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USD/JPY has met interim resistance near 159.45 at the top of an ascending channel, with a short-term pullback potentially finding support around the 50-day moving average at 156.00-156.60, Société Générale's FX analysts note.

Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $97.83 per troy ounce, up 1.77% from the $96.13 it cost on Thursday.

Growing consensus that Europe must chart its own strategic path is expected to underpin the Euro (EUR). EUR/USD may see further upside pressure, though resistance around 1.1770-1.1780 remains key, ING's FX analyst Chris Turner notes.

EUR/USD posts moderate losses, trading near 1.1740 at the time of writing on Friday, but holding most of the previous day's gains and on track for its strongest weekly performance since June.

Euro (EUR) is expected to continue to rise; the major resistance at 1.1805 is likely out of reach for now. In the longer run, increase in momentum suggest the likelihood of EUR reaching 1.1805 is rising, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Eurozone's flash HCOB Composite PMI remains steady at 51.5 in January, missing estimates of 51.6 due to a slowdown in the service sector activity.

Gold (XAU/USD) breaks down through an intraday trading range during the first half of the European session and moves away from the all-time peak, touched earlier this Friday.

The Pound has retraced to the mid-range of the 123.00s, trading at 213.47 against the JPY at the time of writing, after whipsawing more than 200 pips as the Bank of Japan (BoJ) Governor Kazuho Ueda concluded his press conference, which has rumours of a Yen intervention.

The Pound Sterling (GBP) attracts bids against its major currency peers as the United Kingdom (UK) Retail Sales figures have grown in December, after contracting in the last two months.

The AUD/JPY cross retreats nearly 130 pips from the highest level since July 2024, around the 109.00 mark touched earlier this Friday, though the pullback lacks follow-through.

The NZD/USD pair extends its steady intraday descent from the 0.5930 area, or a four-month high touched earlier this Friday, and slides to a fresh daily low during the first half of the European session.

The Indian Rupee (INR) holds onto weekly losses against the US Dollar (USD) on Friday. The USD/INR pair trades close to its all-time high of 92.00 posted on Wednesday.

The Euro has pulled back from record highs near 187.00 to trade at 185.60 at the time of writing, with all Yen crosses whipsawing following Bank of Japan's (BoJ) Governor Ueda's press conference.

USD/CAD halts its four-day losing streak, trading around 1.3790 during the European hours on Friday. The pair holds ground as the US Dollar (USD) recovers from losses registered in the previous session amid easing geopolitical and trade tensions between the United States (US) and Europe.

Here is what you need to know on Friday, January 23:

The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for January to be released by the S&P Global on Friday, later this session at 09:30 GMT.

The United Kingdom (UK) Retail Sales rose 0.4% month-over-month (MoM) in December after falling 0.1% in November, according to the latest data published by the Office for National Statistics (ONS) on Friday.

Silver price (XAG/USD) extends its gains for the second successive session, trading around $99.10 per troy ounce during the Asian hours on Friday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering 0.5% losses in the previous session. The DXY is hovering around 98.30 during the Asian hours on Friday.

The AUD/JPY cross gathers strength to near 108.55 during the early European session on Friday. The Japanese Yen weakens against the Australian Dollar (AUD) after the Bank of Japan (BoJ) interest rate decision.  

The USD/CHF pair trades with caution during the late Asian trading session on Friday, near its over three-week low of 0.7880 posted on Tuesday. The Swiss Franc pair remains on the back foot as the US Dollar (USD) falls into a frying pan after coming out from fire.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.85 during the early European trading hours on Friday. The WTI price edges higher amid a weaker US Dollar (USD) and risk-on mood in wider markets. 

Gold prices rose in India on Friday, according to data compiled by FXStreet.

EUR/USD edges lower after registering over 0.5% gains in the previous session, trading around 1.1740 during the Asian hours on Friday.

The EUR/JPY cross gains ground near 186.25 during the Asian trading hours on Friday. The Japanese Yen (JPY) softens against the Euro (EUR) after the Bank of Japan's (BoJ) interest rate decision. The attention will shift to the BoJ press conference later on Friday. 

The Japanese Yen (JPY) retains its bearish bias following the Bank of Japan's (BoJ) widely expected decision to leave short term rate on hold as bulls opt to wait for cues about the likely timing of further policy tightening.

The GBP/JPY pair trades close to its multi-year high of 214.30 during Friday’s Asian trading session, while the Bank of Japan (BoJ) has kept interest rates steady at 0.75%.

The Bank of Japan (BoJ) board members decided to maintain the short-term interest rate at 0.75%, following the conclusion of the two-day monetary policy review meeting on Friday. This decision was widely anticipated.

USD/CAD holds ground after four days of losses, trading around 1.3790 during the Asian hours on Friday. However, the pair may further weaken as the Canadian Dollar (CAD) could receive support amid higher Oil prices, given Canada’s status as the largest crude exporter to the United States (US).

Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said on Friday that the central bank remains committed to returning inflation to the 2% midpoint.

The Australian Dollar inches higher against the US Dollar (USD) on Friday, remaining in the positive territory for the second consecutive day.

Silver (XAG/USD) continues scaling new all-time highs for the second consecutive day and climbs to the $99.00 mark during the Asian session on Friday.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9929 compared to the previous day's fix of 7.0019 and 6.9481 Reuters estimate.

Gold price (XAU/USD) extends the rally to around $4,950 during the early Asian session on Friday. The precious metal gains momentum as geopolitical risk and threats to the US Federal Reserve’s (Fed) independence boost the safe-haven demand. 

The USD/JPY pair posts modest gains near 158.45 during the early Asian session on Friday. The Japanese Yen (JPY) softens against the US Dollar (USD) following the release of Japanese inflation data.

Japan’s National Consumer Price Index (CPI) rose by 2.1% YoY in December, compared to the previous reading of 2.9%, according to the latest data released by the Japan Statistics Bureau on Friday.

The NZD/USD pair jumps to around 0.5910, the highest since September 17, 2025, during the early Asian session on Friday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the hotter-than-expected inflation report.

The GBP/JPY rallies to a new weekly high of 213.98, up by more than 1.10% in the week, as mixed economic data from the UK, pushed the British Pound higher. Fiscal concerns on PM Takaichi’s plan, undermined the Japanese Yen. The cross-pair trades at 213.85, up 0.58%.

The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) came in at 52.4 in January versus 51.6 prior, the latest data published by S&P Global showed on Friday.

New Zealand’s Consumer Price Index (CPI) climbed 3.1% YoY in the fourth quarter (Q4) of 2025, compared with the 3.0% increase seen in the third quarter, according to the latest data published by Statistics New Zealand on Friday. The market consensus was for a growth of 3.0% in the reported period

EUR/USD climbs for the second day in the week up by over 0.50% as the Dollar slides despite solid US economic data was released in the day. An improvement in risk appetite sponsored by US President Donald Trump dropping tariffs threats on Europe, underpins the shared currency.

Risk aversion eased after US President Donald Trump reiterated that he had agreed with NATO on "the framework of a future deal with respect to Greenland". Trump and NATO Secretary General Mark Rutte spoke in Switzerland.

The Japanese Yen (JPY) regains some ground against the US Dollar (USD) on Thursday, with USD/JPY edging lower amid broad weakness in the Greenback. At the time of writing, the pair is trading around 158.30, retreating from one-week highs touched earlier in the European session.

Gold (XAU/USD) surges for the fourth consecutive trading day on Thursday, hitting a fresh record high of $4,906, even as risk appetite improved and tensions between the US and Europe eased, following an agreement over Greenland. At the time of writing, XAU/USD trades at $4,903, up 1.60% in the day.

The Euro (EUR) edges higher against the US Dollar (USD) on Thursday, supported by a broadly weaker Greenback as traders shrug off solid US economic data. At the time of writing, EUR/USD is trading around 1.1742, reversing the previous day’s losses.

GBP/USD rises during the North American session amid an improvement of risk appetite, following a de-escalation of the trade-war between the US and Europe. Meanwhile, traders shrug off strong US data, which despite signaling the strength of the economy, failed to underpin the Dollar.

Silver (XAG/USD) regains some ground on Thursday but lacks follow-through, consolidating near record highs as a modest improvement in risk sentiment tempers safe-haven flows. At the time of writing, XAG/USD is trading around $93.90, holding below the all-time high near $95.89 set on Tuesday.

Annual inflation in the United States, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.8% in November from 2.7% in October, the US Bureau of Economic Analysis reported on Thursday. On a monthly basis, the PCE Price Index rose by 0.2%.

The Japanese Yen (JPY) is soft, down 0.2% vs. the US Dollar (USD) and an underperformer against all of the G10 currencies as we head into Thursday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Pound Sterling (GBP) is slightly weaker against the dollar, underperforming most G10 peers as renewed political uncertainty triggers brief volatility in the gilt market, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.