GBPUSD holding above 1.33 and USDCAD approaching 1.38, upcoming key events will be closely watched to reassess the market narrative.

USD/CAD, Bitcoin Outlook: With U.S. economic indicators still falling short of signaling a deeply concerning outlook, the U.S. Dollar Index (DXY) is holding firm in a bullish rebound. At the same time, haven demand appears to be shifting toward Bitcoin, which is gaining traction amid broader market uncertainty.

GBPUSD, Nasdaq Outlook: Markets remain range bound as mixed data fuels investor uncertainty. U.S. GDP turned negative, Core PCE hit 0.0%, and jobless claims rose. Strong earnings offer some support, but trade risks persist. What’s next with today’s NFP report?

EURUSD, Nasdaq Forecast: With US-China trade talks in focus, a $200 drop in gold, and key earnings and data ahead, markets remain on edge as investors await confirmation on the next directional move in the US Dollar and equity indices.

Any further signs of stagflation in today's data should be bad news for both risk assets and the dollar. With trade war uncertainty in the foreground, the USD/JPY forecast remains bearish, with 140.00 now looking an increasingly likely target for the sellers.

EURUSD, USDJPY Forecast: China escalates the trade war, raising tariffs on US goods to 125% starting April 12. The Dollar Index drops below 100, lifting EURUSD above 1.14 and pulling USDJPY down to 142 ahead of key US bank earnings today.

Risk appetite took another big hit as China struck back with fresh tariffs of its own, following Trump’s big reciprocal tariffs announcement on Wednesday.

It feels like the whole world is on pause with as US president Donald Trump is gearing up to announce a sweeping new round of trade tariffs on 2nd April.

USDJPY, Gold Forecast: Tokyo’s core CPI data kept Bank of Japan (BOJ) rate hike expectations alive on Friday, with an uptick to 2.4%. Meanwhile, gold continues to thrive on safe-haven demand, reaching record highs above $3,080 per ounce.

The GBP/USD forecast will be in focus again with UK CPI and the Fed’s favourite inflation measure to come in the week ahead, along with global PMIs.