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.

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 150 points.

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 nearly 2% on Friday, yet it has recovered after reaching a daily low of $4,032 on growing speculation that the Federal Reserve (Fed) 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)

Gold (XAUUSD) trades on the back foot on Friday as bulls struggle to hold early gains amid mixed market sentiment. At the time of writing, XAU/USD is trading around $4,100, down nearly 1.5%, after sliding to $4,032 earlier in the day

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 (US) 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

EUR/USD remains practically flat on the daily chart, trading at 1.1630, at a short distance from the three-week highs of 1.1655 hit on Thursday, and on track to close the week nearly 0.6% higher.

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

The Copper price only briefly exceeded the $11,000 per ton mark, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

The Silver price yesterday almost reached the record high of $54.5 per troy ounce recorded four weeks ago again, Commerzbank's commodity analyst Carsten Fritsch notes.

Further USD declines are not ruled out, but major support at 7.0885 is likely out of reach for now. In the longer run, USD remains negative, and the next level to watch is 7.0885, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Gold price fell slightly again yesterday, as it remained unclear when the US data releases that were missed due to the US government shutdown would be made up for, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

There is a chance for US Dollar (USD) to rise above 155.00; a continued advance above this level is unlikely. In the longer run, the price action suggests USD is likely to trade with an upside bias; any gains may be capped near 155.55, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

China's crude Oil processing amounted to nearly 15 million barrels per day in October, as reported by the National Bureau of Statistics this morning, Commerzbank's commodity analyst Carsten Fritsch notes.

The current price movements appear to be part of a range-trading phase between 0.5630 and 0.5680. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The IEA also published its regular monthly report, in which it maintains its forecast of a record supply surplus of more than 4 million barrels per day in the coming year.