US sanctions and blockades contributed to a decline in Venezuelan Oil production to 830,000 barrels per day in December, about 130,000 barrels lower than November, while overall OPEC production remained stable at around 29 million barrels per day, Commerzbank's commodity analyst Barbara Lambrecht no

The British Pound (GBP) trades on the front foot against the Japanese Yen (JPY) on Friday, as the Yen weakens broadly amid growing frictions between Japan and China.

USD/CNH remains under 7.0000 as China’s December inflation data showed headline CPI rising to 0.8% y/y, the highest since February 2023, while core CPI stayed at 1.2% for a third consecutive month, and PPI printed -1.9%, indicating ongoing deflationary pressure, BBH FX analysts report.

Oil prices came under pressure in the middle of the week. This was triggered by a statement by US President Trump on his social media platform that the US would buy 30-50 million barrels of sanctioned Oil from Venezuela.

The Canadian Dollar (USD) is under pressure at the start of 2026, with USD/CAD approaching 1.3900 ahead of today’s December labor force survey, BBH FX analysts report.

EUR/USD remains depressed near monthly lows of 1.1640 at the time of writing, on track to a 0.6% depreciation this week.

The French government passed emergency legislation late last month to roll over the 2025 budget into 2026, ensuring that spending, tax collection and debt issuance are not disrupted this month.

The United States (US) Bureau of Labor Statistics (BLS) will release the Nonfarm Payrolls (NFP) data for December on Friday at 13:30 GMT. 

Silver (XAG/USD) trades modestly higher on Friday, with the white metal hovering around $77.70 at the time of writing, up  1.10% on the day. Silver consolidates its recent gains as investors remain cautious ahead of the release of the US Nonfarm Payrolls (NFP) report later in the day.

The US Dollar Index (DXY) extends gains for the fourth consecutive day on Friday, reaching levels right above the 99.00 level for the first time in the last four weeks.

The Pound Sterling (GBP) trades near its weekly low around 1.3420 against the US Dollar (USD) during the European trading session on Friday.

The AUD/USD pair extends its losing streak for the third trading day on Friday, sliding to near 0.6676 during the late European trading session.

The Norwegian Krone (NOK) jumped following December CPI data, with headline inflation surprising to the upside and reinforcing the Norges Bank’s cautious approach to easing, BBH FX analysts report.

Mexico Industrial Output (YoY) registered at -0.8% above expectations (-1.2%) in November

Brazil IPCA Inflation came in at 0.33% below forecasts (0.35%) in December

USD is likely to trade in a range between 6.9740 and 6.9900. In the longer run, outlook for USD is neutral now; it is likely to trade between 6.9660 and 7.0160, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Gold (XAU/USD) trades little changed on Friday as markets turn cautious ahead of the US Nonfarm Payrolls (NFP) report due at 13:30 GMT. At the time of writing, XAU/USD trades around $4,470, consolidating after bouncing from the $4,400 region on Thursday.

US Dollar (USD) continues to power forward against all major currencies underpinned by a modest upward adjustment to US rate expectations. A run of Goldilocks-type US data has helped anchor rate expectations in favor of USD, BBH FX analysts report.

Gold (XAU/USD) sellers were halted at the $4,400 support area on Thursday, and bounced up to the highest range of the $4,400s, aiming for the $4,500 area with precious metals buoyed amid a moderate risk aversion on Friday.

India Bank Loan Growth up to 14.5% in December 22 from previous 12%

India FX Reserves, USD declined to $686.8B in December 29 from previous $696.61B

USD/CHF trades without a clear direction on Friday, with the current price hovering around 0.8000, virtually unchanged on the day after three consecutive days of gains. The pair pauses as the Swiss Franc (CHF) continues to benefit from safe-haven demand in a still-uncertain geopolitical environment.

United States (US) President Donald Trump said in an interview with New York Times (NYT) that he wants Washington to own Greenland whose ownership is psychologically important for the nation.

New Zealand Dollar (NZD) could continue to decline; it does not appear to have sufficient momentum to reach 0.5715. In the longer run, downward momentum has increased slightly, and NZD could edge lower toward 0.5715, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

This week has so far sent conflicting US macro signals: good ISM services, acceptable ADP, and bad JOLTS. Challenger job cuts released yesterday dropped significantly in December, but that’s partly due to the concentration of large corporation layoffs in previous months.

The Canadian labour market data for December is due for release today at 13:30 GMT. Statistics Canada is expected to show that there was a reduction in the labor force as 5K workers were fired, against hiring of 53.6K job-seekers in November.

Australian Dollar (AUD) could retest the 0.6680 level before a recovery can be expected; any further decline is unlikely to reach 0.6655.

The Japanese Yen depreciated across the board on Friday.

Portugal Global Trade Balance climbed from previous €-8.458B to €-7.543B in November

Markets expect more balanced GDP growth in 2026, though recent data does not support our view yet.