EUR/USD
EUR/USD is holding gains above 1.0550 in the European morning on Friday. The pair derives strength from the peristent US Dollar weakness, further fuelled by the USD/JPY sell-off. Buyers, however, remain cautious ahead of the Eurozone preliminary inflation data.
GBP/USD
GBP/USD gains some follow-through positive traction above 1.2700 in the early European trading on Friday, reaching a two-week top. A broad US Dollar weakness, improving risk appetite and thin market condtions continue to aid the pair’s recovery.
USD/JPY
The Japanese Yen (JPY) sticks to its strong intraday gains heading into the European session on Friday and keeps the USD/JPY pair hovering around the 150.00 psychological mark, just above a one-month low. Data released earlier today showed that consumer prices in Tokyo, Japan’s capital, accelerated for the first time in three months. This backs the case for another interest rate hike by the Bank of Japan (BoJ) in December, which, along with geopolitical tensions and trade war fears, continues to underpin the JPY.
AUD/USD
The Australian Dollar (AUD) extends its winning streak for the third successive session on Friday following the hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock. However, the AUD/USD pair may face downward pressure as the United States (US) is set to unveil additional measures on Monday aimed at curbing China’s ability to advance in artificial intelligence technology.
NZD/USD
NZD/USD recovers from its recent losses, trading around 0.5910 during the Asian session on Friday. The Greenback edges lower due to the month-end flows and some profit-taking for the US long weekend.
USD/CAD
The USD/CAD pair extends its downside to near 1.4010 during the early Asian session on Friday, pressured by the weakening of the US Dollar (USD) after the holiday-thinned market. All eyes will be on Canada’s Gross Domestic Product (GDP) growth number for the third quarter (Q3), which is due later on Friday.
USD/CHF
The USD/CHF pair loses ground to near 0.8815 during the early European session on Friday, weighed by the softer US Dollar (USD) broadly. Traders await Switzerland’s Gross Domestic Product (GDP) for the third quarter (Q3), which is due later on Friday.
CRUDE OIL
Oil prices rose slightly on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.
Gold price (XAU/USD) gains strong positive traction on Friday and touches a four-day top, around the $2,662-2,663 area during the Asian session. Geopolitical tensions, along with trade war fears, continue to drive haven flows towards the precious metal.
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