Daily market news

Silver (XAG/USD) is trading within the lower ranges of the $73.00s during Friday’s European session following rejection at a previous support area around $75.00 earlier on the day.

Chris Turner at ING notes that recent European Central Bank communication had limited impact on Euro rates and the Euro, with markets still pricing a June rate hike near 90%.

The USD/CAD pair extends its sideways consolidative price move through the first half of the European session and currently trades around the 1.3575-1.3570 region, or its lowest level since March 11.

Here is what you need to know on Friday, May 1:

Silver price (XAG/USD) trades flat at around $73.70 during the European trading session on Friday.

The USD/CAD pair trades with caution near Thursday’s low at around 1.3580 during the late Asian trading session on Friday. The Loonie pair trades weakly as the US Dollar (USD) is broadly under pressure, following Japanese intervention in the forex markets.

USD/CHF inches higher after posting 1.25% losses in the previous day, trading around 0.7820 during the Asian hours on Friday. The pair gains ground as the safe-haven demand supports the US Dollar (USD) against its major peers.

EUR/JPY gains ground after registering 1.88% losses in the previous day, trading around 184.40 during the Asian hours on Friday. The currency cross advances as the Japanese Yen (JPY) weakens following mixed Tokyo inflation data.

West Texas Intermediate (WTI) oil price inches higher after registering 2.7% losses in the previous day, trading around $102.40 per barrel during the Asian hours on Friday.

The Australian Dollar reclaimed the 0.7200 level on Thursday, surging more than 1% as the Greenback dropped to seven-day lows amid Japanese authorities’ intervention in the FX markets, pushing aside solid US economic data. The AUD/USD trades past 0.7200 after hitting a daily low of 0.7110.