Trading news

EUR/USD steadies during Friday’s North American session set to finish the week and November’s in positive territory with gains o 0.81% and 0.59%, respectively as traders seem certain that the Federal Reserve will cut rates in December.

Mexico Fiscal Balance, pesos: -16.75B (October) vs -198.11B

Gold (XAU/USD) rises over 1% on Friday amid a scarce economic docket, but traders are pricing further easing by the Federal Reserve (Fed) at the next meeting, pushing the non-yielding metal past the $4,200 mark for the first time in the last ten days.

Silver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve expectations alongside strong industrial and investment demand.

West Texas Intermediate (WTI) US Oil trades around $59.30 on Friday at the time of writing, posting a 0.50% daily gain as investors adopt a cautious stance while monitoring ongoing efforts toward a Russia-Ukraine peace agreement.

After a quarter severely impacted by trade tensions, the Canadian economy returned to growth in Q3 with an annualized increase of 2.6%, surprising economists by a wide margin.

The British Pound (GBP) treads water against the Japanese Yen (JPY) on Friday as the latest Tokyo inflation data keeps the Bank of Japan (BoJ) firmly on a tightening path.

GBP/USD dips during the North American session, despite heading to end the week with gains of over almost 1%, after the financial markets digest the Autumn Budget. The pair trades at 1.3221 after retreating from a daily high of 1.3245.

EUR/CAD trades around 1.6180 on Friday at the time of writing, down 0.50% as macroeconomic developments strengthen the Canadian Dollar (CAD) while leaving the Euro (EUR) lacking momentum.

Canada’s Q3 GDP delivered a major upside surprise, lifting CAD and raising the bar for BoC easing. Markets now see USD/CAD capped near 1.41 with potential toward 1.38 by year-end, TDS' analysts note.

Colombia National Jobless Rate remains at 8.2% in October

The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday as traders respond to Canada’s Q3 Gross Domestic Product (GDP) rebound.

AUD/USD trades around 0.6535 on Friday at the time of writing, virtually unchanged on the day.

The Copper price has risen above the $USD per ton mark again this week. The increase was fueled by various statements made during a Copper industry conference in Shanghai, Commerzbank's FX analyst Volkmar Baur notes.

Platinum climbed to $1,650 this week as China launched physically settled futures and options, increasing transparency and attracting industrial, jewelry, and investor participation, Commerzbank's commodity analyst Carsten Fritsch notes.

The Silver price rose from $50 to more than $54 per troy ounce since the beginning of the week. The rise in the price of Silver thus eclipsed that of Gold. The Gold/Silver ratio subsequently fell to an annual low of just over 77, Commerzbank's commodity analyst Carsten Fritsch notes.

China’s appetite for Gold is slowing as imports fall to seven-month lows, while exports to Hong Kong surge, pushing net imports 45% below last year’s level, Commerzbank's commodity analyst Carsten Fritsch notes.

There have been numerous indications recently that refineries in India would purchase less Russian Oil due to US sanctions. However, this is not yet reflected in the figures.

Silver is approaching its record high, with Gold also rising, as markets price in further interest rate cuts and declining inventories in China boost momentum, Commerzbank's commodity analyst Barbara Lambrecht notes.

The Canadian Dollar (CAD) is soft, down a marginal 0.1% against the US Dollar (USD) as it performs relatively well against all of the G10 currencies with the exception of Japanese Yen (JPY), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.