USD/CAD trades on the front foot on Friday despite a modest pullback in the US Dollar (USD), as weaker-than-expected Canadian Retail Sales data weighs on the Canadian Dollar (CAD). At the time of writing, the pair trades around 1.4170, its highest level since April 2025.

Silver (XAG/USD) trades around $64.85 on Friday at the time of writing, down 1.31% on the day. The white metal remains under pressure for a third consecutive day as investors reassess the outlook for US monetary policy and developments in the Middle East.

ING’s Francesco Pesole highlights that Andy Burnham’s by-election win paves his way to become UK Prime Minister, with betting markets expecting a transition by late summer. The absence of a political risk premium in Pound assets suggests investors see limited fiscal disruption.

Ripple (XRP) extends its bearish roll near $1.12 support on Friday, reflecting intense headwinds in the broader crypto market largely attributable to macroeconomic pressure.

Citing a senior US official on Friday, Reuters reported that Israel and Hezbollah have agreed to a ceasefire at 4 p.m. local time on Friday.

Russia Central Bank Reserves $: $729.3B vs previous $749.7B

UOB Global Economics & Markets Research reports that Oil prices stabilized after comments from US Vice President JD Vance confirmed tankers carrying over 12 million barrels had crossed the Strait of Hormuz. Brent closed at $79.85 and WTI at $76.60.

Gold (XAU/USD) remains under pressure on Friday as traders assess the latest news about the US-Iran peace deal and the Federal Reserve's (Fed) hawkish monetary policy announcement. At the time of writing, XAU/USD trades around $4,157 after hitting a one-week low of $4,121 earlier in the day.

UOB Global Economics & Markets Research reports that GBP/USD fell sharply after the Bank of England left rates unchanged at 3.75%, before trimming losses to trade near 1.3236. The BOE decision saw a 7–2 vote, with two members preferring a hike to 4.00%.

Canada Retail Sales (MoM) below expectations (0.6%) in April: Actual (0.5%)

Canada Retail Sales ex Autos (MoM) below expectations (0.7%) in April: Actual (0.1%)

DBS Group Research strategist Chang Wei Liang notes that USD/JPY has broken above 161, returning to levels that previously triggered official action.

UOB Global Economics & Markets Research notes that the US Dollar extended gains after the Fed’s hawkish hold, pushing USD/JPY sharply higher to 161.37. The pair is now trading near levels that previously triggered Japanese authorities’ intervention.

Brown Brothers Harriman’s Elias Haddad notes that foreign investors sharply increased purchases of long-term US securities in April, with inflows over the past year more than offsetting the US trade deficit.

UOB Global Economics & Markets Research notes that USD/SGD closed at 1.2900, with the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) estimated at 1.75% above its mid-point.

Macroeconomic headwinds continue to weigh heavily on the cryptocurrency market on Friday, prompting major assets like Bitcoin (BTC) to pare earlier gains and extend losses after June’s brief relief rally.

Gold (XAU/USD) extends losses for the third consecutive day on Friday, hitting one-week lows at $4,121, on track to close a three-week losing streak.

India FX Reserves, USD: $671.63B (June 8) vs previous $681.61B

According to UOB Global Economics & Markets Research, EUR/USD extended its recent decline as the US Dollar index hit a one-year high following the Fed’s hawkish hold.

DBS Group Research’s Chang Wei Liang points out that an interim US–Iran agreement has reopened the Strait of Hormuz, allowing traffic to resume while talks continue.

MUFG’s Derek Halpenny notes the US Dollar has extended gains after a record hawkish shift in the Fed’s dot plot, even as Oil remains sharply lower over the past month.

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the Dollar has held post-Fed gains, keeping USD/JPY elevated in intervention territory.

UOB Global Economics & Markets Research highlights that Gold eased as hawkish Fed signals and a stronger US Dollar pressured the metal. An interim US–Iran ceasefire reduced inflation fears and contributed to softer Oil, further dampening Gold’s appeal as an inflation hedge.

DBS Group Research strategist Chang Wei Liang warns that GBP/USD could stay volatile after easing towards 1.32, as Labour’s Burnham leads the Makerfield by‑election.

MUFG’s Derek Halpenny says the Swiss Franc underperformed after the SNB left rates at zero, but only minor inflation forecast revisions underline expectations of persistently low Swiss inflation.

ING’s FX team, led by Francesco Pesole, has updated its EUR/USD projections, now targeting 1.18 by year-end. They expect moderate Dollar depreciation in the third and fourth quarters, helped by a dovish Fed relative to market pricing and fading energy sensitivity.

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.