EUR/USD
Germany and the Eurozone have the preliminary Purchasing Managers’ Index (PMI) data for September to be released by S&P Global and Hamburg Commercial Bank (HCOB) on Friday, later this session at 08:30 and 09:00 GMT, respectively. HCOB German Composite PMI is expected to inch lower to 53.7 in November, from 53.9 previously. Meanwhile, Manufacturing PMI may tick up to 49.8 from 49.6, while Services PMI is expected to ease to 53.9 from October’s 54.6.
GBP/USD
GBP/USD cut off a four-day losing streak on Thursday, catching a thin technical bounce from the 1.3050 region. Cable price action is still caught on the bearish side of long-term moving averages, but investors are taking a breather ahead of Friday’s data docket.
USD/JPY
The USD/JPY pair trades in negative territory near 157.40 during the early Asian session on Friday. The Japanese Yen (JPY) strengthens against the US Dollar (USD) amid intervention fears. The preliminary reading of the US S&P Global Purchasing Managers Index (PMI) will be in the spotlight later on Friday.
AUD/USD
The Australian Dollar (AUD) advances against the US Dollar (USD) on Friday after two days of losses. The AUD/USD pair gains ground following the preliminary reading of Australia’s S&P Global Purchasing Managers Index (PMI).
NZD/USD
The NZD/USD pair trades with mild gains near 0.5590 during the early Asian trading hours on Friday. However, the potential upside for the pair might be limited amid the prospect of the Reserve Bank of New Zealand (RBNZ) rate cut next week.
USD/CAD
The USD/CAD pair drifts lower during the Asian session on Friday and now seems to have snapped a two-day winning streak to a nearly two-week high, levels just above the 1.4100 mark, touched the previous day. Spot prices, however, bearish conviction and remain on track to register strong weekly gains amid the underlying bullish sentiment surrounding the US Dollar (USD).
USD/CHF
The USD/CHF pair retraces to near 0.8040 during the late Asian trading session on Friday from its weekly high of 0.8078 posted the previous day. The Swiss Franc pair struggles to extend its upside move as THE rally in the US Dollar (USD) halts after the release of the United States (US) Nonfarm Payrolls (NFP) data for September on Thursday.
CRUDE OIL
Oil prices fell 1.5% on Friday, extending declines for a third straight session as the United States pushed for a Russia-Ukraine peace deal that could swell global market supply, while uncertainty over its rate cuts curbed investors’ risk appetite.
Gold (XAU/USD) extends its steady intraday descent heading into the European session on Friday and hits a fresh daily trough, around the $4,030-$4,029 region in the last hour. Traders further scaled back their expectations for another interest rate cut by the US Federal Reserve (Fed) in December following the delayed release of the September US Nonfarm Payrolls (NFP) report on Thursday. This has been a key factor behind the recent US Dollar (USD) rally to its highest level since late May and is seen as a key factor driving flows away from the non-yielding yellow metal.
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