Forex today breathed a sigh of relief amid a mild recovery in the risk sentiment, as reflected by the bounce in the US equity futures and Treasury yields. But the traders remained on a cautious footing amid negative Asian equities, as US-China trade woes induced global growth fears continued to linger.

USD/JPY managed to keep its recovery mode intact near 109.80 region, as the pair picks up fresh bids and heads towards the 110.00 handle, tracking the bounce in the S&P 500 Futures and Treasury yields. EUR/USD attempted a tepid bounce but remained vulnerable to test the yearly lows heading into the European trading session. GBP/USD dropped near 1.2610/20 region amid Brexit uncertainty.

Markets are poised for a sparse EUR calendar; hence, traders will take some cues from the Spanish preliminary CPI figures and retail sales data due for release at 07:00 GMT and 08:00 GMT respectively. Meanwhile, the UK docket remains data-empty.

In contrast, the NA session is likely to be a busy one, with key US macro data slated for release that includes the US prelim Q1 GDP, goods trade balance, Personal Consumption Expenditure Prices dropping in at 12:30 GMT. Next of relevance remains the US pending home sales at 14:00 GMT and the US EIA weekly crude stocks data due on the cards at 15:00 GMT. Besides, the speeches by the Fed Vice President Clarida will also remain in the focus.

Oil prices rose on Thursday after an industry report showed a bigger-than-expected decline in U.S. crude inventories, although concerns that the U.S.-China trade war will trigger an economic downturn kept a lid on gains.

Gold remained on the back foot around $1,275 levels, in the wake of the recent US Dollar strength, despite heightened Sino-U.S. trade tension. The precious metal has been uncharacteristically subdued even as investors became increasingly worried over the health of China’s export-driven economy and the potential for an all-out trade war with the U.S. Instead, the U.S. dollar has benefited from the resulting flight to safety.