EUR/USD
EUR/USD stays in a consolidation phase and trades below 1.0900 in the European session on Friday. Investors move to the sidelines while waiting for the US October employment report, which will highlight Nonfarm Payrolls and Unemployment Rate figures.
GBP/USD
GBP/USD holds steady at around 1.2900 early Friday after closing deep in the red on Thursday. Despite the persistent USD weakness, the risk-averse market atmosphere didn’t allow the pair to gain traction. Investors await US NFP data.
USD/JPY
The Japanese Yen (JPY) retraces some of its recent gains following the release of the Manufacturing Purchasing Managers Index (PMI) by Jibun Bank and S&P Global on Friday. However, the USD/JPY pair declined as the JPY strengthened after post-meeting comments from Bank of Japan (BoJ) Governor Kazuo Ueda on Thursday, which were seen as increasing the likelihood of a rate hike in December.
AUD/USD
The Australian Dollar (AUD) remains tepid against the US Dollar (USD) following two days of gains, as Australia’s mixed Producer Price Index (PPI) data for the third quarter was released on Friday. However, expectations of a hawkish stance from the Reserve Bank of Australia (RBA) continue to support the Aussie Dollar, limiting losses in the AUD/USD pair.
NZD/USD
NZD/USD remains stable for the third consecutive session, trading around 0.5980 during the Asian hours on Friday. The New Zealand Dollar (NZD) may have gained some support from an unexpected increase in China’s factory activity, as China is New Zealand’s largest trading partner.
USD/CAD
The USD/CAD pair loses momentum to around 1.3925 during the early European trading hours on Friday. The weakening of the US Dollar (USD) drags the pair lower. Traders brace for the highly-anticipated US Nonfarm Payrolls (NFP) for October, which is due later on Friday.
USD/CHF
The USD/CHF pair gathers strength to near 0.8640 during the early European session on Friday. The rebound of the US Dollar (USD) underpins the major pair ahead of the release of the US employment report, which is due later on Friday.
CRUDE OIL
Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
GOLD
Gold recovers some lost ground and trades above $2,750 on Friday. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal, a traditional safe-haven asset.
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