Friday morning opens with a mixed tone across global markets as the European session gets underway. Indices are holding on to their recovery gains from earlier in the week, but momentum appears to be slowing. American futures are flat to slightly positive, suggesting a cautious start ahead of the weekend. DAX remains steady after reclaiming key resistance earlier in the week, while U.S. indices are consolidating just below recent highs.
On the currency front, the British pound remains one of the stronger performers after Thursday’s hawkish Bank of England rate cut, holding gains against both the dollar and euro. The Australian and New Zealand dollars are also staying firm, supported by a generally risk-on tone in FX markets. Meanwhile, safe havens like the Japanese yen and Swiss franc remain under pressure, while the U.S. dollar is trading slightly softer against most majors.
In commodities, gold is steady after its midweek push higher, supported by the weaker dollar. Silver is extending its outperformance, trading near weekly highs with a 4% gain for the week so far. Oil, however, continues to struggle — WTI is making fresh midterm lows after losing over 5% this week, as oversupply concerns and OPEC+’s increased production plan weigh on sentiment.
The macro calendar for today is light, with the main focus on Canadian employment data later in the day, which could inject some volatility into CAD pairs. Until then, markets are likely to take their cues from risk sentiment and technical levels as traders position for the weekend.