Steel Price remains on the back foot around 2022 bottom as metal traders fail to cheer the US dollar pullback, as well as a reduction in Chinese output amid fears of economic slowdown. That said, steel rebar prices on Shanghai Futures Exchange (SFE) remain pressured near 3,680 yuan per tonne ($545), down around 5.0% by the press time of early Friday morning in Europe.

China’s Q2 Gross Domestic Product (GDP) shrank more than -1.5% expected to -2.6% QoQ, versus 1.4% prior. Further, the Industrial Production also eased but Retail Sales improved in June.

On the other hand, Reuters came out with the news saying that China's crude steel output fell 3.3% in June compared with a year earlier, and was down 6% from May.

The news also mentioned, “Several mills in China have idled blast furnaces or placed them under maintenance earlier than usual due to weak margins and high inventories, and it remains uncertain when these facilities will be restarted.” It’s worth noting that covid-led lockdowns and bad weather recently affected Chinese metal producers. The output was also reduced as manufacturers had little motivation with downbeat prices.

Elsewhere, the reduction in the hawkish Fed bets and easing of the inversion gap of the key US Treasury yield curves, namely between 2-year and 10-year bonds, appears to have favored the market sentiment amid Fed policymakers’ attempt to talk down a 100 bps rate hike.

Moving on, US Retail Sales, expected 0.8% MoM in June from -0.3% marked in May, will precede preliminary readings of the Michigan Consumer Sentiment Index (CSI) for July, expected 49.9 versus 50.0 prior, to direct intraday moves of the USD/INR. Also important will be the Fedspeak and updates from the meeting of the Group of 20 key nations (G20) in Indonesia.

Also read: US June Retail Sales Preview: Has the consumer turning point arrived?

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EURUSD has preserved its bullish momentum and climbed toward the 1.0100 area during American trading hours on Friday. Investors are reassessing the Fed's rate outlook following the latest data releases and mixed comments from Fed officials.

GBP/USD has extended its recovery and climbed above 1.1850 in the second half of the day on Friday. Ahead of the weekend, the greenback is having a difficult time finding demand amid the improving market mood.

Gold fluctuates in a relatively tight range above $1,700 during the American session on Friday and remains on track to close the fifth straight week in negative territory. Falling US T-bond yields help XAUUSD limit its losses ahead of the weekend.

Bitcoin price is consolidating between significant barriers and shows no signs of moving out yet. The ongoing move could likely face rejection resulting in a steep correction.

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