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Forex Today: US Dollar loses recovery momentum before next batch of data
Forex Today: US Dollar loses recovery momentum before next batch of data
Here is what you need to know on Friday, December 5:
Majors
Macroeconomics
Currencies
Commodities
EconomicIndicator
Momentum
AUD/USD Price Forecast: Revisits two-month high near 0.6620
AUD/USD Price Forecast: Revisits two-month high near 0.6620
The AUD/USD pair extends its winning streak for the eleventh trading day on Friday, rising to near 0.6620 during the early European trading session.
AUDUSD
Fed
RBA
InterestRate
SupportResistance
USD/CHF declines below 0.8050 amid Fed rate cut expectations, US PCE inflation data eyed
USD/CHF declines below 0.8050 amid Fed rate cut expectations, US PCE inflation data eyed
The USD/CHF pair loses momentum to around 0.8030 during the early European session on Friday.
Majors
USDCHF
Macroeconomics
The risk mood keeps steadier and more boxed in going into the final stretch of the week
The risk mood keeps steadier and more boxed in going into the final stretch of the week
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The risk mood keeps steadier and more boxed in going into the final stretch of the week
US futures are slightly higher after the steadier showing overnight in Wall Street
market overview
USD/INR rises as RBI reduces Repo Rate by 25 bps to 5.25%, as expected
USD/INR rises as RBI reduces Repo Rate by 25 bps to 5.25%, as expected
The Indian Rupee (INR) drops against the US Dollar (USD) on Friday, with the USD/INR pair edging higher to near 90.10, as the Reserve Bank of India (RBI) announces a dovish monetary policy.
USDINR
India
Fed
InterestRate
SEO
EUR/USD undervalued with Fed meeting on the horizon - Credit Agricole
EUR/USD undervalued with Fed meeting on the horizon - Credit Agricole
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EUR/USD undervalued with Fed meeting on the horizon - Credit Agricole
The firm sees scope for the euro to gain further against the dollar this month
EUR
Forex
USD
US Dollar Index (DXY) remains close to multi-week low, around 99.00 ahead of US PCE data
US Dollar Index (DXY) remains close to multi-week low, around 99.00 ahead of US PCE data
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, struggles to capitalize on the overnight bounce from its lowest level since late October and trades with a mild negative bias during the Asian session on Friday.
DollarIndex
Fed
InterestRate
Inflation
Currencies
EUR/JPY softens to near 180.50 as BoJ rate hike speculation bolsters Japanese Yen
EUR/JPY softens to near 180.50 as BoJ rate hike speculation bolsters Japanese Yen
The EUR/JPY cross trades on a softer note around 180.60 during the early European session on Friday. The Japanese Yen (JPY) edges higher against the Euro (EUR) amid growing speculation that the Bank of Japan (BoJ) will raise interest rates when it meets in December.
EURJPY
Crosses
Macroeconomics
BOJ
investingLive Asia-Pacific FX news wrap: Prospect of a BoJ Dec 19 rate hike firms further
investingLive Asia-Pacific FX news wrap: Prospect of a BoJ Dec 19 rate hike firms further
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investingLive Asia-Pacific FX news wrap: Prospect of a BoJ Dec 19 rate hike firms further
Financial market news for Asian trading on Friday, December 5, 2025
Session wrap
Wrap Asia
Gold edges higher amid dovish Fed expectations; traders await US PCE inflation data
Gold edges higher amid dovish Fed expectations; traders await US PCE inflation data
Gold (XAU/USD) attracts some buyers heading into the European session on Friday, though it lacks bullish conviction and remains confined in the weekly trading range.
Gold
Commodities
Inflation
Fed
SEO
India Gold price today: Gold rises, according to FXStreet data
India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Friday, according to data compiled by FXStreet.
Gold
Metals
Commodities
India
Silver Price Forecast: XAG/USD rises to near $57.50 on dovish Fed expectations
Silver Price Forecast: XAG/USD rises to near $57.50 on dovish Fed expectations
Silver price (XAG/USD) trades 0.5% higher to near $57.50 during the Asian trading session on Friday. The white metal rises after regaining ground, following a correction move to near $56.50 from the all-time high of $58.90.
Silver
XAGUSD
Fed
InterestRate
Employment
GBP/USD Price Forecast: Constructive view prevails above 1.3300 ahead of US PCE inflation data
GBP/USD Price Forecast: Constructive view prevails above 1.3300 ahead of US PCE inflation data
The GBP/USD pair trades on a flat note near 1.3330 during the Asian trading hours on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation report later on Friday.
Majors
Technical Analysis
GBPUSD
USD/INR eases from record highs as markets await RBI decision and guidance
USD/INR eases from record highs as markets await RBI decision and guidance
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USD/INR eases from record highs as markets await RBI decision and guidance
A rate cut or dovish liquidity signals could weaken the rupee and push USD/INR back through 90. Softer yields show bond markets leaning dovish, though growth data complicates the case for immediate easing.
Bonds
Indian Stock Market
USD/CAD trades flat near 1.3950 ahead of Canada’s employment data
USD/CAD trades flat near 1.3950 ahead of Canada’s employment data
The USD/CAD pair trades in a tight range around 1.3950 during the Asian trading session on Friday. The Loonie pair wobbles inside Thursday’s trading range as investors await the Canadian labour market data for November, which will be published at 13:30 GMT.
USDCAD
BOC
Fed
Employment
Inflation
Japan’s PM Takaichi shifts tone to calm markets as rising yields test fiscal credibility
Japan’s PM Takaichi shifts tone to calm markets as rising yields test fiscal credibility
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Japan’s PM Takaichi shifts tone to calm markets as rising yields test fiscal credibility
Takaichi seeks to calm markets as rising yields and a weak yen challenge Japan’s fiscal and monetary credibility. Or, does it?
Bonds
JPY
EUR/USD edges higher to mid-1.1600s; looks to US PCE Price Index for fresh impetus
EUR/USD edges higher to mid-1.1600s; looks to US PCE Price Index for fresh impetus
The EUR/USD pair attracts some dip-buyers during the Asian session on Friday and recovers a part of the previous day's retracement slide from the 1.1680 region, or the highest level since October 17.
EURUSD
Fed
Inflation
ECB
Currencies
Japanese Yen stands firm near three-week high vs USD amid divergent BoJ-Fed expectations
Japanese Yen stands firm near three-week high vs USD amid divergent BoJ-Fed expectations
The Japanese Yen (JPY) continues with its relative outperformance against a broadly weaker US Dollar (USD) through the Asian session on Friday and climbs back closer to a nearly three-week high, touched the previous day.
USDJPY
ConsumerSpending
BOJ
Fed
SEO
WTI holds below $60.00, Fed rate cut bets cushion losses
WTI holds below $60.00, Fed rate cut bets cushion losses
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.45 during the Asian trading hours on Friday. The WTI declines amid an increase in US crude oil stockpiles, signaling excess supply.
Oil
WTI
Commodities
Macroeconomics
RBA to hold cash rate at 3.60% through 2026 — Reuters poll
RBA to hold cash rate at 3.60% through 2026 — Reuters poll
The Reserve Bank of Australia (RBA) will hold its cash rate at 3.60% at its December next week and keep it steady through 2026, according to the latest Reuters poll.
RBA
CentralBanks
InterestRate
AUDUSD
PBOC sets USD/CNY reference rate at 7.0749 vs. 7.0733 previous
PBOC sets USD/CNY reference rate at 7.0749 vs. 7.0733 previous
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 7.0749 compared to the previous day's fix of 7.0733 and 7.0751 Reuters estimate.
USDCNY
PBOC
CentralBanks
Currencies
NZD/USD weakens to near 0.5750 as traders await US PCE inflation release
NZD/USD weakens to near 0.5750 as traders await US PCE inflation release
The NZD/USD pair edges lower to around 0.5765 during the early Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD). Nonetheless, the potential downside for the pair might be limited amid rising bets for a rate cut by the Federal Reserve (Fed) next week.
Majors
Macroeconomics
NZDUSD
AUD/USD holds steady above 0.6600; remains close to two-month high ahead of US PCE data
AUD/USD holds steady above 0.6600; remains close to two-month high ahead of US PCE data
The AUD/USD pair enters a bullish consolidation phase during the Asian session on Friday and oscillates in a range around the 0.6600 round figure, just below a nearly two-month high, touched the previous day.
AUDUSD
Inflation
Fed
RBA
Currencies
Japan’s Katayama says will closely monitor market developments
Japan’s Katayama says will closely monitor market developments
Japan’s Finance Minister Satsuki Katayama said on Friday that interest rates are shaped by “various factors” and reiterated that the government will closely monitor market developments, pursue appropriate debt-management policies, and craft budgets with fiscal sustainability in mind.
Japan
Macroeconomics
BOJ
CentralBanks
Gold Price Forecast: XAU/USD flat lines near $4,200 ahead of US PCE inflation release
Gold Price Forecast: XAU/USD flat lines near $4,200 ahead of US PCE inflation release
Gold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data.
XAUUSD
Gold
Commodities
Macroeconomics
China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries
China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries
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China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries
The resurgence of shadow lending underscores persistent stress in China’s local-government finances and weak infrastructure spending — a drag on growth-sensitive assets. The trend signals higher credit risk in LGFV-linked markets and may limit Beijing’s ability to stimulate without widening fiscal strain. Investors may interpret this as medium-term negative for China credit, construction supply chains, and commodity demand.
China
Japan data huge miss - Household spending plummets in Oct, down 3% y/y vs. +1% expected
Japan data huge miss - Household spending plummets in Oct, down 3% y/y vs. +1% expected
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Japan data huge miss - Household spending plummets in Oct, down 3% y/y vs. +1% expected
The steep decline in household spending highlights the disconnect between rising wages and consumer behaviour, potentially limiting the BOJ’s confidence in near-term demand-driven inflation. Yen traders may see the release as modestly dovish for December, though broader policy expectations still hinge on wage momentum and next week’s inflation data.
Bonds
BOJ
JPY
GBP/USD pulls back as bull run hesitates
GBP/USD pulls back as bull run hesitates
GBP/USD flubbed a technical run at the 1.3350 handle on Wednesday, falling back below the key technical level and trimming some of the ground gained during a strong rebound earlier in the week.
GBPUSD
Currencies
Inflation
USD/JPY drifts lower to near 155.05 on Fed rate cut expectations, US PCE inflation data in focus
USD/JPY drifts lower to near 155.05 on Fed rate cut expectations, US PCE inflation data in focus
The USD/JPY pair remains weak near 155.05 during the early Asian session on Friday. Rising bets for a rate cut by the US Federal Reserve (Fed) next week and weaker US economic data weigh on the US Dollar (USD) against the Japanese Yen (JPY).
USDJPY
Majors
Macroeconomics
Euro dips as US jobs data boosts the Dollar despite Fed-cut buzz
Euro dips as US jobs data boosts the Dollar despite Fed-cut buzz
Euro retreats somewhat on Thursday as traders digest the last round of US jobs data as they also brace for the release of the Federal Reserve’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. At the time of writing, the EUR/USD trades at 1.1649, down 0.19%.
Fundamental Analysis
Technical Analysis
EURUSD
Majors
SEO
USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement
USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement
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USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement
USTR Greer said the U.S. wants a stable but smaller and more balanced trade relationship with China, highlighting a 25% decline in the U.S. goods deficit as progress. He also warned of problems within the USMCA and stressed the need to prevent Mexico and Canada from being used as export hubs for Asian producers.
China
CAD
MXN
Balanced
Economic and event calendar in Asia Friday, December 5, 2025. Japan spending data.
Economic and event calendar in Asia Friday, December 5, 2025. Japan spending data.
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Economic and event calendar in Asia Friday, December 5, 2025. Japan spending data.
Asian Economic Calendar: Key events and consensus expectations for 05 December 2025
economic calendar
investingLive Americas market news wrap: Initial jobless claims tumble
investingLive Americas market news wrap: Initial jobless claims tumble
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investingLive Americas market news wrap: Initial jobless claims tumble
Forex news for North American trading on Dec 4, 2025
Session wrap
Wrap Nth America
Treasury yields perk up and help boost the US dollar
Treasury yields perk up and help boost the US dollar
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Treasury yields perk up and help boost the US dollar
First gain in five days for the US dollar
Bonds
USD
Dow Jones Industrial Average sheds 100 points on Thursday
Dow Jones Industrial Average sheds 100 points on Thursday
The Dow Jones Industrial Average (DJIA) spun in a tight circle near 48,000 on Thursday before retreating around 100 points.
DowJones
Equities
SEO
Fed
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
European indices close with gains across the board
European indices close with gains across the board
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European indices close with gains across the board
The Spain's Ibex and German DAX lead the charge
Stocks
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
Broker Rebates