EUR/USD
EUR/USD is trading under pressure below 1.0800 in European trading on Friday. A renewed US Dollar uptick and a cautious mood weigh on the pair, as traders digest the Trump win and the Fed rate cut ahead of the US preliminary Consumer Sentiment data for November.
GBP/USD
GBP/USD edges lower toward 1.2950 in the early European session on Friday. The emergence of dip-buying in the US Dollar and a tepid risk tone undermine the pair. The BoE’s cautious rate cut could check the pair’s downside, as traders look to BoE-speak, US data for fresh incentives.
USD/JPY
The Japanese Yen (JPY) struggles to attract any meaningful buyers on Friday and seesaws between tepid gains/minor losses against its American counterpart heading into the European session. The recent verbal intervention from Japanese authorities turns out to be a key factor lending support to the JPY, though doubts over the Bank of Japan’s (BoJ) ability to hike interest rates further cap gains.
AUD/USD
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday. The downside risks for the AUD/USD pair remain due to the concerns about Donald Trump’s proposals to raise tariffs on Chinese goods, given that Australia is one of the largest exporters to China.
NZD/USD
NZD/USD depreciates as the New Zealand Dollar (NZD) receives downward pressure from the concerns about Donald Trump’s proposals to raise tariffs on Chinese goods, given that New Zealand is a close trading partner to China. The NZD/USD pair trades around 0.6010 during the Asian session on Friday.
USD/CAD
The USD/CAD pair flat lines near 1.3860 during the early Asian session on Friday. The Greenback faces some selling pressure after the US Federal Reserve’s interest rate decision. Later on Friday, the advanced Michigan Consumer Sentiment and the Fed’s Bowman speech will be in the spotlight, along with the Canadian employment report.
USD/CHF
The USD/CHF pair drifts higher to around 0.8730 during the early European session on Friday. The renewed Greenback demand provides some support to the pair. Traders brace for the advanced US Michigan Consumer Sentiment data for November and the speech from the Federal Reserve’s (Fed) Michelle Bowman later on Friday.
CRUDE OIL
Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect U.S. oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.
GOLD
Gold price has returned to the red early Thursday after reversing more than half of the Trump win-led 3% slide on Wednesday. Gold sellers fight back control, as the US Dollar finds its feet amid a pause in the US Treasury bond yields sell-off while awaiting the Michigan preliminary Consumer Sentiment data.
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