Yen Strengthens on Intervention Talk as Gold and Silver Slip

The completed session for Friday, September 25 saw the standout move in the Japanese Yen, noticeably bigger than its usual day.

In commodities, precious metals remained under pressure throughout Friday's trading session. The official session finished with Gold -0.5% as higher Treasury yields, a firmer dollar, and expectations of extended Federal Reserve interest rate hikes weighed on gold prices. Alongside gold, the official session closed with Silver -0.8%.

In foreign exchange markets, Japanese authorities stepped up efforts to curb currency depreciation. The session closed with the yen +1.0% against the dollar after Japanese officials conducted foreign exchange rate checks with market participants. Tokyo also signaled coordination with the United States regarding currency fluctuations, prompting traders to prepare for potential direct intervention. Across Europe, major currency pairs experienced subdued trading, with the euro +0.1% against the dollar.

Trading activity continued in overseas markets after the official U.S. market close on Friday. As of 10:45 am New York, overnight prices showed silver -3.6% and gold -2.6%.

In digital assets, Bitcoin -0.3% and Ethereum +0.2% across the Friday session.

Looking ahead, several key economic indicators are scheduled for release in the coming week. The calendar features job openings figures on Tuesday. Wednesday brings revisions to economic growth alongside personal consumption expenditures inflation data. Later in the week, the schedule includes manufacturing activity data on Thursday, followed by the official September employment situation report on Friday. The following week brings minutes from the latest Federal Reserve monetary policy meeting.