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Prime Minister Narendra Modi’s thumping election victory is dividing analysts on India’s rupee.
Gold rose for a third day as concerns that the U.S.-China trade war is hurting global growth damps risk appetite.
Preliminary figures for GBP futures markets from CME Group saw open interest increasing for the sixth session in a row on Friday, this time by nearly 7.9K contracts. In the same direction, volume went up by around 18K contracts.
The EUR/USD pair weakened farther below the 1.1200 handle on Friday and ended the week on a downbeat note, snapping two consecutive weeks of winning streak.
Rupee dropped helped by the strength in the US currency and elevated oil prices but the pair is also pressured by selling by overseas investors who are likely to take part in the local stocks rally.
Gold held a weekly loss as the dollar steadied and markets remained fragile after the escalation in the U.S.-China trade war.
GBPUSD (1.3015) • UK GDP fell 0.1% M/M in Mar but the Q1 data were more in line with expectations, rising 0.5% Q/Q and 1.8% in the year as private consumption strengthened and inventories rose.
EURUSD (1.1231) • Germany reported a wider than forecast Trade Balance for Mar amid a pick-up in exports (+1.5% M/M).
Rupee dropped on concerns over escalating trade tension between the US-China, which dampened the risk appetite of global investors.
President Donald Trump may have delivered the blow he promised China on new trade tariffs, but don't expect gold prices to take off like a rocket beyond $1,300 because of that.