Russia Consumer Price Index (MoM) registered at 0.14%, below expectations (0.3%) in April

The GBP/USD extends its losses for the fourth straight day, poised to finish the week down more than 2% as political turmoil in the UK and increased speculation that Starmer’s successor could widen fiscal deficits weigh on the currency.

The Euro (EUR) extends losses against the US Dollar (USD) on Friday, with EUR/USD slipping to near one-month lows as hawkish Federal Reserve (Fed) expectations boost the Greenback and US Treasury yields.

The USD/CAD pair elevated near the 1.3760 level on Friday and remains supported by persistent inflation concerns and rising US Treasury yields following this week’s hotter-than-expected US inflation data.

AUD/USD falls sharply on Friday and trades around 0.7155 at the time of writing, down 0.91% on the day, after hitting its lowest level in more than a week. The pair remains under heavy selling pressure for the second consecutive day amid broad-based US Dollar (USD) strength.

Scotiabank strategists Shaun Osborne and Eric Theoret highlight that USD/CAD is grinding higher into the mid‑1.37s, with the Canadian Dollar (CAD) underperforming but still faring better than many G10 commodity peers.

USD/JPY trades around 158.55 on Friday at the time of writing, up 0.11% on the day, as the pair extends its bullish momentum for a fifth straight day.

The Euro (EUR) extends its decline against the Dollar (USD) on Friday, falling below 1.1650 for the first time since early April, on track for a 1.2% weekly depreciation.

The Canadian Dollar (CAD) extends losses against the US Dollar (USD) for the fourth consecutive day on Friday, with the USD/CAD pair trading in the mid-range of the 1.3700s after rallying about 0.5% so far this week.

The New Zealand Dollar (NZD) accelerates its reversal against a stronger US Dollar (USD) on Friday.

USD/CHF extends its advance for the fourth consecutive day on Friday and trades around 0.7850 at the time of writing, up 0.15% on the day. The pair benefits from the rebound in the US Dollar (USD), supported by resilient US economic data and renewed risk-off sentiment across markets.

Deutsche Bank’s Shreyas Gopal reiterates a long EUR/GBP stance after United Kingdom (UK) local elections, arguing that UK political uncertainty is likely to persist through summer.

Commerzbank’s Michael Pfister argues that Japanese authorities cannot rely on FX interventions alone to support the Japanese Yen (JPY) against the US Dollar (USD).

The AUD/USD pair attracts heavy selling for the second consecutive day on Friday and breaks through the 0.7200 mark, hitting an over one-week low during the first half of the European session.

Societe Generale analysts report EUR/USD has fallen to its lowest level since early April as wider UST/Bund spreads and higher energy prices weigh on the Euro (EUR). The pair has broken below its 50- and 200-day moving averages, with support cited at 1.1560 and resistance at 1.1720.

The Euro (EUR) trades sharply lower against the US Dollar (USD) around 1.1630 during the European trading session on Friday, the lowest level seen in over a month.

The Euro (EUR) rallies for the second consecutive day against an ailing British Pound (GBP) on Friday, crushed by growing political uncertainty in the UK.

Here is what you need to know on Friday, May 15:

ING's Francesco Pesole highlights a significant technical break in EUR/USD below 1.170, opening scope for a test of 1.160 in coming days.

The GBP/JPY cross attracts some follow-through selling for the second consecutive day and drops to a one-and-a-half-week low during the early European session on Friday. Spot prices, however, rebounded a few pips in the last hour and currently trade near the 211.75 region, down 0.25% for the day.

MUFG’s Derek Halpenny argues that rising crude Oil prices, higher global yields and Middle East tensions are undermining Japanese Yen stability and working against recent Ministry of Finance (MoF) intervention.

The British Pound (GBP) extends losses against the US Dollar (USD) for the fourth consecutive day on Thursday, trading at 1.3337 at the time of writing, as the crisis in the UK cabinet deepens, fuelling concerns about a power vacuum that might trigger another fiscal crisis.

EUR/JPY continues its losing streak for the fourth successive day, trading around 184.40 during the European hours on Friday. The technical analysis of the daily chart indicates the currency cross is positioned slightly below the upper boundary of an emerging descending wedge pattern.

The USD/CHF pair prolongs its weekly uptrend for the fifth consecutive day on Friday and touches over a two-week high, near the 0.7860-0.7865 region during the early European session amid a broadly firmer US Dollar (USD).

Commerzbank’s Tatha Ghose flags a sharp March deterioration in Turkey’s balance of payments, with a near-doubling of the current-account deficit, heavy capital outflows and a record drop in official reserves. The bank argues underlying vulnerabilities predated the Iran conflict.

The NZD/USD pair slumps to near 0.5860 during the early European trading hours on Friday.

The AUD/USD pair trades 0.8% lower to near 0.7160 against the US Dollar (USD) during the European trading session on Friday. The Aussie pair faces intense selling pressure as the US Dollar outperforms its peers amid a significant surge in US Treasury yields.

Commerzbank’s Michael Pfister highlights mounting political turmoil in the United Kingdom (UK), with resignations and leadership speculation tightening pressure on Prime Minister Keir Starmer. He sees rising uncertainty over future fiscal policy as negative for the Pound (GBP).

EUR/USD continues its losing streak for the fifth consecutive day, trading around 1.1650 during the Asian hours on Friday.

The USD/CAD pair gathers strength to around 1.3755 during the early European trading hours on Friday. The pair is set for its largest weekly gain in more than two months, as rising energy prices stoked inflationary pressures, boosting expectations of a ‌Federal Reserve (Fed) rate hike this year.