EUR/JPY recovers from early lows on Friday as the Japanese Yen struggles to benefit from growing expectations of a Bank of Japan (BoJ) rate hike.

The United States (US) will see the release of the preliminary estimate of December’s University of Michigan's (UoM) Consumer Sentiment Index on Friday.

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

EUR/USD has given away previous gains during Friday's European session and is practically flat in the daily chart, trading at 1.1647 at the time of writing.

Copper prices jumped to a new record of $11,540 per ton as fears mount over potential US import tariffs extending to refined Copper.

Italy is considering declaring its central bank’s 2,452 tons of Gold as the property of the people, a move opposed by the ECB over fears it could threaten bank independence.

The US Dollar has popped up above the 155.00 line against the Japanese Yen on Friday’s European session, after bouncing up from two-week lows at 154.30 on Thursday.

The TTF Natural Gas price continued to slide this week. The 1-month forward is currently trading below EUR 27 per MWh, which is the lowest level in 20 months, Commerzbank's commodity analyst Carsten Fritsch notes.

Saudi Arabia has reduced its official selling prices for January Oil deliveries, with Asian customers now paying only $0.60 per barrel above the Oman/Dubai benchmark.

Russia exported nearly 3.94 million barrels of Crude Oil per day last week, marking a 20% increase from the prior week despite US sanctions.

The Swiss National Bank (SNB) is expected to maintain its policy rate at 0% despite weak inflation and GDP growth, citing high barriers to negative rates.

Mexico Consumer Confidence s.a fell from previous 46.1 to 44.2 in November

Mexico Consumer Confidence declined to 44 in November from previous 45.7

Since the beginning of October, the price of a barrel of Brent crude Oil has fluctuated mainly between USD 60 and 65. This is unlikely to change in the coming week, as factors supporting and weighing on prices are likely to balance each other out.

Gold (XAU/USD) trades marginally higher on Friday, oscillating within the familiar range that has defined price action this week, as dovish Federal Reserve (Fed) expectations keep the precious metal broadly supported.

The Reserve Bank of India (RBI) cut its policy rate by 25bps to 5.25%, supporting economic growth amid a benign inflation outlook. USD/INR hovers just below record highs as markets price in a floor for rates, with potential future hikes over the next two years, BBH FX analysts report.

The Bank of Japan (BoJ) is set to raise interest rates to 0.75% this month, sending USD/JPY lower as the Japanese Yen (JPY) strengthens.

The Pound Sterling (GBP) trades 0.1% higher to near 1.3360 against the US Dollar (USD) during the European trading session on Friday.

USD/JPY fell to 154.35 as the Japanese Yen (JPY) strengthens amid growing expectations for a Bank of Japan (BoJ) rate hike this month.

USD/CAD is under pressure near 1.3940 as markets await Canada’s November labor force survey, with modest job losses expected. The Bank of Canada (BOC) is likely done cutting rates, while upcoming USMCA talks remain a potential downside risk for the Canadian economy, BBH FX analysts report.

India FX Reserves, USD fell from previous $688.1B to $686.23B in November 24

Gold price (XAU/USD) gains 0.4% to near $4,230 during the European trading session on Friday. The yellow metal trades firmly, but is confided in a tight range between $4,164 and $4,265 for the last four trading days.

The US Dollar remains practically flat at the key 99.00 level on Friday after having picked up from fresh one-month lows at 98.80 on Thursday.

US Dollar (USD) weakness is expected to continue into year-end, supported by seasonal flows and stable Treasury markets. Commodity currencies are performing well, while EUR/USD and USD/JPY target 1.18 and 152, respectively, amid subdued FX volatility, ING's FX analyst Chris Turner notes.

US Dollar (USD) is consolidating this week’s losses and trading near the lows of the week. Global equity markets keep grinding higher while long-term sovereign bond yields remain under modest upside pressure.

Japan's economy minister, Minoru Kiuchi, said during Friday’s European trading session that the government will not interfere in Bank of Japan’s (BoJ) decisions on monetary policy.

The Euro (EUR) is on track for a second weekly gain versus the US Dollar (USD), supported by expectations of a narrowing policy gap between the Fed and ECB.

The Japanese Yen (JPY) is finding support from expected BoJ rate hikes, with markets pricing a 25bp move for December 19. USD/JPY is projected to reach 152 by year-end, with a modest 148 forecast for 2026 as Japan balances reflation and currency strength, ING's FX analyst Chris Turner notes.

China’s Commerce Ministry stated during the European trading session on Friday that the government aims to revive the overall demand, laid out plans to propel the same.

USD/JPY has broken its historical link to US–Japan yield spreads, with correlations turning negative as Japan-specific risks dominate.