The International Energy Agency expects a massive supply surplus on the global oil market of 3.33 million barrels per day on average in the coming year, based on its forecasts, Commerzbank's commodity analyst Carsten Fritsch notes.
Strong rebound in Euro (EUR) has scope to test 1.1760; the major resistance at 1.1790 is not expected to come under threat. In the longer run, EUR could rise but any advance is likely part of a higher range of 1.1650/1.1790, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The NZD/USD pair loses ground to near 0.5870 during the Asian trading hours on Friday. The pair edges lower on a modest rebound in the US Dollar (USD) and deflationary pressures in China.