The Unemployment Rate in Canada edged higher to 6.9% in April from 6.7% in March, Statistics Canada reported on Friday. This reading came in above the market expectation of 6.8%.
The price of gold fell below $3,300 per troy ounce overnight, after it rose above the $3,400 mark on Tuesday, marking its highest level since reaching a record high two weeks earlier, Commerzbank's commodity analyst Carsten Fritsch notes.
The Euro (EUR) is entering Friday’s NA session with a modest 0.2% gain, still trading below 1.13 but seeing a solid recovery from a short lived decline to 1.12, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Federal Reserve (Fed) Governor Adriana Kugler told Bloomber TV on Friday that the policy rate is currently moderately restrictive and added that it makes sense to maintain it.
Kazakhstan continues to produce significantly more oil than agreed and apparently has no plans to reduce production in May, Commerzbank's commodity analyst Carsten Fritsch notes.
G10 FX performance is varied heading into Friday’s NA session as most currencies claw back a portion of this week’s post-Fed losses against the US Dollar (USD).
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is fully reversing course this Friday ahead of the United States (US) trade talks with China in Switzerland over the weekend.
The Mexican Peso (MXN) is extending gains against the US Dollar (USD) on Friday, as markets digest a notable decline in Mexico's consumer confidence, a series of Federal Reserve speeches, and look ahead to the upcoming US-China trade discussions in Switzerland.
US Dollar (USD) short covering gathered pace vs. safe haven proxies. USDJPY was last at 145.30 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Markets brace for U.S.-China trade talks with hopes of tariff reductions, but limited progress may disappoint investors. Potential negative outcomes could trigger market pullback or sustain risk sentiment. Stay tuned for market response early next week.
Gold faces consolidation after stalling near $3500, with a lower high at $3435 and weakening momentum suggesting a temporary pause in the uptrend, Société Générale's FX analysts note.
The USD/CAD pair holds onto gains made on Thursday around 1.3920 during European trading hours on Friday. The Loonie pair performs strongly as the US Dollar (USD) strengthens on multiple tailwinds.
New Zealand Dollar (NZD) could weaken further against US Dollar (USD), but it might not be able to break clearly below 0.5870. In the longer run, bias for NZD is tilted to the downside toward 0.5870, potentially reaching 0.5835, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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