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GBP/USD dips during the North American session on Friday, despite heading into the end of the week with gains of almost 1%, after the financial markets digest the Autumn Budget. The pair trades at 1.3221 after retreating from a daily high of 1.3244.Sterling pares weekly gains as dovish Fed bets rise but BoE cut expectations weigh on CableThe US economic docket was shortened by the Thanksgiving holiday. Nevertheless, softer inflation prints, with the Core Producer Price Index (PPI) for September diving from 2.9% to 2.6% and a dip in Initial Jobless Claims from 222K in the week ending November 15…

EUR/CAD trades around 1.6180 on Friday at the time of writing, down 0.50%, as macroeconomic developments strengthen the Canadian Dollar (CAD) while leaving the Euro (EUR) lacking momentum. The European currency reacts to mixed data, whereas the Canadian economy showed a stronger-than-expected recovery in the third quarter.In the Eurozone, Friday’s releases paint a contradictory picture. In France, the preliminary Harmonised Consumer Price Index (HICP) remained subdued at 0.8% YoY in November, below expectations and unchanged from the previous month. Italy delivered a more encouraging signal, with Q3 Gross Domestic Product (GDP) rising 0.1% QoQ, slightly above forecasts, and the annual…

Canada’s Q3 GDP delivered a major upside surprise, lifting CAD and raising the bar for BoC easing. Markets now see USD/CAD capped near 1.41 with potential toward 1.38 by year-end, TDS’ analysts note. USD/CAD seen capped at 1.41, targeting 1.38″Q3 GDP surprised sharply to the upside with a 2.6% q/q annualized gain, well above expectations for a muted rebound from Q2 (TD/market: +0.5%). Not all details were as upbeat with domestic demand down 0.1%, but historical revisions did also produce a positive level shock to 2024Q4.””Industry-level GDP rose by 0.2% m/m in September to match expectations, as upward revisions translated…

The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday as traders respond to Canada’s Q3 Gross Domestic Product (GDP) rebound. At the time of writing, USD/CAD is trading around 1.3984, extending losses for a fourth consecutive day as broad Greenback weakness keeps the pair under sustained downside pressure.Statistics Canada reported that the economy expanded modestly in Q3, with September GDP rising 0.2% MoM, in line with expectations, after August was revised to -0.1% from -0.3%. Real GDP increased 0.6% in the third quarter, reversing the previous quarter’s -0.5% contraction, while the annualized growth rate accelerated to 2.6%,…

India’s forex reserves declined USD 4.472 billion to USD 688.104 billion during the week ended November 21 due to a steep decrease in the value of gold reserves, the RBI said on Friday. The overall reserves had increased by USD 5.543 billion to USD 692.576 billion in the previous reporting week. For the week ended November 21, foreign currency assets, a major component of the reserves, decreased by USD 1.69 billion to USD 560.6 billion, the data released showed. Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the…

Gold (XAU/USD) keeps crawling higher, and is on track to close the week 2.7% higher, with the US Dollar weighed by rising bets of Fed monetary easing. XAU/USD has been capped at $4,190 earlier on Friday, as the US Dollar picked up in a calm Thanksgiving session, but downside attempts remain limited above $4,140 so far.The US Dollar Index, which measures the value of the US Dollar against a basket of six currencies, is picking up from lows on Friday, favoured by a mild rebound in US Treasury yields, but it remains on track for its worst weekly performance in…

The Indian rupee logged a monthly fall and closed just shy of its record low on Friday, largely supported by intervention by the central bank which countered pressure from outflows and a pickup in appetite to wager against the currency.The rupee closed at 89.4575 against the U.S. dollar, down 0.6% on the month and a whisker away from its record low of 89.49 hit on November 21.Traders pointed to broad-based dollar demand which ran into central bank’s intervention, keeping the currency pinned near its all-time low for much of the session.Earlier this week, the International Monetary Fund reclassified India’s foreign…

The rupee dropped 7 paise to settle at 89.43 (provisional) against the US dollar on Friday, tracking a strong greenback and a rise in crude oil prices in the international market. The Indian currency was also weighed down by subdued equity market sentiment and the withdrawal of foreign funds, even as investors keenly awaited the release of domestic macroeconomic data later in the day, forex traders said. At the interbank foreign exchange market, the rupee opened at 89.41 and touched the intra-day low of 89.49 against the greenback. It finally settled at 89.43 (provisional) against the US dollar, registering a…

USD/CAD holds ground after three days of losses, trading around 1.4040 during the early European hours on Friday. The daily chart’s technical setup reflects an ongoing bullish bias, with the pair remaining within its ascending channel pattern.The USD/CAD pair holds above the rising 50-day Exponential Moving Average (EMA) at 1.3992. A dip below the nine-day EMA at 1.4055 flags cooling short-term momentum. Trend conditions remain mildly bullish with the 50-day EMA ascending, yet the flattening nine-EMA caps follow-through. Price’s stance between the two averages points to consolidation until a decisive break.The 14-day Relative Strength Index (RSI) at 50 (neutral) after…

The rupee weakened by 7 paise to 89.43 against the US dollar in early trade on Friday amid a strong greenback and higher crude oil prices in the international market. According to forex experts, the Indian currency was also weighed down by the withdrawal of foreign funds even as investors moved cautiously, awaiting the GDP growth numbers for the July-September period to be announced later in the day. At the interbank foreign exchange market, the rupee opened at 89.41. It slipped further to trade at 89.43 against the greenback in initial deals, registering a loss of 7 paise from its…