EUR/USD
EUR/USD edges lower after registering over 0.5% gains in the previous session, trading around 1.1740 during the Asian hours on Friday. The technical analysis of the daily chart shows that the pair remains close to the upper boundary of the descending channel pattern, suggesting a potential bullish reversal.
GBP/USD
The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for January to be released by the S&P Global on Friday, later this session at 09:30 GMT.
S&P Global Services PMI is expected to come in at 51.7, slightly up from 51.4 recorded in the previous month. S&P Global Services PMI may fail to impact the Pound Sterling (GBP against the US Dollar (USD) as traders widely expect the Bank of England (BoE) to stay put on a gradual easing path, even as price pressures accelerated in December. Manufacturing and Composite PMI will also be eyed.
USD/JPY
The USD/JPY pair posts modest gains near 158.45 during the early Asian session on Friday. The Japanese Yen (JPY) softens against the US Dollar (USD) following the release of Japanese inflation data. All eyes will be on the Bank of Japan (BoJ) interest rate decision and the press conference later on Friday.
AUD/USD
The Australian Dollar inches higher against the US Dollar (USD) on Friday, remaining in the positive territory for the second consecutive day. The AUD/USD pair holds ground following the preliminary reading of Australia’s S&P Global Manufacturing Purchasing Managers Index (PMI), which came in at 52.4 in January versus 51.6 prior. Services PMI climbed to 56.0 in January from the previous reading of 51.1, while the Composite PMI climbed to 55.5 in January versus 51.0 prior.
NZD/USD
The NZD/USD pair jumps to around 0.5910, the highest since September 17, 2025, during the early Asian session on Friday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the hotter-than-expected inflation report. The attention will shift to the preliminary reading of the US S&P Global Purchasing Managers Index (PMI), which will be released later on Friday.
USD/CAD
USD/CAD holds ground after four days of losses, trading around 1.3790 during the Asian hours on Friday. However, the pair may further weaken as the Canadian Dollar (CAD) could receive support amid higher Oil prices, given Canada’s status as the largest crude exporter to the United States (US).
USD/CHF
The USD/CHF pair trades with caution during the late Asian trading session on Friday, near its over three-week low of 0.7880 posted on Tuesday. The Swiss Franc pair remains on the back foot as the US Dollar (USD) falls into a frying pan after coming out from fire.
CRUDE OIL
Oil prices rose in Asian trade on Friday after U.S. President Donald Trump flagged potential military action against major producer Iran, raising concerns over more supply disruptions in the Middle East.
Gold (XAU/USD) enters a bullish consolidation near the all-time peak set earlier this Friday and trades around the $4,950 area heading into the European session despite easing geopolitical tensions after US President Donald Trump’s U-turn on Greenland. In fact, Trump pulled back from his threat to slap next tariffs on eight European nations and ruled out seizing Greenland by force. This remains supportive of the upbeat market mood, which tends to undermine demand for traditional safe-haven assets, albeit it does little to dent the strong bullish sentiment surrounding the bullion.
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