Silver's price retreats after hitting a weekly high of $32.64 and drops below the psychological figure of $32.00 after the release of mixed US jobs data.
United States CFTC Gold NC Net Positions increased to $302.5K from previous $299.4K
Japan CFTC JPY NC Net Positions climbed from previous ¥-1K to ¥18.8K
United States CFTC S&P 500 NC Net Positions rose from previous $-56.2K to $-4.8K
Australia CFTC AUD NC Net Positions down to $-75.3K from previous $-71.8K
United States CFTC Oil NC Net Positions declined to 230.3K from previous 264.1K
Eurozone CFTC EUR NC Net Positions up to €-58.6K from previous €-66.6K
United Kingdom CFTC GBP NC Net Positions up to £-11.3K from previous £-21.7K
Gold resumed its uptrend on Friday amid the escalation of the trade war between the US and China and a mixed US employment report.
United States (US) President Donald Trump hit newswires for a second time on Friday, during a news conference with Japanese Prime Minister Shigeru Ishiba.
United States Consumer Credit Change above forecasts ($12.35B) in November: Actual ($40.85B)
Argentina Industrial Output n.s.a (YoY) up to 8.4% in December from previous -1.7%
The Dow Jones Industrial Average (DJIA) took a fresh beating on Friday after Nonfarm Payrolls (NFP) missed market forecasts, and the University of Michigan’s (UoM) Consumer Sentiment Index showed a sharp downturn in consumers’ overall economic outlook.
The Mexican Peso (MXN) reversed its course and depreciated against the Greenback on Friday after inflation data in Mexico justified the 50 basis points interest rate cut by Banco de Mexico (Banxico) on Thursday.
United States Baker Hughes US Oil Rig Count: 480 vs 479
United States (US) President Donald Trump hit social media hard on Friday, noting through a series of posts that his plans to execute widespread tariffs on most of the US' trading allies is back on the table as a means of addressing the US' federal deficit.
Federal Reserve (Fed) Board of Governors member Adriana Kugler noted on Friday that US growth and economic activity remain healthy overall, but noted that progress toward the Fed's inflation goals has been somewhat lopsided.
According to the University of Michigan's (UoM) Consumer Sentiment Index, American consumers are beginning to grow increasingly concerned about US President Donald Trump's approach to economic policy and international trade.
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee hit markets on an already-volatile Friday with more bad news, noting that inconsistent policy approaches from the US government cause a high level of economic uncertainty that make it difficult for the Fed to draw a bead on where the economy, and inflation specifically, are likely heading.
Russia Unemployment Rate remains unchanged at 2.3% in November
The West Texas Intermediate (WTI) crude oil prices climbed on Friday to around $70.80, buoyed by renewed optimism over energy demand following the latest US labor market report.
Canadian labour markets surprised broadly on the upside for a second straight month in January, with employment rising solidly and the unemployment rate unexpectedly slipping lower, RBC Economics’ Assistant Chief Economist Claire Fan notes.
The Pound Sterling registered gains versus the US Dollar on Friday following a softer-than-expected US Nonfarm Payrolls report.
United States Michigan Consumer Sentiment Index dipped from previous 71.1 to 67.8 in January
United States UoM 5-year Consumer Inflation Expectation increased to 3.3% in January from previous 3.2%
The exceptional run of U.S. labour market strength persisted in January, RBC Economics’ Senior Economist Claire Fan notes.
United States Wholesale Inventories meets forecasts (-0.5%) in December
Copper prices continue to rally, but our advanced positioning analytics suggest that no reasonable scenario for prices will catalyze CTA buying activity over the coming sessions, TDS’s Senior Commodity Strategist Daniel Ghali notes.
Tariff risk premia evaporates. Two talking points dominate client discussions — tariffs and positioning, TDS’ FX analysts Jayati Bharadwaj and Mark McCormick note.
The USD/CAD pair falls to near 1.4300 in North American trading hours on Friday.
Turkey Treasury Cash Balance up to -204.9B in January from previous -323.9B
In an interview with CNBC on Friday, Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari said that he would move towards supporting further rate cuts if they see good inflation data and the labor market stays strong, as reported by Reuters.
The Pound Sterling (GBP) weakened following yesterday’s BoE policy decision, with the initial reaction driven by a dovish tilt to the policy vote split (hawkish MPC member Mann and one other voted for a 50bps cut), Scotiabank's Chief FX Strategist Shaun Osborne notes.
After German Factory Orders data yesterday surprised positively, Industrial Production data for December slumped a larger-than-expected 2.4% on weaker auto output, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is one of the weaker major currencies on the session but losses versus the USD amount to a little more than 0.1%.
The USD/CAD pair pulled back to 1.4305 following the release of January's Nonfarm Payrolls (NFP) data, which fell significantly short of expectations.
The GBP/JPY pair bounces back to near 189.50 in Friday’s North American session after posting a fresh four-month low of 188.00 earlier in the day.
The US Dollar (USD) is narrowly mixed for the most part against the major currencies, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Canada Unemployment Rate below forecasts (6.8%) in January: Actual (6.6%)
Canada Net Change in Employment came in at 76K, above expectations (25K) in January
Canada Participation Rate up to 65.5% in January from previous 65.1%
United States Average Hourly Earnings (YoY) registered at 4.1% above expectations (3.8%) in January
United States Nonfarm Payrolls below expectations (170K) in January: Actual (143K)
United States Average Weekly Hours registered at 34.1, below expectations (34.3) in January
United States Labor Force Participation Rate increased to 62.6% in January from previous 62.5%
United States Average Hourly Earnings (MoM) registered at 0.5% above expectations (0.3%) in January
United States U6 Underemployment Rate remains unchanged at 7.5% in January
United States Unemployment Rate came in at 4% below forecasts (4.1%) in January
The AUD/USD moves around 0.6280 on Friday as investors turned their attention to the upcoming US Nonfarm Payrolls (NFP) report.
The USD/JPY pair climbed 0.48% to 152.10 on Friday, supported by the US Dollar’s resilience amid cautious commentary from Federal Reserve officials.
Mexico 12-Month Inflation registered at 3.59%, below expectations (3.61%) in January
Mexico Headline Inflation below forecasts (0.31%) in January: Actual (0.29%)
Mexico Core Inflation came in at 0.41% below forecasts (0.45%) in January
Outlook remains mixed, but US Dollar (USD) is likely to trade in a narrower range of 7.2500/7.3300. In the longer run, momentum indicators remain neutral; USD is likely to trade in a range of 7.2700/7.3000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, trades at 107.65 at the time of writing on Friday, slightly lower in the runup to the US Nonfarm Payrolls (NFP) report for January.
Further weakness US Dollar (USD) is not ruled out; deeply oversold conditions suggest any decline may not reach 150.60. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
India Bank Loan Growth declined to 11.4% in January 20 from previous 11.5%
India FX Reserves, USD increased to $630.61B in January 27 from previous $629.56B
Chance for New Zealand Dollar (NZD) to edge higher; any advance is unlikely to break above 0.5705. In the longer run, there has been a tentative buildup in momentum; NZD could rise gradually to 0.5725, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
The AUD/USD pair ticks higher in Friday’s European session but continues to face pressure near 0.6300.
The Pound Sterling (GBP) is trading on the defensive against most major currencies and UK 10-year government bonds are underperforming global peers.
AUD is facing mild upward pressure; it could test 0.6310, but a sustained break above this level is unlikely. If AUD closes above 0.6310, it could trigger an advance to 0.6355, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD/CAD is stabilizing around key technical support at 1.4300, BBH FX analysts note.
Yesterday's Czech National Bank meeting brought several surprises. Ahead of the meeting, data showed that inflation slowed less than expected, dropping to 2.8% year-on-year from 3.0% in December, mainly due to food prices, ING’s FX analysts Frantisek Taborsky notes.
The Dollar Index (DXY) uptrend stalled near 110.15 last month, BBH FX analysts note.
Silver price (XAG/USD) climbs to near $32.40 in European trading hours on Friday.
Canada also releases January jobs numbers today, ING’s FX analysts Francesco Pesole notes.
The US Dollar’s (USD) bearish momentum has eased into today’s US jobs release. Most of the tariff shock from last weekend has been absorbed, and markets are also probably reconsidering the optimism on a US-China deal.
Outlook is mixed; GBP could trade between 1.2390 and 1.2500. In the longer run, for the time being, GBP is likely to trade in a 1.2310/1.2550 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
The European Central Bank will publish its staff revision on the neutral rate today, ING’s FX analysts Francesco Pesole notes.
Gold’s price (XAU/USD) edges higher and trades back up near $2,865 at the time of writing on Friday after its rather sluggish performance the previous day.
EUR/USD steadies in a tight range around 1.0400 in Friday’s European session as the US Dollar (USD) trades cautiously ahead of the United States (US) Nonfarm Payrolls (NFP) data for January, which will be published at 13:30 GMT.
Silver prices (XAG/USD) rose on Friday, according to FXStreet data.
Current price movements are likely part of a range trading phase, probably between 1.0355 and 1.0415. In the longer run, outlook is unclear; EUR could trade in a broad range of 1.0250/1.0490 for the time being, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Singapore Foreign Reserves (MoM): 376.7B (January) vs 371.4B
The USD/CAD pair extends its sideways consolidative price move for the third straight day and remains confined in a narrow trading band around the 1.4300 mark through the first half of the European session on Friday.
Austria Wholesale Prices n.s.a (MoM) up to 1.5% in January from previous -0.1%
Austria Wholesale Prices n.s.a (YoY) climbed from previous 0.9% to 1.3% in January
China Foreign Exchange Reserves (MoM) above forecasts ($3.2T) in January: Actual ($3.209T)
Switzerland Foreign Currency Reserves up to 736B in January from previous 731B
Austria Trade Balance down to €-189.7M in November from previous €-96.3M
Spain Industrial Output Cal Adjusted (YoY) above forecasts (0.5%) in December: Actual (2.1%)
NZD/USD remains steady after registering losses in the previous session, trading around 0.5680 during the European hours on Friday.
France Trade Balance EUR above forecasts (€-5.3B) in December: Actual (€-3.905B)
The Pound Sterling (GBP) ticks lower to near 1.2420 against the US Dollar (USD) in Friday’s European session ahead of the United States (US) Nonfarm Payrolls (NFP) data for January, which will be published at 13:30 GMT.
France Current Account rose from previous €-1.7B to €2.4B in December
France Imports, EUR dipped from previous €57.186B to €56.16B in December
France Exports, EUR rose from previous €50.101B to €52.255B in December
France Nonfarm Payrolls (QoQ) came in at -0.2%, below expectations (-0.1%) in 4Q
West Texas Intermediate (WTI) Oil price pauses its four-day losing streak but remains on track for a third consecutive weekly decline, trading around $70.80 per barrel during early European hours on Friday.
Germany Industrial Production n.s.a. w.d.a. (YoY) dipped from previous -2.8% to -3.1% in December
The NZD/USD pair trades in a negative territory near 0.5670 during the early European trading hours on Friday, pressured by a modest rebound of the US Dollar (USD).
Germany Imports (MoM) above expectations (1.8%) in December: Actual (2.1%)
Germany Industrial Production s.a. (MoM) came in at -2.4%, below expectations (-0.6%) in December
Germany Exports (MoM) above expectations (-0.6%) in December: Actual (2.9%)
Germany Trade Balance s.a. registered at €20.7B above expectations (€17B) in December
Here is what you need to know on Friday, February 7: The trading action in financial markets turns subdued early Friday as investors move to the sidelines ahead of key macroeconomic data releases.
United Kingdom Halifax House Prices (MoM) registered at 0.7% above expectations (0.2%) in January
AUD/JPY remains subdued for the third consecutive day, hovering around 95.20 during Asian trading hours on Friday.
FX option expiries for Feb 7 NY cut at 10:00 Eastern Time via DTCC can be found below.
South Africa Net $Gold & Forex Reserve up to $61.328B in January from previous $60.371B
South Africa Gross $Gold & Forex Reserve up to $65.876B in January from previous $65.459B
The USD/CHF pair gains traction to near 0.9060 during the early European session on Friday.
EUR/GBP continues its upward trajectory for the fourth consecutive day, trading around 0.8350 during Friday’s Asian session.
The EUR/JPY cross stages a goodish intraday recovery from the 156.75 area, or its lowest level since early December touched earlier this Friday and for now, seems to have snapped a two-day losing streak.
The US Dollar Index (DXY) continues its upward momentum for the second consecutive day, trading around 107.80 during Asian hours on Friday.
Japan Leading Economic Index registered at 108.9 above expectations (108.1) in December
Japan Coincident Index increased to 116.8 in December from previous 115.4
The EUR/USD pair trades on a softer note around 1.0375 during the Asian session on Friday.
US Nonfarm Payrolls are set to increase by 170K in January after reporting 256K in December.
India Reverse Repo Rate: 3.35%
India RBI Interest Rate Decision (Repo Rate) in line with forecasts (6.25%)
Gold prices rose in India on Friday, according to data compiled by FXStreet.
The GBP/USD pair struggles to capitalize on the overnight bounce from a multi-day low and trades with a mild negative bias, around the 1.2425 area during the Asian session on Friday.
The USD/CAD pair remains silent around 1.4310 during the Asian session on Friday.
Gold price (XAU/USD) regains positive traction following the previous day's modest slide and remains within striking distance of the all-time peak during the Asian session on Friday.
Indonesia Foreign Reserves up to $156.1 in January from previous $155.7
Silver price (XAG/USD) remains in positive territory for the fifth consecutive session, trading around $32.30 per troy ounce during Asian hours on Friday.
The Indian Rupee (INR) holds steady after falling to a fresh all-time low in the previous session.
The Japanese Yen (JPY) prolongs its uptrend for the fourth successive day and advances to a nearly two-month high against its American counterpart during the Asian session on Friday.
Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), said Friday that “Japan’s services inflation remains below 2% target, which is why remains appropriate the Bank of Japan (BoJ) to maintain accommodative monetary policy.” Additional quotes We see positive signs of Japan's inflation moving durably to the 2% target.
Nada Choueiri, Deputy Director of the International Monetary Fund’s (IMF) Asia-Pacific Department and its mission chief for Japan, said on Friday that the “Bank of Japan (BoJ) is likely to raise interest rates again this year.” Additional quotes See them reaching levels deemed neutral to the economy by end-2027.
The Australian Dollar (AUD) remains weak against the US Dollar (USD) for the second consecutive day on Friday.
On Friday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1699 as compared to the previous day's fix of 7.1691 and 7.2780 Reuters estimates.
The NZD/USD pair trades firmer near 0.5680 during the Asian trading hours on Friday.
Bank of Canada Governor Tiff Macklem said late Thursday that a policy shift in the US was causing uncertainty and President Donald Trump's tariff threats were already impacting businesses and households, per Reuters.
EUR/USD churned some chart paper on Thursday, testing to the low side but wrapped up the day remaining stubbornly stuck near the 1.0400 handle.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.35 during the early Asian session on Friday.
Japan JP Foreign Reserves: $1240.6B (January) vs $1230.7B
GBP/USD shuddered on Thursday, punching in a technical rejection from key averages and testing below the 1.2400 handle.
Japan Overall Household Spending (YoY) above expectations (0.2%) in December: Actual (2.7%)
The USD/CAD pair posts modest gains around 1.4305 during the late American session on Thursday, bolstered by a mild bounce in US yields.
Federal Reserve (Fed) Bank of Dallas President Lorie Logan hit newswires late on Thursday, noting that inflation progress has been significant, the US labor market remains far too firm to push the Fed into rate cuts any time soon.
The USD/CHF reversed course and trimmed some of its weekly losses, posting gains of over 0.36%.