Fed Vice Chair Philip Jefferson said on Friday that the central bank should take its time with any further rate cuts, explaining that policy is getting closer to a neutral stance.
Slight increase in downward momentum is likely to lead to a lower range of 7.1170/7.1280. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH trades near the midpoint of a two-month range as China’s October trade data shows soft exports and weak domestic demand, BBH FX analysts report.
Norges Bank did not announce any surprises yesterday, Commerzbank's FX analyst Michael Pfister notes.
China confirms on Friday that it will suspend the measures relating to curbs on rare earth exports that were announced on October 9. And, they also reaffirm that this suspension is part of the trade truce agreement with Washington that was agreed recently.
China’s exports contracted for the first time since February and imports slowed more than expected in October.
China gold reserves 74.09 million fine troy oz at end-October vs 74.06 million troy oz at end-September, People's Bank of China (PBoC) reported. The value of the gold reserves is seen adjusting higher to $297.21 billion this month, against $283.29 billion in September.
The NZD/USD pair attracts some sellers near 0.5620 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) after a narrowing of China’s trade surplus in October and a weak New Zealand jobs report.