EUR/USD
EUR/USD is back in the red below 1.0600 in the early European morning on Friday. The US Dollar regains poise due to profit-taking and a softer risk tone. Traders refrain from placing fresh bets on the pair ahead of the critical US Nonfarm Payrolls data release.
GBP/USD
GBP/USD struggles to capitalize on its gains registered over the past three days. BoE Governor predicted four rate cuts in 2025 and weigh on the British Pound. Subdued USD price action could support the pair ahead of the US NFP report.
USD/JPY
The Japanese Yen (JPY) struggles to capitalize on the previous day’s modest gains and oscillates in a narrow range against its American counterpart during the early European session on Friday. The near-term bias, meanwhile, seems tilted in favor of the JPY bulls amid the Bank of Japan’s (BoJ) more hawkish stance. In fact, the BoJ remains on track for more interest rate hikes, while other major central banks, including the US Federal Reserve (Fed), are seen lowering borrowing costs further.
AUD/USD
The Australian Dollar (AUD) edges lower on Friday. Disappointing economic growth could prompt the Reserve Bank of Australia (RBA) to adopt a more dovish tone at next week’s monetary policy meeting, potentially setting up a February rate cut. This, in turn, exerts some selling pressure on the Aussie.
NZD/USD
The NZD/USD pair attracts fresh sellers during the Asian session on Friday and erodes a part of the previous day’s modest gains. Spot prices drop to a daily low, around the 0.5860 region in the last hour, as traders keenly await the release of the US Nonfarm Payrolls (NFP) report for some meaningful impetus heading into the weekend.
USD/CAD
The USD/CAD pair trades in negative territory around 1.4020 during the early Asian session on Friday. The US Dollar (USD) remains under renewed selling pressure as traders prefer to wait on the sidelines ahead of the US and Canadian labor market reports, which are due later on Friday.
USD/CHF
The USD/CHF pair loses ground to near 0.8815 during the early Asian session on Friday, weighed by the softer US Dollar (USD) broadly.
CRUDE OIL
Oil prices edged lower on Friday, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.
Gold price witnessed an intraday turnaround from over a one-week low touched on Friday. A softer risk tone, geopolitical risks, and trade war fears benefit the safe-haven commodity. Bets for a less dovish Fed cap gains for the XAU/USD ahead of the crucial US NFP report.
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