EUR/USD holds firm at around 1.1741 on Friday virtually unchanged, amid a parade of Federal Reserve officials crossing the wires, following last Wednesday's 25 basis points rate cut.

The Pound Sterling (GBP) remains under pressure heading into 2026 amid flat UK growth and the Bank of England’s ongoing easing cycle.

Copper prices surged to nearly $12,000 per ton following the Fed’s rate cut, up 36% year-to-date amid concerns that supply may lag rising demand.

The price of Silver is currently skyrocketing. Yesterday, the price reached a new record high of $64.3 per ounce, Commerzbank's commodity analyst Carsten Fritsch notes.

The Japanese Yen (JPY) is slightly weaker versus the US Dollar (USD), underperforming most G10 currencies, as markets await next week’s BoJ meeting where a 25bps rate hike is widely expected.

West Texas Intermediate (WTI) Crude Oil remains under pressure on Friday, with prices struggling to find traction as persistent oversupply concerns continue to dominate market sentiment.

Gold rose above $4,300 per ounce as the Fed delivered a widely expected 25bps rate cut, with Chairman Powell signaling that labor market weakness and tariffs may prompt further easing.

The Pound Sterling (GBP) trades slightly lower but retains most of its weekly gains as UK data show mixed industrial performance and a wider trade deficit.

Lower European Gas prices (TTF) are having an impact: according to an analysis of ship tracking data by Bloomberg, LNG shipments from Qatar have recently been diverted away from Europe to India, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

The Euro (EUR) trades defensively after modest weekly gains versus the US Dollar (USD), with short-term rates and ECB messaging offering fundamental support.

The Canadian Dollar (CAD) is extending its steady outperformance, backed by supportive rate differentials and a weakening US Dollar (USD) trend.

The IEA now expects a smaller—but still hefty—Oil surplus in 2025, as softer OPEC+ output and firmer demand narrow the gap.

The US Dollar (USD) is broadly consolidating despite soft sentiment, with the Dollar Index (DXY) heading for a third straight weekly decline and mirroring its 2016–17 trajectory.

Federal Reserve (Fed) President of the Bank of Cleveland, Elizabeth Hammack, said on Friday that the lack of data during the shutdown made it harder to read inflation. She also said that she is very grateful that the government data returned.

The British Pound (GBP) trades on the front foot against the Japanese Yen (JPY) on Friday, as the Yen struggles to gain traction despite growing expectations of a Bank of Japan rate hike next week.

The EIA projects US Crude production to peak at 13.87 million b/d in October before easing in 2026, while a global supply surplus of 2 million b/d is expected to push Brent prices down to $55.

Gold (XAU/USD) extends its advance on Friday as expectations build for further monetary policy easing by the Federal Reserve (Fed) after this week’s interest rate cut. At the time of writing, XAU/USD is trading around $4,340, just shy of its all-time high near $4,381, marked on October 20.

Federal Reserve (Fed) Bank of Philadelphia President Anna Paulson said on Friday that the rate cuts have "taken out some insurance" against job market risks.

The Canadian Dollar (CAD) remains bid against the US Dollar (USD) on Friday, as markets continue to digest this week’s monetary policy decisions from the Bank of Canada (BoC) and the Federal Reserve (Fed).

Germany Current Account n.s.a. dipped from previous €18.6B to €14.8B in October

Canada Wholesale Sales (MoM) registered at 0.1% above expectations (-0.1%) in October

Canada Building Permits (MoM) above forecasts (-1.2%) in October: Actual (14.9%)

Canada Capacity Utilization below expectations (79.3%) in 3Q: Actual (78.5%)

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee said on Friday that waiting would have provided the benefit of the updated economic data, and most data show stable economic growth, with the labor market only moderately cooling.

EUR/GBP trades without a clear direction on Friday, hovering around 0.8760 at the time of writing, with the pair remaining stable despite contrasting macroeconomic developments between the Eurozone and the United Kingdom.

Russia Foreign Trade dipped from previous $13.595B to $11.143B in October

EUR/USD is going through a moderate correction, trading at levels near 1.1720 on Friday after pulling back from more than two-and-a-half months' highs at 1.1762.

USD/JPY trades offered but lacks follow-through, as markets near full pricing of a 25bps BOJ hike on 19 December. Near-term support lies at 155.10–153.90, while any meaningful JPY recovery would require stronger guidance from the BOJ, fiscal prudence, and a softer USD.

USD recovered some of yesterday’s losses and trading close to the middle of its range in place since June. The MSCI All Country World Index rallied to a record high yesterday underpinned by Fed easing and resilient global economic activity.

United Kingdom NIESR GDP Estimate (3M): -0.1% (November) vs previous 0%