📡 Markets end the week with volatility driven more by policy signals than hard data.

🥇 Gold remains elevated near record highs as softer U.S. inflation reinforces 2026 Fed cut expectations, even while a firmer dollar caps upside and physical demand weakens in India and China.

💴 The yen continues to underperform despite the BoJ’s rate hike, fueling sharp moves across JPY crosses and lifting the dollar index toward a one-week high.

🛢 Oil finds short-term support from geopolitical risks around Venezuela and Russia, but upside remains constrained by looming global oversupply concerns.

💵💶 In FX, USD strength persists against high-beta currencies, while the euro and sterling struggle to extend gains amid cautious ECB and BoE signals.

💵💴 USD/JPY: 157.70 — Rises 1.45% as dollar strength and yen weakness persist, with the BoJ’s 0.75% hike failing to support JPY and price breaking above 156.80 resistance.

💶💵 EUR/USD: 1.1707 — Falls 0.12% for a fourth consecutive session after the ECB held rates at 2.00% with no forward guidance, leaving 1.1685 as key support.

🥇 XAU/USD: 4,338 — Consolidates near record highs as Fed cut expectations offset a firmer USD, with price eyeing 4,355 resistance.

🛢 USOIL: 56.53 — Gains 1.15% on geopolitical risks and energy demand optimism, with 56.90 acting as the next major resistance.

🇬🇧1️⃣0️⃣0️⃣ UK100: 9,897 — Extends gains for a third session and posts a 2.57% weekly rise, trading just below the 9,900 psychological level.

🇺🇸1️⃣0️⃣0️⃣ NAS100: 25,354 — Advances 1.51% for a second session as the tech rally continues, with Micron-led strength pushing price toward 25,810 resistance.

𝐙🔐 ZEC/USD: 447.86 — Surges 15.50% for a second session on capital rotation into privacy coins and ETF optimism, targeting 455.90 resistance.

🟡🐕 DOGE/USD: 0.13264000 — Rebounds 8.52% after a two-day drop, though muted whale activity keeps upside capped near 0.13162 resistance.

👟✔️ NKE: 58.71 — Slides 10.54% for a fourth straight session as China weakness and margin pressure dominate, breaking below 59.50 support.

🅾️ ORCL: 191.97 — Rallies 6.63% for a second session on TikTok U.S. joint venture headlines, breaking above 186.50 resistance.

Inflation trends in Hong Kong influence expectations around monetary conditions under the HKD peg. Softer inflation reinforces stable-to-loose conditions, while upside surprises could revive concerns around imported inflation pressures.

Canada’s PPI provides an early signal of pipeline inflation pressures. Cooling producer prices would support expectations of easing inflation trends, potentially weighing on CAD, while a hotter print could delay dovish Bank of Canada expectations.

The RBA meeting minutes will be scrutinised for signals on inflation persistence, labour market tightness, and the Board’s comfort with maintaining restrictive policy. Any resistance to near-term easing could support AUD, while a cautious or growth-focused tone may keep pressure on the currency.

Monthly GDP is a key gauge of economic momentum and a direct input into Bank of Canada policy expectations. A contraction would reinforce slowdown concerns and weigh on CAD, while a surprise expansion could provide short-term support.

This heavy US data cluster will give markets a broad read on growth momentum, manufacturing activity, and consumer sentiment heading into year-end. Weakness across durable goods, industrial output, and confidence would reinforce expectations for Fed rate cuts in 2026, pressuring the USD. Conversely, upside surprises—especially in GDP revisions or consumer confidence—could help stabilise the dollar after recent softness.

🇳🇿🇺🇸 NZD/USD: Rebounded toward ~0.5790 from the 0.5735 low, though momentum remains fragile.

🇬🇧🇳🇿 GBP/NZD: Drifted lower toward ~2.3190 on relative NZD stabilization.

🇳🇿🇯🇵 NZD/JPY: Advanced toward ~91.00, supported by continued JPY weakness.

🇦🇺🇳🇿 AUD/NZD: Stayed heavy near ~1.1470 ahead of RBA minutes.

🇳🇿🇨🇦 NZD/CAD: Held around ~0.7965–0.7970 as NZD resilience offset cautious CAD sentiment.