EUR/USD
EUR/USD made a half-hearted recovery on Thursday, rebounding four-tenths of one percent and clawing back north of the 1.0800 handle. Despite a late-week bounce, Fiber remains steeply off of recent highs after declining over 4% top-to-bottom from late September’s peak bids near 1.1200.
GBP/USD
GBP/USD recovered some much-needed ground on Thursday, climbing 0.4% as Cable bidders grapple with keeping price action north of the 1.2900 handle. UK Purchasing Managers Index (PMI) figures broadly missed the mark early Thursday, but both the Services and Manufacturing PMI components held north of contraction territory below 50.0.
USD/JPY
USD/JPY has come under renewed selling pressure, trading below 152.00 early Friday. The Japanese verbal intervention supports the Yen after the mixed Tokyo inflation data-led downtick. All eyes turn to the US data flow and Sunday’s Japanese election.
AUD/USD
AUD/USD trades with a negative bias, heading toward 0.6600 in Asian trading on Friday. Chinese central bank’s status quo on the MLF rate and a mixed market sentiment weigh on the pair amid a pause in the US Dollar pullback. The focus shifts toward US macro data.
NZD/USD
The NZD/USD pair attracts some sellers during the Asian session on Friday and currently trades around the 0.6000 mark, just above its lowest level since August 16 touched earlier this week. Expectations that the Federal Reserve (Fed) will proceed with modest rate cuts as the economy remains on a strong footing help the US Dollar (USD) to stall the previous day’s retracement slide from a nearly three-month top. Apart from this, Middle East tensions, along with the US political uncertainty, benefit the Greenback’s relative safe-haven status and turn out to be a key factor exerting some pressure on the NZD/USD pair.
USD/CAD
The USD/CAD pair attracts some sellers on Friday and moves away from its highest level since early August, around the 1.3860-1.3865 region touched in reaction to the Bank of Canada’s (BoC) oversized rate cut on Wednesday. The Canadian central bank took an aggressive step and decided to lower its key benchmark interest rate by 50 basis points (bps) for the first time since the COVID-19 pandemic. Moreover, the recent decline in Canada’s annual inflation rate to 1.6% in September, along with signs that the economy and labour markets are weakening, paves the way for aggressive interest rate cuts going forward. This, in turn, weighed on the Canadian Dollar (USD) and provided a goodish intraday lift to the currency pair.
USD/CHF
The USD/CHF pair retreats a few pips from a two-month peak touched earlier this Friday and trades around mid-0.8600s, nearly unchanged for the day during the first half of the European session. Meanwhile, the fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.
CRUDE OIL
Oil prices nudged higher on Friday and are on track for a weekly gain of more than 1%, as tensions in the world’s top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge.
Gold price is on the back foot early Friday, as sellers return on a failure to find a strong foothold above the $2,740 static resistance yet again. Attention now turns toward a fresh batch of US economic data and speeches from US Federal Reserve policymakers for a fresh direction impetus in Gold price.
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