EUR/USD
EUR/USD backslid a fifth straight trading day on Thursday, falling another one-fifth of one percent and declining further away from 1.0500. Fiber eased lower for for a fifth consecutive trading day after the European Central Bank (ECB) trimmed interest rates by another 25 bps, with broader market sentiment keeping one foot firmly in the Greenback for the day.
GBP/USD
GBP/USD lost its grip on Thursday, easing back below the 1.2700 handle and shedding over half of a percent in the pair’s worst showing in weeks. US Producer Price Index (PPI) inflation rose faster than expected in November, and US weekly Initial Jobless Claims also rose faster than forecasts.
USD/JPY
USD/JPY buyers are re-attempting 153.00 in Asian trading on Friday. The pair’s upside is due to the growing acceptance that the BoJ will not raise rates next week. Further, the ongoing US Dollar advance, bolstered by expectations for a hawkish Fed rate cut, supports the pair.
AUD/USD
AUD/USD stays vulnerable near 0.6350, sitting at multi-month lows early Friday. A bullish US Dollar and higher on hawkish December Fed rate cut bets weigh on the pair amid a risk-off market mood. Dovish RBA tilt also remains a drag on the major.
NZD/USD
The NZD/USD pair gains ground to near 0.5770 during the early Asian session on Friday. The Greenback strengthens due to the hotter-than-expected US Producer Price Index (PPI) report. The US Federal Reserve (Fed) interest rate decision will take center stage next week.
USD/CAD
USD/CAD extends its gains for the second successive session, reaching a fresh multi-year high of 1.4239 during Friday’s Asian trading hours, the highest level since April 2020. This upside could be attributed to the tariff threats from Trump’s administration, which have boosted the US Dollar (USD) across the board and created a headwind for risk-sensitive currencies like the Canadian Dollar (CAD).
USD/CHF
USDCHF rose to two-week high on 0.8% jump on Thursday, after the Swiss National Bank surprised by 50 basis points rate cut (0.50% from 1%) against widely expected 25 basis points cut.
CRUDE OIL
Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.
GOLD
Gold’s price looks to resume this week’s recovery to monthly highs of $2,726 early Friday, following Wednesday’s brief aberration. The US Dollar consolidates recent gains alongside the US Treasury bond yields amid a relatively light economic calendar heading into the weekend.
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