EUR/CAD extends its gains for the third successive day, trading around 1.6040 during the European hours on Friday. The currency cross remains stronger as the Euro (EUR) remains firm against its major peers despite the decline in Germany’s industrial sector activity in March.

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), risk erasing earlier gains as buying pressure and broader market sentiment weaken. 

ING’s Francesco Pesole highlights that the Euro has been resilient on crosses but slipped versus the Dollar, with softer equities and commodity FX underperformance shaping flows.

Deutsche Bank analysts point out that stronger US data and hawkish Federal Reserve commentary have pushed Treasury yields higher and supported the Dollar Index.

The US Dollar (USD) trades moderately lower against the Japanese Yen (JPY) on Friday, on track to close the week practically flat, as Japanese authorities’ warnings about further interventions keep Yen sellers on their toes.

Dow Jones futures gain 0.18%, trading near 49,790 during the early European hours on Friday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 rise 0.30% to near 7,390, and the Nasdaq 100 futures advance 0.48% above 28,820.

The GBP/USD pair trades 0.25% higher to near 1.3590 during the European trading session on Friday. The Cable reflects strength as the Pound Sterling (GBP) outperforms its major currency peers, except antipodeans, amid a revived risk-on rally.

Austria Industrial Production (YoY): 1.7% (March) vs 1.1%

The EUR/JPY cross gains traction to around 184.15 during the early European trading hours on Friday. The Euro (EUR) edges higher against the Japanese Yen (JPY) amid improved risk sentiment and hawkish signals from the European Central Bank (ECB).

Spain Industrial Output Cal Adjusted (YoY) rose from previous -1.1% to 1.8% in March

Here is what you need to know on Friday, May 8:

Commerzbank’s Volkmar Baur argues that an end to the Iran conflict and a reopening of the Strait of Hormuz could support the Euro against the Dollar via relative real-rate dynamics.

AUD/USD pares its recent losses from the previous day, trading around 0.7220 during the Asian hours on Friday. The technical analysis of the daily chart indicates that the pair is moving upwards within the ascending channel, suggesting an ongoing bullish bias.

MUFG’s Lloyd Chan expects today’s US nonfarm payrolls to pose upside risks for the US Dollar (USD), with labour indicators hinting at a stronger April print.

The EUR/GBP cross holds losses around 0.8650 during the early European session on Friday. The Euro (EUR) softens against the Pound Sterling (GBP) on the downbeat German economic data.

The US Dollar (USD) pares losses against its main peers on Friday, as hopes for a swift end to the war in Iran fade again, following an exchange of fire in the Strait of Hormuz.

Silver price (XAG/USD) is up 2.6% to near $80.50 during the early European trading session on Friday.

Chiliz (CHZ) price is extending its gains, trading above $0.044 on Friday after posting three consecutive green candlesticks earlier this week. On-chain data shows that bullish price action is further supported by steadily rising whale accumulation.

Germany Industrial Production n.s.a. w.d.a. (YoY) down to -2.8% in March from previous 0%

South Africa Net $Gold & Forex Reserve up to $73.757B in April from previous $73.187B

Germany’s industrial sector activity fell sharply in March, the latest data published by Destatis showed on Friday.

United Kingdom Halifax House Prices (MoM) meets forecasts (-0.1%) in April

South Africa Gross $Gold & Forex Reserve fell from previous $77.759B to $77.09B in April

Sweden Industrial Production Value (YoY) declined to 3% in March from previous 7%

Sweden Industrial Production Value (MoM): -2% (March) vs previous 5.1%

Sweden New Orders Manufacturing (YoY) fell from previous 1% to -7.3% in March

Germany Trade Balance s.a. registered at €14.3B, below expectations (€18.4B) in March