Trading news

The EUR/USD ended Friday with losses of 0.10% but the week finished on a higher note up 0.51% as risk appetite deteriorated amid growing speculation the Federal Reserve would pause its easing cycle next month. Nevertheless, the pair closed above the 1.1600 figure, paving the way for further upside.

Federal Reserve (Fed) governor Stephen Miran spoke at a Fox Business interview on Friday, stating that monetary policy should be forward-looking and that wage gains have moderated.

Gold (XAU/USD) tumbles near 2% on Friday yet it has recovered after reaching a daily low of $4,032 on growing speculation that the Federal Reserve might pause its easing cycle as most officials struck a hawkish message.

USD/JPY trims early losses on Friday, with the pair rebounding toward nine-month highs as the US Dollar (USD) stabilizes. At the time of writing, USD/JPY is trading around 154.60, recovering from an intraday low near 153.62 and remains on track for modest weekly gains.

United States Baker Hughes US Oil Rig Count above expectations (415): Actual (417)

The Dow Jones Industrial Average (DJIA) lagged behind its major index peers on Friday, backsliding nearly 600 points at its lowest before staging a half-hearted recovery, trimming the day’s losses to around 250 points.

AUD/USD trades higher on Friday around 0.6550 at the time of writing, up 0.30% on the day, supported by renewed demand for the Australian Dollar (AUD) following solid economic releases from Australia and China, while uncertainty persists around the US Dollar (USD).

NZD/USD trades higher around 0.5680 on Friday, up 0.60% on the day at the time of writing. The pair benefits from a softer US Dollar (USD) as investors remain cautious ahead of the resumption of key US macroeconomic releases, which were delayed due to the recent government shutdown.

USD/CHF stages a modest rebound on Friday after slipping to its lowest level since October 17 earlier in the European session. The pair found support as traders reacted to headlines that the United States and Switzerland have reached a new trade deal, helping stabilize sentiment.

Russia Consumer Price Index (MoM) up to 0.5% in October from previous 0.34%

United States EIA Natural Gas Storage Change above forecasts (34B) in November 7: Actual (45B)

Federal Reserve (Fed) Bank of Kansas City President Jeffrey Schmid spoke about the economic outlook and monetary policy at the Joint Energy Conference hosted by the Federal Reserve Banks of Dallas and Kansas City, in Denver on Friday.

Colombia Retail Sales (YoY) increased to 14.4% in September from previous 12.4%

EUR/CAD trades with minimal movement on Friday, holding near 1.6310 at the time of writing, as investors assess the impact of a more cautious tone from the European Central Bank (ECB).

The British Pound (GBP) trades on the back foot against the Japanese Yen (JPY) on Friday after the Pound weakened broadly following a Financial Times report that Prime Minister Keir Starmer and Chancellor Rachel Reeves have abandoned plans to raise income-tax rates ahead of the November 26 budget.

The Euro (EUR) extends losses against the Swiss Franc (CHF) on Friday, with EUR/CHF sliding to its lowest level since 2015, when the Swiss National Bank (SNB) abruptly abandoned its minimum exchange-rate floor.

West Texas Intermediate (WTI) US Oil trades around $59.50 on Friday at the time of writing, up 1.60% on the day, after hitting a daily high at $60.47.

Canada Wholesale Sales (MoM) above forecasts (0%) in September: Actual (0.6%)

Russia Foreign Trade up to $13.595B in September from previous $7.466B

Gold (XAU/USD) is heading lower on a choppy trading session on Friday, weighed by a firmer US Dollar amid the risk-averse sentiment.