FXStreet

DBS Group Research anticipates India’s headline inflation to rise in October on higher food costs and base effects, with core inflation also quickening. Non-food components may get some relief from softer precious metals and delayed fuel price changes.

NZD/USD remains subdued for the second successive day, trading around 0.5560 during European hours on Friday. The pair is depreciating as the US Dollar (USD) gains support amid widespread market caution.

The Indian Rupee (INR) strengthens further against the US Dollar (USD) on Friday. The USD/INR pair posts a fresh nearly six-month low near 94.08, as of writing.

The Euro (EUR) trades lower for the second consecutive day on Friday, with the US Dollar (USD) favoured by risk aversion amid a tech-led sell-off in equity markets.

UOB’s Lee Sue Ann notes that the Bank of England has resumed tightening, lifting the Bank Rate to 4.00% and signalling a hawkish shift as inflation risks re-emerge. The Nov Monetary Policy Report projects CPI near 5.0% by mid-2027 and only back to target in 3Q28. UOB now expects another 25bps hike to 4.25% in Feb, with risks skewed towards further tightening.

Silver price (XAG/USD) extends its correction from its weekly high of $53.45 to near $51.40 in the European trade on Friday.

Dow Jones futures decline 0.85% to trade around 51,170 during the early European hours on Friday. Meanwhile, S&P 500 futures inch higher 0.06% to trade around 7,390 and Nasdaq 100 futures advance 0.90% to trade around 26,990.

AUD/USD loses ground for the second consecutive day, trading around 0.6880 during Asian hours on Friday. The technical analysis of the daily chart suggests that the currency pair is remaining within a descending channel pattern, indicating a prevailing bearish bias.

Industrial Output, in the Eurozone’s economic powerhouse, climbed by 0.7% over the month in September, the federal statistics authority Destatis showed on Wednesday in figures adjusted for seasonal and calendar effects.

The USD/CAD pair gains momentum to around 1.4050 during the early European trading hours on Friday. The US dollar (USD) edges higher against the Canadian Dollar (CAD) on safe-haven demand after the US equity sell-off.

The British Pound (GBP) trades lower against the US Dollar (USD) on Friday, extending its correction from an almost eight-week high of 1.3500 to near 1.3425 in the European trade.

Solana (SOL) trades at a two-month low below $90.00 on Friday, following over 6% losses the previous day as the broader cryptocurrency market hit over $1 billion in liquidations.