EUR/USD
The EUR/USD pair attracts some dip-buyers during the Asian session on Friday and recovers a part of the previous day’s retracement slide from the 1.1680 region, or the highest level since October 17. Spot prices currently trade around mid-1.1600s and remain on track to register gains for the second straight week.
GBP/USD
The GBP/USD pair trades on a flat note near 1.3330 during the Asian trading hours on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation report later on Friday. The US delayed Personal Consumption Expenditures (PCE) Price Index report for September could offer some hints about the US interest rate path.
USD/JPY
The USD/JPY pair remains weak near 155.05 during the early Asian session on Friday. Rising bets for a rate cut by the US Federal Reserve (Fed) next week and weaker US economic data weigh on the US Dollar (USD) against the Japanese Yen (JPY). All eyes will be on the US delayed Personal Consumption Expenditures (PCE) Price Index inflation data for September later on Friday.
AUD/USD
The AUD/USD pair extends its winning streak for the eleventh trading day on Friday, rising to near 0.6620 during the early European trading session. The Aussie pair trades firmly as the Australian Dollar (AUD) outperforms its peers amid expectations that the Reserve Bank of Australia (RBA) could adopt a hawkish monetary stance to tame de-anchoring inflation expectations.
NZD/USD
The NZD/USD pair edges lower to around 0.5765 during the early Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD). Nonetheless, the potential downside for the pair might be limited amid rising bets for a rate cut by the Federal Reserve (Fed) next week. Traders will take more cues from the US delayed Personal Consumption Expenditures (PCE) Price Index report for September, which is due later on Friday.
USD/CAD
The USD/CAD pair trades in a tight range around 1.3950 during the Asian trading session on Friday. The Loonie pair wobbles inside Thursday’s trading range as investors await the Canadian labour market data for November, which will be published at 13:30 GMT.
USD/CHF
The USD/CHF pair loses momentum to around 0.8030 during the early European session on Friday. Rising bets for a US interest rate cut next week and the prospect of White House economic adviser Kevin Hassett taking over as Federal Reserve (Fed) Chair weigh on the US Dollar (USD) against the Swiss Franc (CHF). The US Personal Consumption Expenditures (PCE) Price Index inflation report for September will take center stage later on Friday.
CRUDE OIL
Oil prices were largely steady in Asian trading on Friday after rising in the previous session, as stalled diplomatic progress over the Ukraine war and firm expectations of a U.S. Federal Reserve rate cut supported sentiment.
Gold (XAU/USD) builds on its steady intraday ascent through the early European session on Friday, though it remains within a broader trading range held since the beginning of this week. The US Dollar (USD) attracts fresh sellers and slides back closer to its lowest level since late October, touched on Thursday, amid dovish Federal Reserve (Fed) expectations. This, in turn, is seen as a key factor driving flows towards the non-yielding yellow metal.
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.
