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The USD/CAD pair loses ground near 1.4040 during the Asian trading hours on Friday. The US Dollar (USD) softens against the Canadian Dollar (CAD) as global trade tensions and signs of weakening in the US economy bolster the case for further rate cuts by the Federal Reserve (Fed).

The USD/CAD pair loses ground near 1.4040 during the Asian trading hours on Friday. The US Dollar (USD) softens against the Canadian Dollar (CAD) as global trade tensions and signs of weakening in the US economy bolster the case for further rate cuts by the Federal Reserve (Fed).

• Westpac says RBA’s November meeting remains “well and truly” live after jobs data
• Federal Reserve Bank of St. Louis President Alberto Musalem speak on Friday
• Bank of England Chief Economist Huw Pill speaks on Friday
• Japan LDP, opposition CDP, agree to hold vote to decide next prime minister on Oct 21
• MUFG: ECB may cut again by mid-2026 but euro seen firm as Fed eases faster
• Gold washing out from its record high, back under US$4290
• Seoul warns of FX risks as Trump pushes for US$350 bn upfront payment
• PBOC sets USD/ CNY reference rate for today at 7.0949 (vs. estimate at 7.1154)
• China’s Canadian oil imports hit record as Beijing shuns US crude
• September Singapore Non-oil Domestic Exports (NODX) +6.9% y/y (vs. expected -2.1%)
• Standard Chartered say global reserve managers are trading the US dollar countercyclically
• Kashkari: Fed may be overstating slowdown, backs more insurance rate cuts
• US jobless claims seen falling, but labour market remains sluggish – preview
• Westpac: US dollar strength driven by yen weakness and global policy divergence
• Nomura: China likely to drop specific growth target in 15th Five-Year Plan
• S&P: Trump’s tariffs to cost $1.2 trillion, consumers bear most of burden
• Reports that the US military have struck another drug boat in the Caribbean
• ECB’s Scicluna says the Bank must not rush into further rate cuts
• Fed’s Kashkari says its too soon to know the impact of tariffs on inflation
• SOFR rise above Fed Funds signals emerging US funding tightness (**** could hit the fan)
• ICYMI: China accuses US of fuelling global panic over rare earth export curbs
• On & on it goes. HSBC see gold rally extending in 2026: fiscal fails, central bank demand
• Pharma giants NVO and LLY stock prices slammed lower after hours – Trump comments weighing
• Trump says he thinks the price of fat loss drugs will fall
• Miran talking down tariff inflation impact
• US stocks close lower. Russell 2000 tumbles by over 2%
• investingLive Americas market news wrap: Waller signals 25 bps rate cut this month

Gold staged another volatile session, surging to a record high above US$4,370 late in the U.S. day and into the Asian morning. The near-parabolic rally was followed by a swift plunge, reversing sharply below US$4,290, and followed then by a recovery, with prices stabilising around US$4,260 later in the session. There was no clear catalyst behind the move(s). Silver also hit a record high above US$54.30.

In equities, regional markets slipped, tracking Thursday’s weak Wall Street close, as concerns over risky bank lending continued to weigh on sentiment.

Among corporates, Novo Nordisk and Eli Lilly fell in after-hours trading after President Trump remarked on a push for price cuts on weight-loss drugs, pressuring the sector.

From the Federal Reserve, Minneapolis Fed President Neel Kashkari said he expects two more “insurance” rate cuts before year-end, describing the economy as stronger than perceived. His balanced remarks reinforced expectations for measured, rather than aggressive, policy easing.

In currencies, the euro outperformed, with EUR/USD climbing back above 1.1710, while USD/CHF drifted lower toward 0.7900 as the Swiss franc firmed.

Asia-Pac
stocks:

• Japan
  (Nikkei 225) -1.28%
• Hong
  Kong (Hang Seng) -1.59%
• Shanghai
  Composite -1.00%
• Australia
  (S&P/ASX 200) -0.75%

This article was written by Eamonn Sheridan at investinglive.com.

Gold (XAU/USD) reverses an Asian session dip to the $4,280-4,279 region and climbs back closer to the all-time peak, touched earlier this Friday.

Gold (XAU/USD) reverses an Asian session dip to the $4,280-4,279 region and climbs back closer to the all-time peak, touched earlier this Friday.

EUR/USD extends its gains for the fourth consecutive session, trading around 1.1710 during the Asian hours on Friday.

Australia’s unemployment rise in September has kept the Reserve Bank of Australia’s November policy meeting “well and truly live,” according to Westpac.

The bank said that a stronger participation rate coupled with softer hiring has introduced slightly more slack into the labour market, signalling the economy is cooling but not sharply.

Westpac maintains that a 25-basis-point rate cut remains a real possibility, though the Q3 CPI release on 29 October will be decisive. A benign inflation print would likely give the RBA confidence to begin its easing cycle, while a stronger result could delay the first move until early 2026.

This article was written by Eamonn Sheridan at investinglive.com.

1615 GMT / 1215 US Eastern time:

• Federal Reserve Bank of St. Louis President Alberto Musalem discusses the U.S. economy and monetary policy before the Institute for International Finance

We heard from Musalem earlier in the week, more dovish than hawkish

• Fed’s Musalem: Feds goals are in tension

This article was written by Eamonn Sheridan at investinglive.com.