Commerzbank’s Thu Lan Nguyen reports that US Aluminium supply remains tight more than a year after tariffs, with a planned Oklahoma smelter blocked on environmental and ownership grounds. Domestic production has actually fallen, while high prices and import premiums damp demand.

USD/JPY trades around 160.00 on Friday at the time of writing, virtually unchanged on the day after rebounding from its intraday lows following the release of the US employment report.

The Euro (EUR) slips against the British Pound (GBP) on Friday after a downward revision to Eurozone growth figures cast fresh doubt over the region's economic outlook. EUR/GBP trades around 0.8642 at the time of writing, pulling back after two days of gains.

Bob Savage at BNY notes that the Reserve Bank of India kept the repo rate at 5.25% and a neutral stance, while unveiling measures to support the Rupee and attract foreign capital.

Nonfarm Payrolls (NFP) in the United States (US) rose by 172K in May, the US Bureau of Labor Statistics (BLS) reported on Friday. This print followed the 179K increase (revised from 115K) recorded in April and surpassed the market expectation of 85K by a wide margin.

Statistics Canada reported on Friday that the Unemployment Rate decreased to 6.6% in May, below what markets were expecting.

United States U6 Underemployment Rate up to 8.1% in May from previous -8%

United States Unemployment Rate meets expectations (4.3%) in May

United States U6 Underemployment Rate rose from previous -8% to 52% in May

United States Average Weekly Hours in line with expectations (34.3) in May

United States Labor Force Participation Rate remains at 61.8% in May

United States Average Hourly Earnings (YoY) meets expectations (3.4%) in May

United States Average Hourly Earnings (MoM) in line with expectations (0.3%) in May

United States Nonfarm Payrolls registered at 172K above expectations (85K) in May

Canada Participation Rate below expectations (65.1%) in May: Actual (65%)

Canada Unemployment Rate below expectations (6.9%) in May: Actual (6.6%)

Canada Net Change in Employment above forecasts (10K) in May: Actual (87.8K)

Nordea’s Kristian Nummelin notes that strong US data and higher energy prices have recently supported the Dollar, as payrolls, ISM indices and JOLTS all point to a resilient US economy.

Nomura’s Andrzej Szczepaniak and team expect the European Central Bank (ECB) to begin a recalibration phase at the 11 June meeting, with a 25bp hike in the depo rate to 2.25%.

ING analysts Warren Patterson and Ewa Manthey highlight that Oil is trading on expectations of resumed Persian Gulf flows, which they see as overly optimistic given stalled US-Iran talks.

Mexico Consumer Confidence declined to 43.1 in May from previous 44.3

Mexico Consumer Confidence s.a: 43.5 (May) vs previous 44.4

The Euro (EUR) is going through a solid recovery against the US Dollar (USD) on Friday, and trades at 1.1635 at the time of writing, after hitting session highs at 1.1644.

Commerzbank, citing Metals Focus, notes that total Gold demand is forecast to fall 2% in 2026 as weaker jewelry demand and lower central bank buying offset stronger bar and coin investment.

BNY’s Bob Savage highlights that Japan’s government aims to strengthen the Japanese Yen by boosting long‑term competitiveness, while USD/JPY trades near 160. Authorities, including the Finance Ministry and BOJ, signal readiness to intervene and potentially raise rates if inflation risks rise.

The Canadian Dollar (CAD) pares some losses against the US Dollar (USD) on Friday, with the USD/CAD pair trading at 1.3880 at the time of writing after hitting a two-month high of 1.3925 on Thursday.

Gold (XAU/USD) recovers part of its earlier losses on Friday as traders reposition ahead of the US Nonfarm Payrolls (NFP) report, due at 12:30 GMT. At the time of writing, XAU/USD is trading around $4,462 after hitting an intraday low of $4,428.

NZD/USD trades around 0.5880 at the time of writing on Friday, up 0.20% on the day. The New Zealand Dollar (NZD) continues to strengthen as markets aggressively reprice the New Zealand interest rate outlook following recent comments from the central bank.

TD Securities economists expect Canada’s May employment to rise by 5k versus the market’s 10k, after an 18k loss in April, with the unemployment rate steady at 6.9%.

Silver price (XAG/USD) claws back half of its early losses in the European trading session on Friday, but is still 1.7% down to near $72.60. The white metal is expected to remain volatile, as the United States (US) Nonfarm Payrolls (NFP) data for May is scheduled to be published at 12:30 GMT.