Tech Sell-Off Lifts Yen Ahead of US Payrolls (11.06.2026)

Markets turned cautious ahead of the US employment report as a renewed technology stock selloff and post-midterm political uncertainty weighed on sentiment. 

Gold slipped below $4,060 but remained on track for a 5% weekly gain, while silver held near $51.50, heading for a 4% advance. Lower Treasury yields helped limit losses in precious metals despite liquidity-driven selling. The dollar index climbed to about 101.7 ahead of today’s October jobs report. Meanwhile, the euro retreated toward 1.1212 as its recent recovery stalled, while sterling consolidated near 1.3450 following the Bank of England's rate hike to 4%. The yen strengthened toward 157.85 per dollar, supported by safe-haven demand and expectations for further Japanese monetary tightening.

Euro Eases to 1.1212 Ahead of US Payrolls

EUR/USD slipped toward 1.1212 on Friday, reversing recent gains as its multiday recovery stalled below key resistance levels. While firmer Eurozone inflation figures had previously underpinned the euro and post-midterm dollar weakness provided momentum, market action turned volatile. Sellers reemerged to reclaim control as traders adjusted positions ahead of Friday's critical US nonfarm payrolls release.

The first resistance is positioned at 1.1240 while the support starts from 1.1160.

Gold Dips Below $4,060 but Heads for Weekly Gain

Gold fell below $4,060 per ounce on Friday, though it remained on track for a 5% weekly advance following the Democrats’ midterm sweep. Markets anticipate heightened pressure to resolve the Iran conflict, potentially lowering oil prices and inflation risks, while political gridlock could restrain government spending. Equity market liquidations induced cash-raising sales, but declining bond yields cushioned the metal's retracement.

First resistance is seen at $4090, with initial support near $4010.

Yen Strengthens on Tech Rout

USD/JPY eased to around 157.85 on Friday, retreating from a weekly high of 158.50 as a tech selloff on Wall Street and political uncertainty raised safe-haven demand for the yen. US 10-year yields fell to 4.83%, narrowing the gap with Japanese bonds. Expectations for a December BOJ rate hike and lower Fed hike bets ahead of the payrolls report also supported the Japanese currency.

First resistance is seen at 158.25, with initial support near 157.40.

GBP/USD Consolidates Near 1.3450

GBP/USD traded near 1.3450 on Friday, consolidating after its upward momentum stalled above 1.3500. The Bank of England raised interest rates to 4.00% and warned inflation could approach 5%, driving expectations for additional rate increases through 2027. Meanwhile, post-midterm dollar weakness lifted sterling toward seven-week highs, though today's US payrolls report promises potential volatility.

From a technical view, resistance stands near 1.3480, with support around 1.3400.

Silver Heads for 4% Weekly Gain Near $52

Silver traded near $51.50 per ounce on Friday, positioning for a 4% weekly advance following the midterms. Expectations of a resolution to the Iran war tempered crude oil and inflation fears, while potential legislative gridlock could restrain government spending. Softer bond yields helped absorb liquidity-driven selling amid an accelerating tech-led equity selloff.

From a technical view, resistance stands near $52.80, while support is located around $50.50.