The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades on the front foot, up around 0.40% on Friday at the time of writing.

European Central Bank (ECB) President Christine Lagarde said on Friday that the disinflation process in the Eurozone is well on track, per Reuters.

The United States and China are not engaged in any talks on tariffs, the Chinese embassy said on Friday, according to Reuters.

After US President Trump backtracked significantly on both tariffs against China and the dismissal of Fed Chair Powell, the price of Gold temporarily fell back below $3,300 per troy ounce, Commerzbank's FX analyst Thu Lan Nguyen notes.

Given this situation, it is hardly conceivable that Kazakhstan will limit oil production as planned, let alone compensate for the current overproduction with larger production cuts, Commerzbank's commodity analyst Carsten Fritsch notes.

Canada Retail Sales ex Autos (MoM) came in at 0.5%, above expectations (-0.4%) in February

Canada Retail Sales (MoM) in line with expectations (-0.4%) in February

Japanese Yen (JPY) is weak, down 0.7% against the US Dollar (USD) and underperforming most of the G10 currencies in an environment of broad-based USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.

According to a Reuters report, the eight OPEC+ countries with voluntary production cuts could also increase oil production more significantly in June, Commerzbank's commodity analyst Carsten Fritsch notes.

Pound Sterling (GBP) is down a modest 0.3% and showing relative gains against nearly all the G10 currencies, once again trading in tandem with its peers on trade-related headlines while still lagging in terms of magnitude, Scotiabank's Chief FX Strategist Shaun Osborne notes.

In the middle of next week, the World Gold Council (WGC) will publish its report on gold demand in the first quarter. This is likely to show that the sharp rise in the gold price in the first three months of the year was driven by strong investment demand.

Euro (EUR) is weak, down 0.4% against the US Dollar (USD) and a mid-performer among the G10. Trade-related headlines continue to dominate and data releases have been limited, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Brazil Mid-month Inflation meets expectations (0.43%) in April

The Canadian Dollar (CAD) is marginally softer on the session but holding up better than its major currency peers to the USD’s broader rebound, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The price of Brent oil rose to more than $68 per barrel this week, reaching its highest level since the announcement of reciprocal tariffs by US President Trump at the beginning of April, Commerzbank's commodity analyst Carsten Fritsch notes.

West Texas Intermediate (WTI), futures on NYMEX, is down over 1% to near $62.00 during European trading hours on Friday.

Markets are ending the week on a steadier note. The USD is a little stronger, US equity futures slipping back after yesterday’s pop higher and US Treasurys are a little firmer.

Gold price (XAU/USD) is seeing more profit taking this Friday, and looks set to close off this week in the red around $3,300 at the time of writing.

India FX Reserves, USD increased to $686.15B in April 14 from previous $677.84B

EUR/USD trades lower around 1.1350 during North American trading hours on Friday. The major currency pair weakens due to a recovery move in the US Dollar (USD) on hopes of an improvement in trade relations between the United States (US) and China.

The Pound Sterling (GBP) strives to gain ground near the intraday low of 1.3280 against the US Dollar (USD) during European trading hours after the release of the upbeat United Kingdom (UK) Retail Sales data for March.

Russia Interest Rate Decision meets forecasts (21%)

Next week, China will release its official PMIs, which, unlike in other countries, are always released on the last day of the month rather than the first day of the following month.

The AUD/USD pair falls sharply to near 0.6380 in Friday’s North American session. The Aussie pair weakens as the US Dollar (USD) resumes its upside recovery after a corrective move on Thursday.

The inflation rate for the Tokyo area rose to 3.5% in April, once again exceeding the expectations of analysts surveyed by Bloomberg. Rice prices rose sharply again in April, Commerzbank's FX analyst Volkmar Baur notes.

Brent crude has bounced from the lower limit of its downtrend but faces key resistance at $68.70–$70.50. A failure to break higher could trigger a pullback, with $65.30 and $62.30 as key support levels, Société Générale's FX analysts note.

Russia’s central bank (CBR) will announce its rate decision today: analysts unanimously expect an unchanged key rate of 21.0%, which has been pre-signalled by policymakers.

As US-China tariff tensions escalate, early data suggest US importers are shouldering most of the burden, with little price relief from Chinese exporters. Despite sharp tariff hikes, consumer prices remain largely unaffected — for now.

Relative calm continues to be observed this week amid Trump’s de-escalation. Trump continued to speak about how his administration was talking to China about trade even as Beijing denied the existence of negotiations.

On the subject of trade talks, US Treasury Secretary Scott Bessent's discussions with Japan and South Korea seem to be going well, ING's FX analyst Chris Turner notes.