FXStreet

Gold (XAU/USD) struggles below $4,100 on Friday after climbing to a two-week high of $4,146 the previous day. A rebound in the US Dollar (USD) weighs on the metal, with attention turning to the US Nonfarm Payrolls report due at 13:30 GMT.

EUR/JPY trades lower on Friday, losing 0.13% on the day to hover around 176.80 at the time of writing.

Pi Network (PI) continues to attract sellers, as the post-US midterm results triggered a sell-off in the US tech stock market and also wiped out over $1 billion from the crypto market.

Cryptocurrency prices are broadly correcting on Friday, with Bitcoin (BTC) sitting below $76,000. Ethereum (ETH) edges lower near the psychological $2,200 demand area, as bears tighten their grip. Ripple (XRP) paints a similar grim picture, falling below $1.20.

Crypto regulation in the United States could take a new direction following Democrats' sweeping victory in the November 3 US midterm elections. The party is reportedly preparing to revisit crypto market structure proposals that failed to gain support during Republican-led negotiations.

The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave.

European Central Bank (ECB) Chief Economist Philip Lane said on Friday that the energy inflation is going to influence wage negotiations and setting of prices across the economy, as reported by Reuters.

New York Federal Reserve (Fed) President John Williams said on Friday that the US economy is remarkably resilient and the labor market is stable and solid, as reported by Reuters.

Commerzbank’s Tatha Ghose notes that the Czech National Bank (CNB) delivered a widely expected 25 bp hike to 4.00%, but a narrow 4–3 vote and ‘fine-tuning’ language signal low odds of further tightening. Staff forecasts show inflation above target in 2027 and softer growth.

Statistics Canada will release its October Labour Force Survey on Friday at 13:30 GMT, with markets anticipating a modest recovery in employment following September's sharp decline. The Unemployment Rate will also be closely watched, as the latest figures could influence the Canadian Dollar (CAD).

The Japanese Yen (JPY) has reversed earlier gains with the US Dollar (USD) boosted by higher safe-haven demand amid the risk-averse mood, and with investors bracing for a strong US Nonfarm Payrolls (NFP) report later in Friday.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann see USD/CHF consolidating after a sharp fall and rebound, with flat momentum indicators. For the next 24 hours, they expect the pair to hold between 0.8125 and 0.8185.

Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $52.12 per troy ounce, up 0.19% from the $52.02 it cost on Thursday.

The United States (US) Bureau of Labor Statistics (BLS) is set to release October Nonfarm Payrolls (NFP) data on Friday at 13:30 GMT. The report is expected to show an increase of 65K jobs, up from 29K in the previous month.

Christopher Wong at OCBC sees Gold consolidating after reaching a two-week high above 4140. While rebounding oil prices and a steadier US Dollar limit gains, softer Treasury yields and Gold's resilience amid the equity selloff suggest renewed safe-haven appeal.

The Canadian Dollar (CAD) faces a significant selling pressure against the US Dollar (USD) on Friday. In the European trade, the USD/CAD pair is up 0.45% higher to near 1.4073.