EUR/USD
The EUR/USD pair trades with a mild negative bias around 1.0300 during the Asian trading hours on Friday. The Federal Reserve’s (Fed) move to delay the interest rate cut continues to lift the Greenback and exert some selling pressure on the major pair. Traders brace for the US December Nonfarm Payrolls (NFP) report, which is due later on Friday.
GBP/USD
GBP/USD remains subdued for the fourth successive day, trading around 1.2300 during the Asian session on Friday. The GBP/USD pair dropped to 1.2238 on Thursday, marking its lowest level since November 2023, as the Pound Sterling (GBP) struggled under mounting concerns about the United Kingdom’s (UK) fiscal and inflation outlook, which weighed heavily on investor sentiment.
USD/JPY
USD/JPY takes a breather above 158.00 following the release of household spending data from Japan, slightly off the multi-month top amid wavering BoJ rate hike expectations. However, the widening of the US-Japan yield differential keeps the pair supported amid a bullish US Dollar. US NFP data awaited.
AUD/USD
AUD/USD consolidates near 0.6200 early Friday, just above its lowest level since October 2022 as traders move to the sidelines ahead of Friday’s closely-watched US NFP data releae. Meanwhile, rising bets for an early RBA rate cut, China’s economic woes and US-Sino trade war fears act as a headwind for the Aussie.
NZD/USD
The NZD/USD pair remains weak to around 0.5600 during the early Asian session on Friday. The firmer Greenback and deflation concerns in China weigh on the New Zealand Dollar (NZD). The US December employment data will be the highlights later on Friday, including Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings.
USD/CAD
The USD/CAD pair trades in positive territory for the fourth consecutive day around 1.4400 during the early Asian session on Friday. The cautious stance of the US Federal Reserve (Fed) continues to underpin the Greenback. All eyes will be on the US and Canadian labor market data for December.
USD/CHF
The USD/CHF pair consolidates its gains registered over the past three days and oscillates in a narrow trading band, around the 0.9120 area during the Asian session on Friday. Spot prices, meanwhile, remain close to the highest level since May touched last week as traders opt to await the release of the US monthly employment details before placing fresh directional bets.
CRUDE OIL
Oil prices rose in early Asian trade and were on track for a third straight week of gains with icy conditions in parts of the United States and Europe driving up fuel demand for heating.
GOLD
Gold price consolidates the weekly gains just below the one-month high of $2,678 set on Thursday as traders eagerly await the US Nonfarm Payrolls data for placing fresh bets.
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