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ECB’s Lagarde: Underlying inflation remains consistent
ECB’s Lagarde: Underlying inflation remains consistent
European Central Bank (ECB) President Christine Lagarde said that growth in economic activity should benefit from increased household spending and a resilient labor market, testifying before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels on Wednesday.
ECB
EURUSD
CentralBanks
Inflation
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The weekly EIA oil inventory data is delayed
The weekly EIA oil inventory data is delayed
There are some reports trickling that the crude oil inventory is at 0.574 build (vs -841M drawdown est) but that is not confirmed.
GBP/USD soars to one-month high as speculation over Hassett fuels Fed-pivot bets
GBP/USD soars to one-month high as speculation over Hassett fuels Fed-pivot bets
GBP/USD rallies on Wednesday during the North American session, surpassing the 1.3300 figure as market participants price in a more dovish Federal Reserve (Fed), as rumors grow that the White House economic adviser Kevin Hassett could become the next Chair, taking Jerome Powell’s reins.
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Majors
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Fundamental Analysis
Fed
EUR/USD climbs toward six-week highs as weak US data pressures the Dollar
EUR/USD climbs toward six-week highs as weak US data pressures the Dollar
The Euro (EUR) trades on the front foot against the US Dollar (USD) on Wednesday as the Greenback remains under sustained selling pressure amid dovish Federal Reserve expectations, while traders digest the latest US services sector data.
EURUSD
UnitedStates
PMI
Employment
Fed
Microsoft: We did not lower our AI sales quotas
Microsoft: We did not lower our AI sales quotas
The Information reported a lower of the sales quota
JPY advances on narrowing yield spreads to 2022 Lows – Scotiabank
JPY advances on narrowing yield spreads to 2022 Lows – Scotiabank
The Japanese Yen (JPY) is strengthening again, up 0.3% against the US Dollar (USD) as USD/JPY moves back toward Monday’s lows and threatens a broader retracement of its mid-November weakness, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USDJPY
Banks
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Japan
NZD/USD gains on strong Chinese data, US labor market weakness
NZD/USD gains on strong Chinese data, US labor market weakness
NZD/USD holds in positive territory around 0.5750 on Wednesday, up 0.20% on the day at the time of writing.
GBP outperforms G10 peers as risk appetite improves – Scotiabank
GBP outperforms G10 peers as risk appetite improves – Scotiabank
The Pound Sterling (GBP) is the day’s top G10 performer after Norwegian Krone (NOK), with sentiment-driven buying pushing GBP higher as risk reversals recover to late-August levels, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Banks
GBPUSD
Currencies
BOE
EUR: Euroarea’s political situation somewhat improves – Scotiabank
EUR: Euroarea’s political situation somewhat improves – Scotiabank
The Euro (EUR) is up 0.3% against the US Dollar (USD) and a mid-performer among the G10, climbing to fresh local highs at levels last seen in late October.
EURUSD
Banks
ECB
Bonds
CAD edges higher as softer USD and risk-on tone support – Scotiabank
CAD edges higher as softer USD and risk-on tone support – Scotiabank
The Canadian Dollar (CAD) gained modestly as a weaker US Dollar (USD), firmer risk sentiment, and stronger commodity prices helped lift the currency toward its estimated fair value.
USDCAD
Banks
Canada
Oil
US Treasury’s Bessent: Regional Fed banks don't necessarily represent their districts
US Treasury’s Bessent: Regional Fed banks don't necessarily represent their districts
US Treasury Secretary Scott Bessent said on Wednesday that he is advocating that regional Federal Reserve (Fed) bank presidents must have lived in their district for three years, per Reuters.
UnitedStates
Fed
CentralBanks
Macroeconomics
USD softens as Trump signals Hassett for Fed Chair – Scotiabank
USD softens as Trump signals Hassett for Fed Chair – Scotiabank
The US Dollar (USD) twitched nervously yesterday as President Trump referred to CEA head Hassett as the 'potential' Fed chair.
DollarIndex
Banks
Fed
Treasury Secretary Bessent: Trump has normalized the idea of a 15-20% tariff
Treasury Secretary Bessent: Trump has normalized the idea of a 15-20% tariff
Treasury Secretary Bessent speaking at the New York Times Deal Book summit
USD/CAD declines as soft ADP report reinforces dovish Fed outlook
USD/CAD declines as soft ADP report reinforces dovish Fed outlook
The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Wednesday as the Greenback remains under broad pressure amid a firmly dovish Federal Reserve (Fed) outlook. At the time of writing, USD/CAD is trading around 1.3950, edging close to one-month lows as bearish momentum builds.
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US September industrial production 0.1% versus 0.0% expected
US September industrial production 0.1% versus 0.0% expected
US industrial production and capacity utilization for the month of September 2025
Lagarde speech: Eurozone growth supported by household spending, labour market
Lagarde speech: Eurozone growth supported by household spending, labour market
In her introductory statement before the European Parliament’s Committee on Economic and Monetary Affairs (ECON), European Central Bank (ECB) President Christine Lagarde said the Eurozone economy should gain support from improving household spending and a resilient labour market.
Microsoft lower AI sales quotas.
Microsoft lower AI sales quotas.
Stocks move lower. Microsoft is down -2% in premarket trading
EUR/CHF steady as Swiss inflation slides to 0.0% ahead of SNB meeting
EUR/CHF steady as Swiss inflation slides to 0.0% ahead of SNB meeting
The Euro (EUR) trades flat against the Swiss Franc (CHF) on Wednesday as traders digest a fresh batch of Swiss inflation figures alongside Eurozone Purchasing Managers Index (PMI) surveys and Producer Price Index (PPI) data.
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Eurozone
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Switzerland
CPI
ADP National employment for November -32K vs 10K est.
ADP National employment for November -32K vs 10K est.
The monthly ADP employment numbers for the month of November 2025.
Breaking: US ISM Services PMI surpasses consensus in November
Breaking: US ISM Services PMI surpasses consensus in November
Fresh data from the Institute for Supply Management (ISM) showed the Services Purchasing Managers Index (PMI) picking up to 52.6 in November from 52.4, beating expectations of 52.1 and signalling a bit more momentum in the sector.
Breaking
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PMI
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AUD: Australia Q3 GDP comes slightly below forecast – MUFG
AUD: Australia Q3 GDP comes slightly below forecast – MUFG
Australia’s economy expanded 0.4% in Q3, below the RBA’s 0.5% forecast, though Q2 growth was revised up to 0.7%, keeping the annual pace near 2%.
Banks
Australia
AUDUSD
RBA
GDP
investingLive European FX news wrap: Swiss CPI misses again, USD falls as yields retreat
investingLive European FX news wrap: Swiss CPI misses again, USD falls as yields retreat
Forex news from the European morning session on Dec 3, 2025
Session wrap
Wrap Europe
Correction: About Commerzbank's Turkish Lira market commentary
Correction: About Commerzbank's Turkish Lira market commentary
(This story was corrected on December 3 at 12:40 GMT as its content was written as a preview ahead of the Turkish CPI data for November. The story shouldn't have been released as the content was out after the data release, making it outdated from the moment of its publication.)
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USDTRY
Turkey
Inflation
CBRT
EUR/JPY steady as Eurozone data supports EUR, Yen gains on BoJ hike expectations
EUR/JPY steady as Eurozone data supports EUR, Yen gains on BoJ hike expectations
EUR/JPY trades around 181.30 on Wednesday at the time of writing, stable on the day.
AUD/USD hits multi-week high amid RBA’s on-hold bias – BBH
AUD/USD hits multi-week high amid RBA’s on-hold bias – BBH
AUD/USD rallied to near 0.6600 as Q3 GDP data, though weaker than expected, confirmed strong private investment and household demand, supporting the RBA’s on-hold stance.
AUDUSD
Banks
RBA
Technical Analysis
US MBA mortgage applications w.e. 28 November -1.4% vs +0.2% prior
US MBA mortgage applications w.e. 28 November -1.4% vs +0.2% prior
Latest data from the Mortgage Bankers Association for the week ending 28 November 2025
US Dollar poised ahead of Fed, ADP data in focus – Commerzbank
US Dollar poised ahead of Fed, ADP data in focus – Commerzbank
With a December Fed rate cut almost fully priced, market attention is shifting to the outlook for 2026, as expectations of a more dovish Fed could weigh on the dollar in the months ahead.
DollarIndex
Banks
Fed
Gold steadies as mixed US data and dovish Fed expectations pressure the Dollar
Gold steadies as mixed US data and dovish Fed expectations pressure the Dollar
Gold (XAU/USD) firms as traders react to the latest US economic releases. At the time of writing, XAU/USD is trading around $4,225, edging modestly higher after briefly slipping below the $4,200 psychological level earlier in the day.
Gold
SEO
XAUUSD
Technical Analysis
Fed
AUD/USD approaches 0.6600 as US Dollar underperforms
AUD/USD approaches 0.6600 as US Dollar underperforms
The AUD/USD pair extends its winning streak for the ninth trading day on Wednesday.
AUDUSD
Fed
RBA
Employment
GDP
USD retreats amid Hassett Fed chair speculation – BBH
USD retreats amid Hassett Fed chair speculation – BBH
US Dollar (USD) is down across the board, global equity markets are up, and bond markets are steady.
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Fed
Banks
USD slides as Hassett emerges as Fed chair favorite – ING
USD slides as Hassett emerges as Fed chair favorite – ING
The US Dollar (USD) sold off in Asia as news emerged that interviews for the Fed chair position had been cancelled, ING's FX analyst Chris Turner notes.
DollarIndex
Banks
Technical Analysis
Fed
US ADP Employment Change falls by 32,000 in November vs. 5,000 expected gain
US ADP Employment Change falls by 32,000 in November vs. 5,000 expected gain
Private employers shed 32,000 jobs in November, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 47,000 increase (revised from 42,000) recorded in October and came in below the market expectation of 5,000 growth. During the period, the annual pay was up 4.4%.
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Employment
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DollarIndex
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Change
EUR: November eurozone inflation meets expectations – Commerzbank
EUR: November eurozone inflation meets expectations – Commerzbank
Eurozone inflation for November came in largely as expected, with headline at 2.2% y/y and core at 2.4%, leaving the ECB’s policy stance unchanged.
EURUSD
Banks
Technical Analysis
ECB
ECB’s Lane: Monetary policy should remains steady unless there is large deviation
ECB’s Lane: Monetary policy should remains steady unless there is large deviation
European Central Bank (ECB) executive board member and Chief Economist Philip Lane said during the European trading session that monetary policy adjustments are required only if there is a large and persistent deviation in economic data.
ECB
EURUSD
InterestRate
USD/CHF weakens amid Fed rate cut expectations, mixed Swiss CPI
USD/CHF weakens amid Fed rate cut expectations, mixed Swiss CPI
USD/CHF stabilizes above 0.8000 on Wednesday, trading near 0.8010 at the time of writing, down 0.25% on the day.
Global central banks boost Gold buying in October – ING
Global central banks boost Gold buying in October – ING
Central banks added a net 53 tonnes of Gold to reserves in October, marking the strongest monthly increase since November 2024, with Poland and Brazil leading the charge.
Gold
XAUUSD
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