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FX Today: US PCE data takes centre stage alongside the flash U-Mich gauge
FX Today: US PCE data takes centre stage alongside the flash U-Mich gauge
The US Dollar (USD) struggled for direction amid the ongoing and intense bearish trend in place since late November. Rising bets for a rate cut by the Federal Reserve (Fed) next week and discouraging data have been keeping the Greenback under scrutiny as of late, fuelling its downside momentum.
Fed
Inflation
DollarIndex
EURUSD
Currencies
EUR/USD softens after eight-day rally ahead of key US PCE, Eurozone data
EUR/USD softens after eight-day rally ahead of key US PCE, Eurozone data
The Euro (EUR) trades slightly lower against the US Dollar (USD) on Thursday, weighed down by a modest uptick in the Greenback.
EURUSD
Eurozone
UnitedStates
Fed
InterestRate
AUD/USD hits highest since October as speculation of a hawkish RBA builds
AUD/USD hits highest since October as speculation of a hawkish RBA builds
The Australian Dollar extends gains against the US Dollar on Thursday as markets scale back expectations of additional rate cuts by the Reserve Bank of Australia (RBA). At the time of writing, AUD/USD is trading around 0.6622, its strongest level since October 7.
AUDUSD
RBA
Fed
China
InterestRate
GBP/USD shrugs off strong US labor data as traders stay committed to Fed easing
GBP/USD shrugs off strong US labor data as traders stay committed to Fed easing
The Pound Sterling (GBP) rises against the US Dollar (USD) during the North American session on Thursday, even though US jobs data suggests that the labor market remains solid, and the expectations that the Federal Reserve (Fed) will cut rates remain high.
GBPUSD
Fundamental Analysis
Technical Analysis
Majors
EUR gains as Germany pension reform set to pass – Rabobank
EUR gains as Germany pension reform set to pass – Rabobank
Germany’s pension reform looks set to pass after Die Linke signals abstention, giving Euro (EUR) a temporary boost against the Pound Sterling (GBP).
EURUSD
Banks
Technical Analysis
Fundamental Analysis
EURGBP
Silver Price Forecast: RSI divergence emerges as XAG/USD eases after hitting record highs
Silver Price Forecast: RSI divergence emerges as XAG/USD eases after hitting record highs
Silver (XAG/USD) trades on the back foot on Thursday as bulls take a breather and book partial profits after the metal climbed to record highs near $58.98 on Wednesday. At the time of writing, XAG/USD is trading around $56.87, down roughly 2.77% on the day.
XAGUSD
Silver
Technical Analysis
SupportResistance
ChartPatterns
JPY leads G10 as BoJ hike bets grow – Scotiabank
JPY leads G10 as BoJ hike bets grow – Scotiabank
The Japanese Yen (JPY) strengthens sharply as tightening expectations for the BoJ accelerate, driven by Governor Ueda’s latest hawkish remarks.
USDJPY
Banks
BOJ
Japan
CentralBanks
GBP pushes toward late-October highs – Scotiabank
GBP pushes toward late-October highs – Scotiabank
The Pound Sterling (GBP) stays firm near the top of its overnight range, with options markets sharply repricing protection against GBP weakness after the UK budget.
GBPUSD
Banks
BOE
Technical Analysis
UnitedKingdom
EUR holds gains as Fed/ECB spread widens – Scotiabank
EUR holds gains as Fed/ECB spread widens – Scotiabank
The Euro (EUR) is consolidating this week’s advance, supported by widening rate differentials and a neutral ECB outlook, with little reaction to soft euro-area data.
EURUSD
Banks
Technical Analysis
ECB
Federal Reserve to cut the funds rate by 25bps on December 10 - Reuters poll
Federal Reserve to cut the funds rate by 25bps on December 10 - Reuters poll
According to a Reuters poll on Thursday, the Federal Reserve (Fed) is widely expected to cut interest rates by 25 Basis points (BPS) to 3.50%-3.75% at its monetary policy meeting on December 10.
CentralBanks
Fed
InterestRate
CAD shrugs off renewed USMCA withdrawal threat – Scotiabank
CAD shrugs off renewed USMCA withdrawal threat – Scotiabank
The Canadian Dollar (CAD) shows only mild weakness after fresh headlines on a possible USMCA withdrawal, but persistent long-term trade uncertainty continues to cap gains.
USDCAD
Banks
Canada
BOC
USD softens as weak jobs data reinforce dovish Fed risks – Scotiabank
USD softens as weak jobs data reinforce dovish Fed risks – Scotiabank
The US Dollar (USD) remains under pressure as soft labor data and speculation about a more dovish Fed tilt weigh on sentiment, even as OIS markets resist pricing deeper cuts.
DollarIndex
Fed
Banks
Employment
US: Initial Jobless Claims dropped to 191K last week
US: Initial Jobless Claims dropped to 191K last week
The number of US citizens submitting new applications for unemployment insurance went down to 191K for the week ending November 29, according to a report from the US Department of Labour (DOL) released on Thursday.
Employment
UnitedStates
EconomicIndicator
EURJPY slips as Yen strengthens on rising BoJ rate hike expectations
EURJPY slips as Yen strengthens on rising BoJ rate hike expectations
The Euro (EUR) weakens against the Japanese Yen (JPY) on Thursday as the Yen outperforms major peers, buoyed by growing speculation that the Bank of Japan (BoJ) could raise interest rates at its upcoming December 19 monetary policy meeting.
EURJPY
Japan
BOJ
InterestRate
Eurozone
USD/CAD picks up from 1.3940 lows ahead of US and Canadian data
USD/CAD picks up from 1.3940 lows ahead of US and Canadian data
The US Dollar is showing moderate gains against its Canadian counterpart on Thursday, trading at 1.3970 after bouncing from five-week lows near 1.3940.
USDCAD
Currencies
Majors
US November Challenger layoffs 71.321k vs 153.074k prior
US November Challenger layoffs 71.321k vs 153.074k prior
Latest data released by Challenger, Gray & Christmas, Inc. - 4 December 2025
investingLive European markets wrap: Yen extends gains as BOJ looks poised to hike rates
investingLive European markets wrap: Yen extends gains as BOJ looks poised to hike rates
Market news from the European morning session on 4 December 2025
Session wrap
Wrap Europe
Gold consolidates near $4,200 amid Fed rate cut expectations
Gold consolidates near $4,200 amid Fed rate cut expectations
Gold (XAU/USD) holds steady on Thursday, moving quietly within the $4,160-$4,260 range as investors adopt a wait-and-see approach ahead of the Federal Reserve’s (Fed) monetary policy meeting next week.
Gold
XAUUSD
SEO
Technical Analysis
Fed
 USD/JPY extends losses to fresh two-week lows near 154.50
 USD/JPY extends losses to fresh two-week lows near 154.50
The US Dollar-Yen recovery attempt seen during Thursday’s early Asian session was capped at 155.50, and the pair resumed its broader bearish trend during the European trading session, breaching Monday’s low of 154.65 to hit fresh two-week lows near 154.50 at the time of writing.
USDJPY
Currencies
Majors
BOJ
AUD/USD rallies further around 0.6600 as RBA seems done with rate cuts
AUD/USD rallies further around 0.6600 as RBA seems done with rate cuts
The AUD/USD pair extends its winning streak for the tenth trading day on Thursday.
AUDUSD
Fed
RBA
InterestRate
Inflation
Gold Price Forecast: XAU/USD is looking for direction at $4,200
Gold Price Forecast: XAU/USD is looking for direction at $4,200
Gold (XAU/USD) is posting minor losses for the third consecutive day on Thursday, weighed by lower demand for safe havens amid a moderate risk appetite. The precious metal, however, remains supported above the mid-range of the $4,100s with the $4,264 high at a short distance.
XAUUSD
Gold
Commodities
Technical Analysis
USD/CNH recovers from one-year low – BBH
USD/CNH recovers from one-year low – BBH
USD/CNH bounced from a one-year-plus low as the PBOC set a higher-than-expected fixing, signaling managed support for yuan appreciation. A stronger Yuan could help China pivot towards consumer-led growth, while the USD/CNH downtrend remains intact, BBH FX analysts report.
Banks
USDCNY
USDCNH
PBOC
Technical Analysis
USD/JPY slides below 155 amid strong JGB demand – BBH
USD/JPY slides below 155 amid strong JGB demand – BBH
USD/JPY dipped below 155.00 as strong demand for Japan’s 30-year government bonds pushed yields lower, highlighting investor appetite ahead of the Bank of Japan’s (BoJ) December rate decision, BBH FX analysts report.
USDJPY
Banks
BOJ
Technical Analysis
GBP/USD holds gains above 200-DMA – BBH
GBP/USD holds gains above 200-DMA – BBH
GBP/USD remains supported after yesterday’s rally, trading above its 200-day moving average, even as the DMP survey signals moderate wage growth, BBH FX analysts report.
GBPUSD
Banks
BOE
USD mixed as markets anticipate Fed cuts – BBH
USD mixed as markets anticipate Fed cuts – BBH
US Dollar (USD) remains mixed as bets on Fed rate cuts rise amid disappointing ADP payrolls and signs of easing inflation pressures. US labor market shows strain with negative job trends, even as services activity holds up, keeping focus on upcoming job cuts and claims data, BBH FX analysts report.
DollarIndex
Banks
Fed
Fed cut expected to boost EUR/USD – Danske Bank
Fed cut expected to boost EUR/USD – Danske Bank
EUR/USD may rise as markets price in a December Fed rate cut, with structural factors and energy markets providing additional support.
EURUSD
Banks
Gas
Fed
Eurozone Retail Sales remain flat on month in October vs. 0.1% growth prior
Eurozone Retail Sales remain flat on month in October vs. 0.1% growth prior
The Eurozone Retail Sales, which is a key measure of consumer spending, remains flat month-on-month (MoM) in October, while it was expected to grow by 0.1%, reported by Eurostat on Thursday. In September, the consumer spending measure rose by 0.1%, revised from a negative 0.1%.
EURUSD
Eurozone
RetailSales
EUR/GBP Price Forecast: Euro bounces from 0.8737 lows with bears still in control
EUR/GBP Price Forecast: Euro bounces from 0.8737 lows with bears still in control
The Euro is picking up from five-week lows near 0.8735 on Thursday, as the Pound loses steam, following Wednesday’s rally. The pair, however, maintains its bearish trend intact, with technical indicators pointing lower and investors upbeat about the details of the UK budget.
EURGBP
Technical Analysis
Currencies
Crosses
USD/BRL consolidates near September lows – Société Générale
USD/BRL consolidates near September lows – Société Générale
USD/BRL remains range-bound after hitting an interim low near 5.27, with momentum indicators showing potential for a pause in the downtrend, Société Générale's FX analysts note.
Banks
USDBRL
Technical Analysis
USD/JPY falls below 155 amid softer US Dollar – MUFG
USD/JPY falls below 155 amid softer US Dollar – MUFG
USD/JPY dropped below 155 as a weaker dollar and lower US yields provided support, while markets anticipate a potential BoJ rate hike.
USDJPY
Banks
Technical Analysis
BOJ
Broker Rebates