The euro held below $1.18 with ECB easing expectations still limited, while the yen firmed modestly despite lingering policy uncertainty in Japan. Gold extended its rally toward a fourth weekly gain on tariff and geopolitical risks, as Bitcoin stabilized after recent losses with longer-term recovery forecasts intact. In commodities, Brent crude steadied amid inconclusive U.S.–Iran talks, while equities softened, led by declines in the US tech index. Meanwhile, the offshore yuan pulled back after Chinese authorities moved to curb its recent strength.

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