market news

Room for the Pound Sterling (GBP) to edge higher, but any advance is unlikely to break above 1.3455.

The US Dollar (USD) slipped amid slippage in initial jobless claims but levels remain confined to recent lows.

Slight increase in momentum is likely to result in a higher trading range of 1.1140/1.1205 instead of a sustained advance.

EUR/USD slumps below 1.1150 in Friday’s European session. The major currency pair faces sharp selling pressure as the Euro (EUR) declines after the flash French Consumer Price Index (CPI) (EU Norm) and the Spain Harmonized Index of Consumer Prices (HICP) data showed that price pressures grew at a slower-than-expected pace in September.

The Mexican Peso (MXN) fluctuates between tepid gains and losses in its major pairs on Friday, a day after the Bank of Mexico (Banxico) policy meeting at which the bank decided to cut interest rates by 25 basis points (0.25%), bringing the official cash rate down to 10.50% from 10.75% previously.

The Pound Sterling (GBP) continues to face selling pressure near the round-level resistance of 1.3400 against the US Dollar (USD) in Friday’s London session.

The EUR/JPY cross witnessed a dramatic intraday turnaround and tumbled around 450 pips from its highest level since August 16 set earlier this Friday.

The AUD/USD pair oscillates in a narrow trading band below the 0.6900 mark through the first half of the European session on Friday and remains close to its highest level since February 2023 touched earlier this week.

NZD/USD retraces its recent gains, trading around 0.6300 during the European hours on Friday.

The GBP/JPY cross faces some selling pressure to around 191.85, snapping the three-day winning streak during the early European session on Friday.