Palladium prices rose on Friday as the dollar index rose against most major rivals as markets assess economic data. 

Inflation

US core personal spending rose 4.6% in March, slowing down from 4.7%. 

The Federal Reserve will hold its periodic policy meeting next week to decide on policies, and it's expected to raise interest rates by 25 basis points. 

Corporate Results 

Corporations on Wall Street continue to report quarterly results in the first quarter of 2023. 

Microsoft, Alphabet, Amazon, Intel, and Tesla all reported quarterly results, beating expectations. 

Chinese Demand

Hopes remain that China will recover strongly after easing Covid 19 restrictions recently to boost growth and performance. 

China is the world's largest metals consumer, thus demand on industrial metals such as palladium is expected to rebound. 

Palladium is used extensively in electronics and automotive industries to reduce exhaust fumes.

Otherwise, the dollar index rose 0.1% to 101.5 as of 16:14 GMT, with a session-high at 102.1, and a low at 101.4. 

Palladium futures due in June rose 1.6% as of 16:15 GMT to $1,517 an ounce. 

Oil prices rose in European trade on Friday for a second day off four-week lows, while on track for the second weekly loss in row. 

Such losses came amid concerns about a global recession and its impact on fuel demand, while Russian crude exports rise this month. 

Global Prices

US crude rose 0.8% to $75.47 a barrel, after marking March 31 lows at $73.97, while Brent rose 1.1% to $79.01, after marking a session-low at $77.54. 

US crude rose 0.65% on Thursday, while Brent added 0.6%, the first profit in three days off four-week lows at $77.40 a barrel. 

Prices are down 3% so far this week on track for the second weekly loss in row. 

Economic Concerns

Global central banks continue to aggressively raise interest rates to control inflation, with concerns that such measures will impact economic growth. 

Otherwise, earlier US data this week showed GDP growth slowed down sharply in the first quarter of the year, fanning concerns of a recession in the world's largest economy.

Russian Exports

Otherwise, it's estimated that Russian oil exports through ports in April will be highest since 2009, above 2.4 million bpd despite Moscow's vows to cut output.

Kurdish Exports

The Iraqi Federal Government and the Kurdistan region took an important step to solve the ongoing legal dispute and resume crude shipments through Turkish ports. 

Yen fell in European trade against dollar for the second session, plumbing seven-week lows after the first meeting by Bank of Japan under new governor Kazuo Ueda, which was in line with expectations. 

The BoJ asserted its commitment to ultra-easy policies and to maintain interest rates ultra low, while reviewing such policies over the next year and a half. 

USD/JPY rose 1.45% to 135.85, the highest since March 10, after the yen slid 0.25% against dollar on Thursday, the first loss in three days on profit-taking  off two-week high at 133.02. 

Bank of Japan

Bank of Japan at its first meeting under new governor Kazuo Ueda maintained interest rates at the record low of minus 0.1%. 

The BoJ also decided to maintain targets for 10-year treasury yields at zero, and overall maintaining policies unchanged to support economic recovery in the country. 

Reviewing Policies in the Future

The BoJ decided to conduct large-scale reviews for monetary easing measures in the next year.

The bank said that achieving price stability has proved challenging for the past 25 years, and that monetary easing policies impacted a wide sector of the economy and the financial sector. 

The BoJ decided to remove future directives and pledges to maintain rates at current levels, while asserting it'll keep expanding the monetary base until consumer prices reach the 2% target. 

Dollar rose against most major rivals on Thursday following a spate of mixed US data today.

Slower Growth

Earlier data showed US GDP grew only 1.1% in the first quarter of the year, missing estimates of 2.0%, and slowing down sharply from 2.6% in the last quarter of 2022.

Conversely, US unemployment claims fell to 230 thousand in the week ending April 22, the first weekly decline in three weeks, beating estimates of 247 thousand, and down from 246 thousand in the previous reading.

Corporate Results

A batch of tech companies reported their strong results for profits and earnings this week, including Microsoft, Alphabet, and Meta.

Later today, Amazon and Intel Corp will release their quarterly results.

The dollar index rose 0.1% as of 18:55 GMT to 101.5, with a session-high at 101.8, and a low at 101.2. 

Aussie 

AUD/USD rose 0.4% as of 19:14 GMT to 0.6632. 

Loonie

Canadian dollar rose 0.3% against US counterpart as of 19:14 GMT to 0.7354.