EUR/USD
EUR/USD hovers below 1.1000 level after pulling back from the three-week high at 1.1012. The pair received upward support from a less dovish tone surrounding the ECB, as compared to the elevated speculation of the Fed to ease monetary policy in the first quarter of 2024.
GBP/USD
GBP/USD continues to fluctuate in a narrow channel at around 1.2700 in the European morning on Friday. The data from the UK showed that Retail Sales more than expected in November. On a negative note, Q3 GDP growth got revised lower.
USD/JPY
US Dollar has extended losses on early Friday, piercing the support area at 142.35 after the US Bureau of Economic Analysis confirmed that US economy grew at a slower-than-expected pace in Q3.
AUD/USD
The AUD/USD pair gains ground above the 0.6800 mark, the highest in five months during the early Asian session on Friday. The uptick of the pair is bolstered by the softer US Dollar (USD) and risk appetite. At press time, AUD/USD is trading at 0.6801, down 0.02% on the day.
NZD/USD
The NZD/USD pair remains capped under the 0.6300 psychological mark during the early Asian session on Friday. However, the further upside of the pair looks favorable due to the dovish stance of the Federal Reserve (Fed) and the weaker US dollar (USD). At press time, NZD/USD is trading at 0.6294, up 0.03% for the day.
USD/CAD
USD/CAD hovers around 1.3280 during the Asian session on Friday near its four-month low at 1.3275 registered in the previous session. The USD/CAD pair experienced a plunge on a weaker US Dollar (USD), which could be attributed to the softer US economic data released on Thursday. Moreover, mixed Canada’s Retail Sales data might have provided minor support to underpinning the Canadian Dollar (CAD).
USD/CHF
USD/CHF attempts to rebound from a five-month low at 0.8557, trading around 0.8570 during the Asian hours on Friday. The US Dollar (USD) faces downward pressure on softer economic data from the United States (US) released on Thursday, coupled with the heightened expectations of the Federal Reserve’s (Fed) dovish stance on rate cuts in the first quarter of 2024.
CRUDE OIL
Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.
GOLD
Gold price (XAU/USD) rises to a near three-week high, around the $2,055 region earlier this Friday, albeit struggles to capitalize on the move amid a modest US Dollar (USD) uptick.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
