FXStreet

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.

The US Dollar (USD) posts marginal gains against the Swiss Franc (CHF) on Friday, but remains trapped within previous ranges, with the doji candles in the daily chart showing a hesitant market.

The GBP/JPY cross attracts sellers for the second straight day on Friday, extending this week's retracement slide from the 23.75 region, or a two-month high.

MUFG’s Lee Hardman notes that the US Dollar has reversed its initial post-election losses despite a sharp sell-off in AI-related equities.

Tatha Ghose at Commerzbank reports that NBP Governor Adam Glapinski presented a hawkish tone but effectively signalled no action until at least Q1, ruling out a December hike. New projections show inflation above target into 2027, even with tax relief. Ghose warns that relying on temporary fuel-price measures risks leaving monetary policy too loose and sees this as negative for the Zloty.

The US Dollar (USD) trades sharply higher against its major currency peers as global sector rotation due to intensified sell-off in stocks related to Artificial Intelligence (AI) infrastructure has increased demand for safe-haven assets.

The Euro (EUR) wavers without a clear trend against the British Pound (GBP) on Friday, unable to take any significant advantage of the bright German Industrial Production figures released earlier on the day.

ING strategist Frantisek Taborsky assesses EUR/CZK after the Czech National Bank’s dovish-leaning 4–3 split decision. He notes that rate differentials would point to a weaker koruna, but sees the recent rally in CZK rates as excessive. With expected correction in rates and seasonal support, ING keeps a relatively tight EUR/CZK range, only slightly adjusted from pre-meeting levels.

The USD/JPY pair struggles to capitalize on its intraday bounce from the weekly low, touched earlier this Friday, trading below the 158.00 mark during the early European session. Traders now look to the closely watched US Nonfarm Payrolls (NFP) report for some impetus heading into the weekend.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note a modest pickup in downside momentum in USD/JPY after a volatile session. They expect the pair to trade with a bearish intraday bias toward 157.20, potentially testing major support at 157.00, with resistance at 158.10 and 158.30. Over 1–3 weeks, they still anticipate broad range trading between 157.00 and 159.00.

Here is what you need to know on Friday, November 6:

West Texas Intermediate (WTI) oil price gains ground for the second consecutive day, trading around $90.60 per barrel during European hours on Friday. Crude oil prices advanced as ongoing Middle East conflict and persistent supply concerns continued to provide a baseline floor for the market.