Forex News Timeline

12:09 CNY gains 0.9% in November on trade-weighted basis – Commerzbank
The Chinese Yuan (CNY) continued its steady appreciation, supported by a weaker US Dollar (USD), with USD/CNY falling to 7.0471. Banking sector foreign currency reserves rose further, reflecting efforts to moderate the pace of CNY gains while maintaining a high trade surplus.

The Chinese Yuan (CNY) continued its steady appreciation, supported by a weaker US Dollar (USD), with USD/CNY falling to 7.0471. Banking sector foreign currency reserves rose further, reflecting efforts to moderate the pace of CNY gains while maintaining a high trade surplus. Analysts expect gradual, controlled appreciation in the months ahead, Commerzbank's FX analyst Volkmar Baur notes. Chinese Bank FX reserves rise amid currency strength"According to the Bank for International Settlements (BIS), the CNY appreciated by 0.9% on a trade-weighted basis in November. This development was supported by a sustained appreciation of the CNY against the US dollar, which has continued so far this month. Yesterday, USD/CNY fell to 7.0471, its lowest level this year.""However, data published yesterday on the balance sheets of the Chinese banking sector indicate that the appreciation could have been even stronger. While foreign currency reserves at the central bank did not increase, they rose again in the banking sector by around RMB 80 billion compared with the previous month, putting them around 24% higher last month than in November last year.""We expect the CNY to continue to appreciate slightly against the US dollar in the coming months. However, this will not be enough to counteract the high foreign trade surplus. The government will therefore continue its efforts to prevent the CNY from appreciating too quickly. And the interventions are likely to cause foreign currency reserves in the banking sector to rise further."

12:08 Eurozone ZEW Survey rises significantly to 33.7 in December vs. 26.3 estimates
Eurozone ZEW Survey - Economic Sentiment jumps sharply to 33.7 in December. The sentiment indicator was expected to increase slightly to 26.3 from 25.0 in November.

12:02 Italy Trade Balance EU dipped from previous €-0.042B to €-1.31B in October
Italy Trade Balance EU dipped from previous €-0.042B to €-1.31B in October

12:02 USD/CNH approaches 7.00 despite weak Chinese data – ING
USD/CNH nears 7.00, despite disappointing Chinese activity data.

USD/CNH nears 7.00, despite disappointing Chinese activity data. Analysts note a rare setup with the PBoC fixing USD/CNY above model estimates, signaling a gradual approach to renminbi appreciation, with potential pressure for a stronger currency emerging in 2026, ING's FX analyst Chris Turner notes.PBoC fixing USD/CNY above model estimates"There is a lot of focus currently on the renminbi as USD/CNH approaches 7.00 – this despite some very disappointing Chinese activity data this week. Interest in the renminbi has been rekindled after Chinese November trade data showed that China had already amassed a $1tr trade surplus in the first 11 months of the year." "The presumption is that Chinese exporters are waiting for better levels to sell their FX earnings. Yet a debate is emerging about whether local authorities should allow a stronger renminbi to rebalance the local economy away from exports and towards stronger domestic demand. And in fact, we are now seeing an extremely rare setup of the People's Bank of China (PBoC) fixing USD/CNY higher than model-based estimates for the fixing.""In the last three years, in particular, the PBoC has been fixing USD/CNY lower than model-based estimates. Our Greater China economist, Lynn Song, believes the PBoC will not be rushed into accepting a much stronger renminbi, but pressure could build in 2026 – especially if we are correct with our house call for two more Fed cuts and a slightly weaker dollar."

12:01 Eurozone ZEW Survey – Economic Sentiment above expectations (26.3) in December: Actual (33.7)
Eurozone ZEW Survey – Economic Sentiment above expectations (26.3) in December: Actual (33.7)

12:00 Eurozone Trade Balance s.a. dipped from previous €18.7B to €14B in October
Eurozone Trade Balance s.a. dipped from previous €18.7B to €14B in October

12:00 Italy Global Trade Balance above forecasts (€3.22B) in October: Actual (€4.156B)
Italy Global Trade Balance above forecasts (€3.22B) in October: Actual (€4.156B)

12:00 Eurozone Trade Balance n.s.a. dipped from previous €19.4B to €18.4B in October
Eurozone Trade Balance n.s.a. dipped from previous €19.4B to €18.4B in October

12:00 Germany ZEW Survey – Current Situation came in at -81, below expectations (-80) in December
Germany ZEW Survey – Current Situation came in at -81, below expectations (-80) in December

12:00 Germany ZEW Survey – Economic Sentiment above forecasts (38.5) in December: Actual (45.8)
Germany ZEW Survey – Economic Sentiment above forecasts (38.5) in December: Actual (45.8)

11:53 NZD: NZ food prices fall, but inflation remains elevated – Commerzbank
Food prices in New Zealand fell by 0.4% in November compared with the previous month. However, they are still 4.4% higher than a year ago and therefore continue to pose a problem for the central bank.

Food prices in New Zealand fell by 0.4% in November compared with the previous month. However, they are still 4.4% higher than a year ago and therefore continue to pose a problem for the central bank. If it were only food prices, one could perhaps overlook this and refer to core prices, Commerzbank's FX analyst Volkmar Baur notes. Core price trends keep pressure on RBNZ"However, the trend here has not been much better in recent months. Of course, it should be noted that in New Zealand, only a portion of the prices in the CPI basket are surveyed on a monthly basis. However, these price indications were also a reliable indicator for the complete CPI, which is surveyed once a quarter. And so it still looks as if inflation will remain at around 3%, at the upper end of the central bank's target range.""It remains to be seen how the Reserve Bank of New Zealand will deal with this. In interviews over the past few days, the new governor, Anna Breman, emphasised that the key interest rate could remain unchanged if the economy develops as currently expected. However, she also said that financial conditions had already tightened somewhat more than expected three weeks ago." "The RBNZ's next monetary policy meeting will not take place until 18 February next year. This gives the new governor plenty of time to calmly assess developments. We continue to assume that the economy in particular will develop somewhat weaker than currently expected by the central bank and therefore continue to anticipate a further reduction in the key interest rate."

11:46 USD: US NFP release in focus for today – ING
The highlight of today's session will be the 1430CET release of the delayed NFP jobs report. We will receive job hiring updates for both October and November, ING's FX analyst Chris Turner notes.

The highlight of today's session will be the 1430CET release of the delayed NFP jobs report. We will receive job hiring updates for both October and November, ING's FX analyst Chris Turner notes.November jobs expected to rise modestly"The consensus is for a modest +50k jobs increase for November and a rise in the unemployment rate to 4.5%. There will be no unemployment rate for October. Numbers in line with consensus will not have too much bearing on the Fed policy debate, where the market is close to pricing the next 25bp Fed cut by April and a further one by September." "We do note, however, that US money markets have fallen after the Fed announced its generous T-bill buying plans last week, and that is allowing three-month dollar hedging costs to drop to levels last seen in September 2022. There's also US October retail sales data today and the S&P PMIs. These look like an unlikely source of dollar volatility.""Strong interest in EM is normally a mild dollar negative. And with seasonal factors in play, we favour some mild dollar weakening into year-end as long as the NFP data does not surprise heavily on the upside. Below 98.00, DXY could edge to 97.80. To the upside, 98.80 looks intraday resistance."

11:36 JPY: Tankan reinforces case for BoJ rate hike – Commerzbank
The flash estimates for the Japanese purchasing managers' indices were somewhat weaker this morning than in the previous month. However, at 51.5, the composite PMI remained in expansionary territory.

The flash estimates for the Japanese purchasing managers' indices were somewhat weaker this morning than in the previous month. However, at 51.5, the composite PMI remained in expansionary territory. Yesterday's Tankan survey sent a clearer signal for a key interest rate hike at the end of this week, when the Bank of Japan meets for its last monetary policy meeting of the year, Commerzbank's FX analyst Volkmar Baur notes. Inflation signals turn less benign"This survey, which is conducted once a quarter by the Bank of Japan itself, is considered a reliable indicator of the Japanese economy. Here, the economic situation for all companies rose to 17 balance points, the highest level since 2018. To find an even higher value, one has to go back to the 1990s. The mood among medium-sized companies in particular has brightened significantly over the last three months, but large and small companies also currently assess the current situation as better than it has been for years.""At the same time, the Tankan survey also sent a small warning to the monetary authorities. This is because the disinflationary trends seen in recent quarters in the form of falling output prices have slowed significantly in the last three months. Although the level is not alarming and points to inflation of around 2% at the current level, food prices are still significantly higher, so a small buffer for industrial goods and services would certainly not be a bad thing.""The Tankan therefore points in the direction we have been expecting for some time: an interest rate hike at the end of this week. However, the market has already almost fully priced this in. For USD/JPY, it will once again depend on the tone of Governor Ueda. I expect him to be cautiously optimistic about further interest rate hikes. This should support the JPY."

11:33 UK flash Composite PMI rises to 52.1, beats 51.4 estimates
United Kingdom’s (UK) preliminary S&P Global Composite Purchasing Managers’ Index (PMI) comes in higher at 52.1 compared to expectations of 51.4 and the November's reading of 51.2. The Services and the Manufacturing PMI jumps to 52.1 and 51.2, respectively.

11:30 Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $63.15 per troy ounce, down 1.41% from the $64.06 it cost on Monday.

11:30 USD/CNH breaks lower as downtrend accelerates – Société Générale
USD/CNH has extended its decline after breaking below the lower boundary of a multi-month descending channel, reinforcing the broader bearish trend, Société Générale's FX analysts note.

USD/CNH has extended its decline after breaking below the lower boundary of a multi-month descending channel, reinforcing the broader bearish trend, Société Générale's FX analysts note. RMB strength persists despite stretched conditions"USD/CNH has extended its decline after breaking below the lower boundary of a multi-month descending channel. While the downtrend appears stretched, there are still no clear signals of a meaningful rebound." "The pair looks poised to head gradually towards next objectives at the lower limit of the descending channel drawn since August at 7.01/7.00, followed by 2024 trough near 6.97. If a short-term bounce develops, the 50-DMA near 7.09/7.10 is likely to provide resistance."

11:30 United Kingdom S&P Global Manufacturing PMI above forecasts (50.2) in December: Actual (51.2)
United Kingdom S&P Global Manufacturing PMI above forecasts (50.2) in December: Actual (51.2)

11:30 United Kingdom S&P Global Composite PMI came in at 52.1, above forecasts (51.4) in December
United Kingdom S&P Global Composite PMI came in at 52.1, above forecasts (51.4) in December

11:30 United Kingdom S&P Global Services PMI above forecasts (51.5) in December: Actual (52.1)
United Kingdom S&P Global Services PMI above forecasts (51.5) in December: Actual (52.1)

11:21 Oil: Ceasefire hopes push Brent to six-month low – Commerzbank
Renewed optimism over a Russia-Ukraine ceasefire weighed on the Oil market yesterday. ICE Brent settled a little more than 0.9% lower, leaving it at $60.56/bbl -- the lowest close since May.

Renewed optimism over a Russia-Ukraine ceasefire weighed on the Oil market yesterday. ICE Brent settled a little more than 0.9% lower, leaving it at $60.56/bbl -- the lowest close since May. President Trump has said that an agreement to end the war in Ukraine is closer than ever, after talks in Berlin. Clearly, territory remains a big sticking point, ING's commodity experts Ewa Manthey and Warren Patterson note.Russian Oil faces buyer shortfall despite exports holding up"Oil markets will be watching developments closely, given the significant supply risk from sanctions on Russia. While Russian seaborne Oil exports have held up well since the imposition of sanctions on Rosneft and LukOil, this Oil is still struggling to find buyers. The result is a growing volume of Russian Oil at sea. India, a key buyer of Russian Oil since the Russia/Ukraine war began, will reportedly see imports of Russian Crude fall to around 800k b/d this month, down from around 1.9m b/d in November.""The continued weakness in the refined products market may be adding to the broader pressure on Oil markets over the last week or so. Refinery margins surged in November amid concerns over the impact of sanctions on refined product flows and persistent Ukrainian drone attacks on Russian refinery assets. These concerns coincide with some refinery outages and the maintenance season." "This has been evident in the middle distillate market, with the ICE gasOil crack trading up towards $38/bbl in November on the back of heavy speculative buying. However, speculators have been heavily selling the gasOil market since late November. Ths has seen the crack fall back towards $23/bbl. As of last Tuesday, speculators held a net long of 58,578 lots in ICE gasOil, down from a peak of 102,195 lots as of 25 November."

11:11 USD: Unusual Tuesday release for US jobs report – Commerzbank
The US labour market report breaks with tradition by landing on a Tuesday, but expectations are modest, with job growth seen at just 50k and little change in unemployment.

The US labour market report breaks with tradition by landing on a Tuesday, but expectations are modest, with job growth seen at just 50k and little change in unemployment. Even a sizeable surprise may fail to stir markets, as data collected after the historic government shutdown is widely expected to be distorted, Commerzbank's FX analyst Volkmar Baur notes. November payrolls seen muted after shutdown"Today is finally the day. And fittingly for this year, in which everything seems to be different and somewhat chaotic, the US labour market report, which is normally always released on a Friday, will be published today on a Tuesday." "However, we should not expect too much clarity. Our economists assume that the US economy created 50,000 new jobs in November, that hourly wages rose by 0.3% compared to the previous month and that the unemployment rate remained unchanged at 4.4%. Such a labour market report is unlikely to cause much volatility in the market.""However, even a labour market report that deviates significantly from expectations is likely to have only a muted impact on the market. After all, any figures reported tomorrow should be treated with caution. Bear in mind that the data was collected shortly after the longest US government shutdown in history. It is therefore to be expected that certain distortions have occured."

11:04 USD/CNH stays heavy despite weak China data – OCBC
USD/CNH remains under pressure even as China’s activity data disappoints, with a fresh multi-month low in the daily fixing reinforcing a gradual RMB appreciation bias.

USD/CNH remains under pressure even as China’s activity data disappoints, with a fresh multi-month low in the daily fixing reinforcing a gradual RMB appreciation bias. While technicals stay mildly bearish, near-term direction will hinge on whether policymakers slow the pace of lower fixes or allow further downside in spot. Pair was last at 7.0371 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.PBoC fix hits new multi-month low"USD/CNH continued to trade with a heavy bias despite activity data coming in softer – retail sales, industrial production and new home prices underwhelmed. Mild bearish momentum on daily chart remains intact while RSI is near oversold conditions. Next support is closer to 7 levels. Resistance at 7.05, 7.0780 (21 DMA).""Today’s fix was set to a fresh multi-month low of 7.0602 vs. yesterday’s fix at 7.0656. The broader fixing pattern remains consistent since Apr-2025 and we view this as a deliberate move to steer the RMB on a gradual appreciation path while maintaining market order." "But in the near term, we continue to watch if policymakers would moderate the pace of setting the fix lower (i.e. set the fix higher in attempt to slow the pace of RMB appreciation) or continue with a similar trajectory. The latter may continue to add to downside pressure while the former may see some temporary consolidation in spot."

11:01 Italy Consumer Price Index (YoY) came in at 1.1% below forecasts (1.2%) in November
Italy Consumer Price Index (YoY) came in at 1.1% below forecasts (1.2%) in November

11:01 Italy Consumer Price Index (MoM) meets forecasts (-0.2%) in November
Italy Consumer Price Index (MoM) meets forecasts (-0.2%) in November

11:01 Italy Consumer Price Index (EU Norm) (YoY) meets expectations (1.1%) in November
Italy Consumer Price Index (EU Norm) (YoY) meets expectations (1.1%) in November

11:01 Italy Consumer Price Index (EU Norm) (MoM) in line with expectations (-0.2%) in November
Italy Consumer Price Index (EU Norm) (MoM) in line with expectations (-0.2%) in November

11:00 Eurozone HCOB Services PMI came in at 52.6 below forecasts (53.9) in December
Eurozone HCOB Services PMI came in at 52.6 below forecasts (53.9) in December

11:00 Eurozone HCOB Manufacturing PMI below forecasts (49.9) in December: Actual (49.2)
Eurozone HCOB Manufacturing PMI below forecasts (49.9) in December: Actual (49.2)

11:00 Eurozone HCOB Composite PMI came in at 51.9, below expectations (53) in December
Eurozone HCOB Composite PMI came in at 51.9, below expectations (53) in December

10:33 Pound Sterling attracts bids on better-than-projected UK wage data
The Pound Sterling (GBP) demonstrates sheer volatility against its major currency peers on Tuesday, following the release of the United Kingdom (UK) labour market data for the three months ending in October.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Pound Sterling rebounds against its major peers after the release of the UK employment data.UK’s wage growth grew faster than projected, while labor demand remained weak in the three months ending October.Investors await the US NFP data for fresh cues on the Fed interest rate outlook.The Pound Sterling (GBP) demonstrates sheer volatility against its major currency peers on Tuesday, following the release of the United Kingdom (UK) labour market data for the three months ending in October.The British currency initially responded positively to the employment data, as the report showed that Average Earnings Excluding Bonuses, a key measure of wage growth, rose at an annualized pace of 4.6%, faster than estimates of 4.5%. Additionally, the reading of the three-months ending September has been revised higher to 4.7% from 4.6%.Average Earnings Including Bonuses grew at a faster pace of 4.7%, compared to expectations of 4.4%, but slower than the prior release of 4.9%, revised higher from 4.8%.However, the upside reaction could falter as the labor demand has deteriorated further, with the ILO Unemployment Rate rising to 5.1%, as expected, from the prior reading of 5%. In addition, the UK labor force has witnessed lay-offs again. The UK economy shed 17K jobs in the three-months ending October, but lower than the prior reading of 22K lay-offs.Signs of higher-than-projected wage growth and weak labor demand are expected to force Bank of England (BoE) officials to perform a delicate balancing act in the monetary policy meeting on Thursday. According to market expectations, the BoE is expected to cut interest rates by 25 basis points to 3.75%.Before the monetary policy announcement, investors will also focus on the UK Consumer Price Index (CPI) data for November, which will be released on Wednesday.Later on Tuesday, investors should brace for more volatility in the Pound Sterling as the preliminary S&P Global Purchasing Managers’ Index (PMI) data for December is scheduled to be published at 09:30 GMT.Pound Sterling consolidates against US Dollar ahead of US NFP dataThe Pound Sterling trades flat near 1.3370 against the US Dollar (USD) during the European trading hours on Tuesday. The GBP/USD pair recovers initial losses after the release of the UK employment data. The Cable is expected to trade with caution ahead of the United States (US) Nonfarm Payrolls (NFP) data for October and November, which will be published at 13:30 GMT.During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades flat around 98.25.Investors will closely monitor the US NFP to get cues on the current labor market status. The US NFP report is expected to show that the economy created 40K fresh jobs in November. Meanwhile, the Unemployment Rate is seen remaining steady at 4.4%.The employment data will significantly influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook.Broadly, the DXY is underperforming its major peers, trading close to its eight-week low of 98.14 posted last week, as traders are increasingly confident that the Fed will deliver more interest rate cuts than projected in last week's policy announcement.According to the CME FedWatch tool, there is a 74% chance that the Fed will cut interest rates at least two times by the end of 2026. Meanwhile, the Fed’s dot plot in the Summary of Economic Projections showed that policymakers see the Federal Fund Rate falling to 3.4% by 2026, indicating only one more interest rate cut from current levels of 3.50%-3.75%.In Tuesday’s session, investors will also focus on the US Retail Sales data for October and the flash S&P Global Purchasing Managers’ Index (PMI) data for December.Technical Analysis: GBP/USD strives to break above 1.3400GBP/USD trades higher around 1.3370 as of writing. The pair holds above a rising 20-day Exponential Moving Average (EMA), currently at 1.3294, keeping the near-term bias pointed higher.The 14-day Relative Strength Index (RSI) at 61 reflects positive momentum without overbought conditions.Measured from the 1.3783 high to the 1.3008 low, the 38.2% Fibonacci retracement at 1.3304 has been cleared, underpinning the recovery tone. However, the 50% Fibonacci retracement at 1.3395 marks immediate resistance, and a break higher would extend the rebound towards the 61.8% Fibo retracement at 1.3488. Failure to top that barrier could see consolidation back toward the moving average.The trend remains supported while price sustains above the ascending 20-day EMA, though a drop beneath 1.3286 would open the door for further downside towards the December low of 1.3180.(The technical analysis of this story was written with the help of an AI tool.) Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

10:30 Germany HCOB Manufacturing PMI below expectations (48.5) in December: Actual (47.7)
Germany HCOB Manufacturing PMI below expectations (48.5) in December: Actual (47.7)

10:30 Germany HCOB Composite PMI below expectations (52.5) in December: Actual (51.5)
Germany HCOB Composite PMI below expectations (52.5) in December: Actual (51.5)

10:30 Germany HCOB Services PMI below expectations (52.8) in December: Actual (52.6)
Germany HCOB Services PMI below expectations (52.8) in December: Actual (52.6)

10:19 EUR/USD holds gains ahead of Eurozone business activity figures
EUR/USD remains steady near two-and-a-half-month highs on Tuesday, trading practically flat at 1.1750 at the time of writing, ahead of the release of the preliminary Eurozone Manufacturing and Services Purchasing Managers Indexes (PMIs) for December and the delayed US employment figures.

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span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The EUR/USD trades broadly steady at 1.1750, with highs of 1.1760-1.1770 in focus.Eurozone PMIs are expected to show a slight improvement in business activity in December.The EUR/USD rally starts giving signs of exhaustion.EUR/USD remains steady near two-and-a-half-month highs on Tuesday, trading practically flat at 1.1750 at the time of writing, ahead of the release of the preliminary Eurozone Manufacturing and Services Purchasing Managers Indexes (PMIs) for December and the delayed US employment figures.Markets are in a moderate risk-off mood. Most Asian stock markets have posted losses, and the main European equity index futures are pointing to a negative opening, which keeps Euro (EUR) bulls in check. The US Dollar Index (DXY), on the other hand, remains pinned near multi-month lows, which is keeping the EUR/USD's downside attempts limited.During the US market session, the Bureau of Labor Statistics will release the Nonfarm Payrolls reports for October and November. These figures are expected to provide further insight into the momentum of the US labour market, although the lack of key data, which was not collected during the government shutdown, will deprive traders of the full picture. Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD -0.02% -0.00% -0.26% -0.04% -0.03% -0.02% 0.00% EUR 0.02% 0.01% -0.22% -0.03% -0.02% 0.00% 0.02% GBP 0.00% -0.01% -0.25% -0.04% -0.03% -0.02% 0.00% JPY 0.26% 0.22% 0.25% 0.20% 0.21% 0.21% 0.24% CAD 0.04% 0.03% 0.04% -0.20% 0.00% 0.01% 0.05% AUD 0.03% 0.02% 0.03% -0.21% -0.01% 0.01% 0.04% NZD 0.02% 0.00% 0.02% -0.21% -0.01% -0.01% 0.02% CHF -0.01% -0.02% -0.00% -0.24% -0.05% -0.04% -0.02% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote). Daily Digest Market Movers: The US Dollar remains depressed ahead of US employment dataThe Euro (EUR) remains supported near recent highs as investors continue to bet on further interest rate cuts by the Federal Reserve (Fed). The European Central Bank (ECB) is widely expected to keep rates on hold at Thursday's meeting, and might even hint at a rate hike in the second half of 2026.Data from the US released on Monday failed to support the US Dollar. The New York Empire State Manufacturing Index fell to -3.9 in December, below the 10.6 reading forecasted by the market and also below November's 18.7 reading.In the Eurozone, on the other hand, Industrial Production data beat expectations with a 0.8% growth in October, from 0.2% in September, and market forecasts of a mere 0.1% advance. Year-on-year, industrial production increased 2%, from the 1.2% growth seen in September.Beyond that, negotiations for a peace deal in Ukraine continue. US offered NATO-style security guarantees to Kiev after US President Donald Trump and Ukrainian President Volodymyr Zelenskyy's meeting in Berlin, which has provided some support to the Euro.Later on Tuesday, Eurozone Services PMI is expected to have edged up to 53.9 in December, from 53.6 in November, while the Manufacturing PMI is seen ticking up to 49.9 from 49.6 but still within levels consistent with a contracting business activity.In the US, Nonfarm Payrolls data are expected to show a 40K net increase in payrolls in November, with the Unemployment Rate steady at 4.4%. October's payroll figures will also be out, although the jobless rate will not be released due to a lack of data.At the same time, the US Commerce Department will release October's Retail Sales, which are expected to have grown 0.2%, the same pace as in September. Excluding automobiles, US retail consumption is expected to have risen 0.2%, slightly below September's 0.3% growth. Technical Analysis: EUR/USD rally starts to give signs of exhaustionEUR/USD 4-Hour Chart
The EUR/USD maintains its bullish trend intact, but Monday's upside attempts failed to confirm above last week's high at 1.1763, and technical indicators are pointing to a weakening momentum. The. 4-hour Relative Strength Index (RSI) is showing a bearish divergence, although still at levels within bullish territory. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has recently crossed below the signal line, hinting at a deeper correction.Immediate support is at the December 12 low, near 1.1720. Below that, the December 11 low at the 1.1685 area, and the December 9 low at 1.1615 will emerge as the next bearish targets. To the upside, the 1.1760-1.1770 area has capped bulls on December 11 and 15, ahead of the October 1 peak at around 1.1780. The pair has a significant resistance area here, which should be cleared to shift the focus towards the September 23 and 24 highs near 1.1820. Economic Indicator HCOB Manufacturing PMI The Manufacturing Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and Hamburg Commercial Bank (HCOB), is a leading indicator gauging business activity in the Eurozone manufacturing sector. The data is derived from surveys of senior executives at private-sector companies from the manufacturing sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 signals that activity among goods producers is generally declining, which is seen as bearish for EUR. Read more. Next release: Tue Dec 16, 2025 09:00 (Prel) Frequency: Monthly Consensus: 49.9 Previous: 49.6 Source: S&P Global Economic Indicator HCOB Services PMI The Services Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and Hamburg Commercial Bank (HCOB), is a leading indicator gauging business activity in the Eurozone services sector. As the services sector dominates a large part of the economy, the Services PMI is an important indicator gauging the state of overall economic conditions. The data is derived from surveys of senior executives at private-sector companies from the services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 signals that activity among services providers is generally declining, which is seen as bearish for EUR. Read more. Next release: Tue Dec 16, 2025 09:00 (Prel) Frequency: Monthly Consensus: 53.9 Previous: 53.6 Source: S&P Global

10:15 France HCOB Composite PMI down to 50.1 in December from previous 50.4
France HCOB Composite PMI down to 50.1 in December from previous 50.4

10:15 France HCOB Services PMI came in at 50.2 below forecasts (51.3) in December
France HCOB Services PMI came in at 50.2 below forecasts (51.3) in December

10:15 France HCOB Manufacturing PMI registered at 50.6 above expectations (48.2) in December
France HCOB Manufacturing PMI registered at 50.6 above expectations (48.2) in December

09:17 GBP/JPY rebounds from over one-week low, back above 207.00 after UK jobs data
The GBB/JPY cross prolongs its recent pullback from the 209.00 neighborhood or the highest level since August 2008, touched last week, and drifts lower for the fourth straight day on Tuesday.

09:16 EUR/GBP trims gains below 0.8800 after UK labor market report
The EUR/GBP cross pares gains near 0.8785 during the early European session on Tuesday. The Pound Sterling (GBP) recovers some lost ground against the Euro (EUR) after the UK employment data.

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The ECB is expected to hold interest rates steady on Thursday for the fourth consecutive meeting.The EUR/GBP cross pares gains near 0.8785 during the early European session on Tuesday. The Pound Sterling (GBP) recovers some lost ground against the Euro (EUR) after the UK employment data. Traders will keep an eye on the preliminary reading of HCOB Purchasing Managers Index (PMI) reports from the Eurozone, France and Germany, which are due later on Tuesday. The attention will shift to the European Central Bank (ECB) and Bank of England (BoE) interest rate decisions on Thursday. Data released by the UK Office for National Statistics on Tuesday showed that the country’s ILO Unemployment Rate rose to 5.1% in the three months to October, versus 5.0% prior. This figure came in line with the expectations during the reported period. Meanwhile, the Claimant Count Change increased by 20.1K in November versus a decline of 3.9K prior (revised from 29K). The Pound Sterling attracts some buyers in an immediate reaction to the upbeat UK employment report. However, the rising bets of a BoE rate cut might cap the upside for the GBP. The BoE’s Monetary Policy Committee (MPC) is widely anticipated to cut the base interest rate from the current 4.0% to 3.75% at its next meeting on Thursday. This would mark the first rate reduction since August and bring borrowing costs to their lowest level in nearly three years.On the Euro’s front, markets widely expect the ECB to hold interest rates steady at their current levels at its December meeting on Thursday, continuing a pause in its easing cycle. Rising bets that the European Central Bank (ECB) is done cutting interest rates could support the EUR against the GBP in the near term. ECB Governing Council member Isabel Schnabel said that she was "rather comfortable" to see traders pencil in hikes, fueling expectations of possible ECB rate rises next year. Meanwhile, ECB policymaker Joachim Nagel stated that the current rates are in a "good place," reinforcing the consensus for a hold. Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

09:04 United Kingdom Claimant Count Rate unchanged at 4.4% in November
United Kingdom Claimant Count Rate unchanged at 4.4% in November

09:00 United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) registered at 4.6% above expectations (4.5%) in October
United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) registered at 4.6% above expectations (4.5%) in October

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) came in at 4.7%, above forecasts (4.4%) in October
United Kingdom Average Earnings Including Bonus (3Mo/Yr) came in at 4.7%, above forecasts (4.4%) in October

09:00 United Kingdom ILO Unemployment Rate (3M) in line with expectations (5.1%) in October
United Kingdom ILO Unemployment Rate (3M) in line with expectations (5.1%) in October

09:00 United Kingdom Employment Change (3M): -17K (October) vs -22K
United Kingdom Employment Change (3M): -17K (October) vs -22K

09:00 United Kingdom Claimant Count Change below expectations (22.3K) in November: Actual (20.1K)
United Kingdom Claimant Count Change below expectations (22.3K) in November: Actual (20.1K)

08:45 AUD/USD Price Forecast: Recovers a few pips from 0.6620-0.6615 resistance-turned-support
The AUD/USD pair prolongs last week's retracement slide from a nearly three-month peak, around the 0.6685 region, and drifts lower for the fourth straight day on Tuesday.

08:32 USD/CHF trades calmly near 0.7960 in countdown to US NFP
The USD/CHF pair trades stably around 0.7960 during the early European trading session on Tuesday. The Swiss Franc pair remains calm as investors await the United States (US) Nonfarm Payrolls (NFP) report for October and November, which will be published at 13:30 GMT.

.fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}}USD/CHF flattens around 0.7960 ahead of the combined US NFP report for October and November.The US NFP is expected to come in at 40K in November, lower than 119K in September.Swiss government sees inflation averaging at 0.2% this year and in 2026.The USD/CHF pair trades stably around 0.7960 during the early European trading session on Tuesday. The Swiss Franc pair remains calm as investors await the United States (US) Nonfarm Payrolls (NFP) report for October and November, which will be published at 13:30 GMT.Ahead of the US employment data, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, remains on the defensive near the eight-week low around 98.15.The US NFP report is expected to show that the economy added 40K fresh workers, significantly lower than 119K in September. The Unemployment Rate is projected to come in steady at 4.4%. The impact of the US employment data will be significant on the Federal Reserve’s (Fed) monetary policy outlook as comments from officials in past few months have shown that they are more concerned about the labor market health than inflation remaining above the 2% target.On Friday, San Francisco Fed Bank President Mary Daly said in a LinkedIn post that she favored interest rate cuts in the policy meeting on Wednesday as “inflation is too high and the job market is getting softer, adding that “we [Fed] cannot let the labor market falter", Reuters reported.In Tuesday’s session, other notable highlights in the US economy are Retail Sales data for November, and the flash S&P Global Purchasing Managers’ Index (PMI) data for December.Meanwhile, the Swiss Franc (CHF) trades subduedly as latest projections from Switzerland government have shown that the inflation is projected to average at 0.2% in 2025 and 2026, capping the hopes of policy normalization by the Swiss National Bank (SNB) in the near term. The administration sees inflation rising at a faster pace of 0.5% in 2027. On the economic front, the government expects the Gross Domestic Product (GDP) growth to slowdown to 1.1% in 2026 before expanding by 1.4% this year. Related news Nonfarm Payrolls expected to highlight US labor market weakened in November US Dollar Index softens below 98.50 ahead of US NFP data CHF: Swiss inflation shows early signs of stabilization – Commerzbank

08:05 Forex Today: US Nonfarm Payrolls data to ramp up volatility
Here is what you need to know on Tuesday, December 16:

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Here is what you need to know on Tuesday, December 16:The US Dollar (USD) stabilizes early Tuesday after posting marginal losses against its major rivals on Monday. The US economic calendar will feature Nonfarm Payrolls (NFP) data for October and November, alongside the wage inflation and Unemployment Rate figures for November. Additionally, October Retail Sales and the preliminary December S&P Global Purchasing Managers' Index (PMI) readings will be watched closely. US Dollar Price This Month The table below shows the percentage change of US Dollar (USD) against listed major currencies this month. US Dollar was the weakest against the Canadian Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -1.30% -0.93% -0.84% -1.48% -1.28% -0.80% -0.89% EUR 1.30% 0.38% 0.45% -0.18% 0.02% 0.51% 0.42% GBP 0.93% -0.38% 0.33% -0.56% -0.36% 0.12% 0.04% JPY 0.84% -0.45% -0.33% -0.65% -0.47% 0.03% -0.06% CAD 1.48% 0.18% 0.56% 0.65% 0.15% 0.70% 0.61% AUD 1.28% -0.02% 0.36% 0.47% -0.15% 0.49% 0.40% NZD 0.80% -0.51% -0.12% -0.03% -0.70% -0.49% -0.09% CHF 0.89% -0.42% -0.04% 0.06% -0.61% -0.40% 0.09% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). The USD Index lost about 0.15% on Monday as the cautious market atmosphere helped the currency limit its losses in the second half of the day. In the European morning on Tuesday, the USD Index moves sideways above 98.00, while US stock index futures lose between 0.3% and 0.8%. The Unemployment Rate is forecast to remain unchanged at 4.4% in November, and the NFP is expected to rise by 40K. Related news Nonfarm Payrolls expected to highlight US labor market weakened in November NFP preview: Complex data release will determine if Fed was right to cut rates USD consolidates as markets await NFP – Scotiabank EUR/USD stays in a consolidation phase at around 1.1750 after registering small gains on Monday. HCOB PMI data for Germany and the Eurozone will be featured in the European economic calendar later in the session.GBP/USD failed to make a decisive move in either direction on Monday and ended the day virtually unchanged. The pair edges slightly lower in the European morning on Tuesday but holds above 1.3350. The UK's Office for National Statistics (ONS) will release October employment data at 07:00 GMT.The data from Canada showed that annual inflation, as measured by the change in the Consumer Price Index (CPI), held steady at 2.2% in November. This print came in below the market expectation of 2.4%. USD/CAD extends its sideways grind below 1.3800 after closing flat on Monday.USD/JPY lost about 0.4% on Monday on growing expectations for a hawkish Bank of Japan (BoJ) policy outlook. The pair continues to stretch lower early Tuesday and was last seen down 0.25% on the day at 154.83.The data from Australia showed that the business activity in the private sector continued to expand in December, albeit at a softer pace than it did in November, with the S&P Global Composite PMI edging lower to 51.1 from 52.6. AUD/USD remains under modest bearish pressure after this report and trades below 0.6650.Gold lost its bullish momentum after testing $4,350 and closed flat on Monday. XAU/USD stays on the back foot early Tuesday and trades near $4,280, losing about 0.5% on the day. Growing optimism about a Russia-Ukraine peace agreement seems to be causing the precious metal to lose interest. Nonfarm Payrolls FAQs What are Nonfarm Payrolls? Nonfarm Payrolls (NFP) are part of the US Bureau of Labor Statistics monthly jobs report. The Nonfarm Payrolls component specifically measures the change in the number of people employed in the US during the previous month, excluding the farming industry. How does Nonfarm Payrolls influence the Federal Reserve monetary policy decisions? The Nonfarm Payrolls figure can influence the decisions of the Federal Reserve by providing a measure of how successfully the Fed is meeting its mandate of fostering full employment and 2% inflation. A relatively high NFP figure means more people are in employment, earning more money and therefore probably spending more. A relatively low Nonfarm Payrolls’ result, on the either hand, could mean people are struggling to find work. The Fed will typically raise interest rates to combat high inflation triggered by low unemployment, and lower them to stimulate a stagnant labor market. How does Nonfarm Payrolls affect the US Dollar? Nonfarm Payrolls generally have a positive correlation with the US Dollar. This means when payrolls’ figures come out higher-than-expected the USD tends to rally and vice versa when they are lower. NFPs influence the US Dollar by virtue of their impact on inflation, monetary policy expectations and interest rates. A higher NFP usually means the Federal Reserve will be more tight in its monetary policy, supporting the USD. How does Nonfarm Payrolls affect Gold? Nonfarm Payrolls are generally negatively-correlated with the price of Gold. This means a higher-than-expected payrolls’ figure will have a depressing effect on the Gold price and vice versa. Higher NFP generally has a positive effect on the value of the USD, and like most major commodities Gold is priced in US Dollars. If the USD gains in value, therefore, it requires less Dollars to buy an ounce of Gold. Also, higher interest rates (typically helped higher NFPs) also lessen the attractiveness of Gold as an investment compared to staying in cash, where the money will at least earn interest. Sometimes Nonfarm Payrolls trigger an opposite reaction than what the market expects. Why is that? Nonfarm Payrolls is only one component within a bigger jobs report and it can be overshadowed by the other components. At times, when NFP come out higher-than-forecast, but the Average Weekly Earnings is lower than expected, the market has ignored the potentially inflationary effect of the headline result and interpreted the fall in earnings as deflationary. The Participation Rate and the Average Weekly Hours components can also influence the market reaction, but only in seldom events like the “Great Resignation” or the Global Financial Crisis.

07:57 USD/INR continues bull run amid continuous foreign outflows ahead of US NFP data
The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Tuesday.

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The USD/INR pair stretches its bull run to near 91.25 as the continuous outflow of foreign funds from the Indian stock market amid trade frictions between the United States (US) and India has remained a major drag on the Indian Rupee.A report from Reuters has also shown that the USD/INR pair has remained firm due to strong dollar demand linked to likely maturity of positions in the non-deliverable forwards (NDF) market and continued foreign portfolio outflows.So far this month, Foreign Institutional Investors (FIIs) have offloaded stake worth Rs. 21,073.83 crore in the Indian equity market, while remaining net sellers in all trading days.Meanwhile, better-than-projected India’s Trade Deficit Government data for November has failed to lift investors’ sentiment toward the Indian Rupee. On Monday, the data showed that India’s merchandize trade deficit shrank to $24.53 billion from $41.68 billion in October, beating a Reuters poll estimate of $32 billion. The trade deficit report also showed that India’s overall goods exports for November rose 19%, largely contributed by a 22.6% increase in merchandize transport to the US.On the economic data front, India’s HSBC Composite Purchasing Managers’ Index (PMI) dropped to 58.9 from 59.7 in November, suggesting that the overall business activity expanded but at a moderate pace. The overall private sector output growth cooled down due to a slowdown in both manufacturing and the service sector activity.Daily digest market movers: Investors await US NFP data for October and NovemberThe Indian Rupee remains on the back foot against the US Dollar, even as the latter underperforms broadly ahead of the US Nonfarm Payrolls (NFP) combined report for October and November, which will be published at 13:30 GMT.At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades tightly close to the eight-week low of 98.13 posted on Thursday.Investors will closely monitor the US employment data as it will influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook. The Fed has reduced its interest rates by 75 basis points (bps) this year, and comments from members have signaled that the major driver behind rate cuts was weak labor market conditions.On Monday, New York Fed Bank President John Williams said at an event hosted by the New Jersey Bankers Association that the “monetary policy is very focused on balancing jobs," adding that the labor market “is clearly cooling”.According to expectations, the US Unemployment Rate remained steady at 4.4% in November. Signs of further weakness in employment conditions would prompt Fed dovish expectations, while indication of an improvement might weigh on the same.According to the CME FedWatch tool, there is a 67% chance that the Fed will cut interest rates at least two times by the end of 2026.Technical Analysis: USD/INR holds above 91.00
USD/INR trades around 91.25 in the opening session on Tuesday, the highest level seen ever. Upward-sloping 20-day Exponential Moving Average (EMA) at 90.0726 supports the bullish bias, with pullbacks expected to hold on first tests of the average. The 14-day Relative Strength Index (RSI) at 73.89 is overbought, demonstrating strong momentum with signals pointing stretched conditions that could temper immediate upside.The upward-sloping average should act as first support on dips, while a daily close below it would signal a deeper correction toward the round-level figure of 90.00. Looking up, a sustained strength above the current level would extend the advance toward 92.00.(The technical analysis of this story was written with the help of an AI tool) Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference. What macroeconomic factors influence the value of the Indian Rupee? Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee. How does inflation impact the Indian Rupee? Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.

07:45 US Dollar Index softens below 98.50 ahead of US NFP data
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a negative note near 98.25 during the early European trading hours on Tuesday.

07:00 India HSBC Services PMI: 59.1 (December) vs previous 59.8
India HSBC Services PMI: 59.1 (December) vs previous 59.8

07:00 India HSBC Manufacturing PMI fell from previous 56.6 to 55.7 in December
India HSBC Manufacturing PMI fell from previous 56.6 to 55.7 in December

07:00 India HSBC Composite PMI declined to 58.9 in December from previous 59.7
India HSBC Composite PMI declined to 58.9 in December from previous 59.7

07:00 Nonfarm Payrolls expected to highlight US labor market weakened in November
The United States (US) Bureau of Labor Statistics (BLS) will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT.

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50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Nonfarm Payrolls are expected to rise by 40K in November after the September increase of 119K.The United States Bureau of Labor Statistics will publish the delayed jobs data on Tuesday at 13:30 GMT.The US Dollar is set to experience intense volatility on the employment data amid growing labor market concerns.The United States (US) Bureau of Labor Statistics (BLS) will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. Volatility around the US Dollar (USD) will likely ramp up on the employment reports for fresh insights on the US Federal Reserve’s (Fed) path forward on interest rates going into the turn of the year.What to expect from the next Nonfarm Payrolls report?Tuesday’s US employment report will be unusual, covering data for both October and November. October's data won’t be complete as the BLS will only release indicators from the establishment survey due to collection issues caused by the government shutdown.
Economists expect Nonfarm Payrolls to rise by 40,000 in November. Markets also eagerly await the October figure after the 119,000-job gain seen in September.The Unemployment Rate (UE) is likely to remain unchanged at 4.4% during the same period.Meanwhile, Average Hourly Earnings (AHE), a closely watched measure of wage inflation, for October and November will also be published alongside the NFP releases. The AHE rose 3.8% year-over-year (YoY) in September.Previewing the employment report, TD Securities analysts said: “We expect the November employment report to show a 70k rebound in job gains after contracting by 60k in October. Weakness in both months will likely be led by the government sector.”“We also look for the UE rate to edge higher to 4.5% in November as the labor market gradually softens. Average Hourly Earnings likely rebounded to 0.3% month-over-month (MoM) after a subdued 0.1% in October,” they added.How will the US September Nonfarm Payrolls affect EUR/USD?The US Dollar is hanging close to two-month troughs against its major currency rivals in the aftermath of a less hawkish Fed outcome and ahead of the highly anticipated NFP publication.The broad USD weakness has sent the EUR/USD pair back above the 1.1700 mark. Will the major see additional upside?The Fed announced the expected 25 basis point (bps) interest rate cut to 3.5%-3.75% last Wednesday in a 9-3 vote.Fed Chairman Jerome Powell stuck to his cautious tone at his post-monetary policy meeting press conference, disappointing those who had been positioned for a more hawkish one.Powell noted: “First of all, gradual cooling in the labor market has continued,” adding that “unemployment is now up three-tenths from June through September.”Markets continued to price in two more rate cuts next year, against the US central bank’s median expectation for a single quarter-percentage-point cut next year, smashing the Greenback across the board.On the economic data front, the Labor Department reported last week that Initial Claims for state unemployment benefits jumped by 44,000, the biggest increase since mid-July of 2021, to a seasonally adjusted 236,000 for the week ended December 6.Meanwhile, the Institute for Supply Management (ISM) Services PMI showed little improvement in November at 52.6 compared with 52.4 in October, while the Automatic Data Processing (ADP) reported that US private payrolls unexpectedly declined by 32K in November, following a revised 47K increase. Analysts estimated a job gain of 5K.The employment placement firm Challenger, Gray & Christmas said earlier this month that “recent signs from unofficial data point to heavier job reductions to come, with announced layoffs through November topping 1.1 million.”With growing labor market concerns, expressed by Powell as well, the NFP data will be closely scrutinized to help determine the number of Fed rate cuts expected in 2026.A weaker-than-expected headline NFP release and an unexpected increase in the Unemployment Rate in November could aggravate concerns over the slowdown in the US jobs market, bolstering bets for another rate cut by the Fed at its next meeting in January. In such a case, the USD could see a fresh leg down, driving EUR/USD closer toward 1.1800.Conversely, if the NFP beats estimates and the Unemployment Rate stays at 4.4% or even falls, EUR/USD could come under strong bearish pressure toward 1.1600. A positive surprise in the jobs data would push back against expectations of more than one Fed rate cut next year, providing the much-needed cushioning to the Greenback.Dhwani Mehta, Asian Session Lead Analyst at FXStreet, offers a brief technical outlook for EUR/USD: “The main currency pair consolidates near the two-month high of 1.1769, while holding well beyond all the major daily Simple Moving Averages (SMA). Meanwhile, the 14-day Relative Strength Index (RSI) flirts with the overbought territory on the daily chart, suggesting that there is more scope for upside. Further, the crossover of the 21-day and 50-day SMAs adds credence to the bullish potential in the pair.”“If the upside regains traction, the next resistance is seen at the 1.1800 round level, above which the 1.1850 psychological barrier will be tested. The September 17 high of 1.1919 will be next on buyers’ radars. On the flip side, any corrective pullback could see initial support at the 100-day SMA of 1.1644. The next demand area is seen at around 1.1610, where the 21-day and 50-day SMAs hang around. Deeper declines could challenge the 1.1550 level.” Economic Indicator Unemployment Rate The Unemployment Rate, released by the US Bureau of Labor Statistics (BLS), is the percentage of the total civilian labor force that is not in paid employment but is actively seeking employment. The rate is usually higher in recessionary economies compared to economies that are growing. Generally, a decrease in the Unemployment Rate is seen as bullish for the US Dollar (USD), while an increase is seen as bearish. That said, the number by itself usually can't determine the direction of the next market move, as this will also depend on the headline Nonfarm Payroll reading, and the other data in the BLS report. Read more. Next release: Tue Dec 16, 2025 13:30 Frequency: Monthly Consensus: 4.4% Previous: 4.4% Source: Employment FAQs How do employment levels affect currencies? Labor market conditions are a key element to assess the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages. Why is wage growth important? The pace at which salaries are growing in an economy is key for policymakers. High wage growth means that households have more money to spend, usually leading to price increases in consumer goods. In contrast to more volatile sources of inflation such as energy prices, wage growth is seen as a key component of underlying and persisting inflation as salary increases are unlikely to be undone. Central banks around the world pay close attention to wage growth data when deciding on monetary policy. How much do central banks care about employment? The weight that each central bank assigns to labor market conditions depends on its objectives. Some central banks explicitly have mandates related to the labor market beyond controlling inflation levels. The US Federal Reserve (Fed), for example, has the dual mandate of promoting maximum employment and stable prices. Meanwhile, the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Still, and despite whatever mandates they have, labor market conditions are an important factor for policymakers given its significance as a gauge of the health of the economy and their direct relationship to inflation.

06:47 When is the UK labor market report and how could it affect GBP/USD?
The UK Office for National Statistics (ONS) will publish its labor market report at 07.00 GMT. The UK ILO Unemployment Rate is expected to rise to 5.1% in October from 5.0% in September. Employment Change arrived at -22K in September.

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50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} UK labor market report overviewThe UK Office for National Statistics (ONS) will publish its labor market report at 07.00 GMT. The UK ILO Unemployment Rate is expected to rise to 5.1% in October from 5.0% in September. Employment Change arrived at -22K in September.The UK Claimant Count Change for November is projected to increase by 22.3K, reflecting the number of people claiming jobless benefits. The reading was 29K in October. Meanwhile, the Claimant Count Rate was at 4.4% in the previous month.Meanwhile, UK Average Earnings, including bonuses, in the three months to October, are estimated to accelerate by 4.4%, following 4.8% prior, while ex-bonuses, the wages are forecast to rise by 4.5% against the previous 4.6%.How could the UK labor market report affect GBP/USD?GBP/USD trades in negative territory on the day in the lead up to the UK labor market data. The pair loses ground as traders turn cautious ahead of the key US economic data, including Nonfarm Payrolls (NFP), Retail Sales, and Purchasing Managers Index (PMI), which will be released later on Tuesday.If data comes in better than expected, it could lift the Pound Sterling (GBP), with the first upside barrier seen at the 1.3400 psychological level. The next resistance level emerges at the December 11 high of 1.3438, en route to the October 17 high of 1.3471.To the downside, the 100-day Exponential Moving Average (EMA) of 1.3330 will offer some comfort to buyers. Extended losses could see a drop to the December 9 low of 1.3287. The next contention level is located at the December 3 low of 1.3202. Economic Indicator ILO Unemployment Rate (3M) The ILO Unemployment Rate released by the UK Office for National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate goes up, it indicates a lack of expansion within the UK labor market. As a result, a rise leads to a weakening of the UK economy. Generally, a decrease of the figure is seen as bullish for the Pound Sterling (GBP), while an increase is seen as bearish. Read more. Next release: Tue Dec 16, 2025 07:00 Frequency: Monthly Consensus: 5.1% Previous: 5% Source: Office for National Statistics Why it matters to traders? The Unemployment Rate is the broadest indicator of Britain’s labor market. The figure is highlighted by the broad media, beyond the financial sector, giving the publication a more significant impact despite its late publication. It is released around six weeks after the month ends. While the Bank of England is tasked with maintaining price stability, there is a substantial inverse correlation between unemployment and inflation. A higher than expected figure tends to be GBP-bearish. Employment FAQs How do employment levels affect currencies? Labor market conditions are a key element to assess the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages. Why is wage growth important? The pace at which salaries are growing in an economy is key for policymakers. High wage growth means that households have more money to spend, usually leading to price increases in consumer goods. In contrast to more volatile sources of inflation such as energy prices, wage growth is seen as a key component of underlying and persisting inflation as salary increases are unlikely to be undone. Central banks around the world pay close attention to wage growth data when deciding on monetary policy. How much do central banks care about employment? The weight that each central bank assigns to labor market conditions depends on its objectives. Some central banks explicitly have mandates related to the labor market beyond controlling inflation levels. The US Federal Reserve (Fed), for example, has the dual mandate of promoting maximum employment and stable prices. Meanwhile, the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Still, and despite whatever mandates they have, labor market conditions are an important factor for policymakers given its significance as a gauge of the health of the economy and their direct relationship to inflation.

06:35 India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

05:56 When are the German/ Eurozone flash HCOB PMIs and how could they affect EUR/USD?
The preliminary German and Eurozone flash HCOB Purchasing Managers’ Index (PMI) data for December is due for release today at 08:30 and 09:00 GMT, respectively.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} German/ Eurozone flash PMIs OverviewThe preliminary German and Eurozone flash HCOB Purchasing Managers’ Index (PMI) data for December is due for release today at 08:30 and 09:00 GMT, respectively.Amongst the Euro area economies, the German and the composite Eurozone PMI reports hold more relevance, in terms of their impact on the European currency and the related markets as well.The flash Composite PMI for Germany is expected to come in slightly weaker due to a slowdown in the service sector activity. However, the overall business output is anticipated to hold above the 50.0 threshold, a level that separates expansion from contraction.Preliminary Services PMI is seen at 52.8, lower than 53.1 in the final reading from November. The Manufacturing PMI is expected to have contracted again, but at a slower pace, to 48.5 from the prior reading of 48.2.The forecast for the Eurozone flash Composite PMI shows that the overall private sector output increased at a faster pace in December due to an improvement in both manufacturing and the services sector activity. The Services PMI is seen at 53.9, up from 53.6 in November. Like the German Manufacturing PMI, the manufacturing activity in the old continent has contracted too, but at a moderate pace to 49.9 from the previous release of 49.6.How could German/ Eurozone flash PMIs affect EUR/USD?EUR/USD trades flat around 1.1750 as of writing ahead of the German/Eurozone PMI data. The 20-day Exponential Moving Average (EMA) at 1.1658 slopes higher and stays below the spot, keeping the short-term bias upward and offering initial support. A sustained hold above the 20-day EMA would preserve bullish momentum. The 14-day Relative Strength Index (RSI) at 70.22 is near overbought levels, flagging stretched upside. Measured from the 1.1920 high to the 1.1468 low, the stop wobbles around the 61.8% retracement at 1.1747. Going forward, a break above the same would unlock the 78.6% retracement at 1.1823. On setbacks, the rising 20-day EMA is expected to support the move. However, a close beneath it would soften the tone that might make it vulnerable towards the round-level figure of 1.1600.(The technical analysis of this story was written with the help of an AI tool) German economy FAQs What is the effect of the German Economy on the Euro? The German economy has a significant impact on the Euro due to its status as the largest economy within the Eurozone. Germany's economic performance, its GDP, employment, and inflation, can greatly influence the overall stability and confidence in the Euro. As Germany's economy strengthens, it can bolster the Euro's value, while the opposite is true if it weakens. Overall, the German economy plays a crucial role in shaping the Euro's strength and perception in global markets. What is the political role of Germany within the Eurozone? Germany is the largest economy in the Eurozone and therefore an influential actor in the region. During the Eurozone sovereign debt crisis in 2009-12, Germany was pivotal in setting up various stability funds to bail out debtor countries. It took a leadership role in the implementation of the 'Fiscal Compact' following the crisis – a set of more stringent rules to manage member states’ finances and punish ‘debt sinners’. Germany spearheaded a culture of ‘Financial Stability’ and the German economic model has been widely used as a blueprint for economic growth by fellow Eurozone members. What are German Bunds? Bunds are bonds issued by the German government. Like all bonds they pay holders a regular interest payment, or coupon, followed by the full value of the loan, or principal, at maturity. Because Germany has the largest economy in the Eurozone, Bunds are used as a benchmark for other European government bonds. Long-term Bunds are viewed as a solid, risk-free investment as they are backed by the full faith and credit of the German nation. For this reason they are treated as a safe-haven by investors – gaining in value in times of crisis, whilst falling during periods of prosperity. What are German Bund Yields? German Bund Yields measure the annual return an investor can expect from holding German government bonds, or Bunds. Like other bonds, Bunds pay holders interest at regular intervals, called the ‘coupon’, followed by the full value of the bond at maturity. Whilst the coupon is fixed, the Yield varies as it takes into account changes in the bond's price, and it is therefore considered a more accurate reflection of return. A decline in the bund's price raises the coupon as a percentage of the loan, resulting in a higher Yield and vice versa for a rise. This explains why Bund Yields move inversely to prices. What is the Bundesbank? The Bundesbank is the central bank of Germany. It plays a key role in implementing monetary policy within Germany, and central banks in the region more broadly. Its goal is price stability, or keeping inflation low and predictable. It is responsible for ensuring the smooth operation of payment systems in Germany and participates in the oversight of financial institutions. The Bundesbank has a reputation for being conservative, prioritizing the fight against inflation over economic growth. It has been influential in the setup and policy of the European Central Bank (ECB).

05:48 Silver Price Forecast: XAG/USD breaks below 100-hour SMA pivotal support near $62.50
Silver (XAG/USD) attracts some sellers during the Asian session on Tuesday and reverses a part of the previous day's move up back closer to the record high. The white metal slides further below mid-$62.00s in the last hour, losing over 2.5% for the day.

05:13 USD/CAD flattens around 1.3770 ahead of delayed US NFP data
The USD/CAD pair trades in a tight range around 1.3775 during the Asian trading session on Tuesday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}USD/CAD trades flat around 1.3770 in the countdown to the US NFP data for October and November.The US Unemployment Rate is expected to have remained steady at 4.4% in November.Canada’s headline and core CPI rose steadily by 2.2% and 2.9% year-on-year, respectively.The USD/CAD pair trades in a tight range around 1.3775 during the Asian trading session on Tuesday. The Loonie pair consolidates as the US Dollar (USD) remains on the defensive ahead of the delayed United States (US) Nonfarm Payrolls (NFP) combined report for October and November, which will be published at 13:30 GMT.As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles near the eight-week low around 98.15.Investors will pay close attention to the US NFP data to get cues about the current status of labour demand. The data will significantly influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook in the near term, as the central bank has reduced its interest rates by 75 basis points (bps) to 3.50%-3.75% this year, mainly due to weak job market conditions. Economists expect the US Unemployment Rate to have remained steady at 4.4% in November.Apart from the US NFP data, other major highlights of the day will be the Retail Sales data for November and the preliminary S&P Global Purchasing Managers’ Index (PMI) data for December. Month-on-month Retail Sales are expected to have grown steadily by 0.2%.Meanwhile, the Canadian Dollar (CAD) trades broadly calm as Canada’s Consumer Price Index (CPI) data for November has shown steady growth. The CPI report on Monday showed that the headline inflation grew steadily by 2.2% on an annualized basis, slower than estimates of 2.4%. Bank of Canada (BoC) CPI – which excludes the eight most volatile items – rose steadily by 2.9%.In the monetary policy statement last week, the BoC stated that the “underlying inflation is around 2.5%”, but will broadly remain close to the 2% target as “economic slack would roughly offset cost pressures linked to trade reconfiguration”. Nonfarm Payrolls FAQs What are Nonfarm Payrolls? Nonfarm Payrolls (NFP) are part of the US Bureau of Labor Statistics monthly jobs report. The Nonfarm Payrolls component specifically measures the change in the number of people employed in the US during the previous month, excluding the farming industry. How does Nonfarm Payrolls influence the Federal Reserve monetary policy decisions? The Nonfarm Payrolls figure can influence the decisions of the Federal Reserve by providing a measure of how successfully the Fed is meeting its mandate of fostering full employment and 2% inflation. A relatively high NFP figure means more people are in employment, earning more money and therefore probably spending more. A relatively low Nonfarm Payrolls’ result, on the either hand, could mean people are struggling to find work. The Fed will typically raise interest rates to combat high inflation triggered by low unemployment, and lower them to stimulate a stagnant labor market. How does Nonfarm Payrolls affect the US Dollar? Nonfarm Payrolls generally have a positive correlation with the US Dollar. This means when payrolls’ figures come out higher-than-expected the USD tends to rally and vice versa when they are lower. NFPs influence the US Dollar by virtue of their impact on inflation, monetary policy expectations and interest rates. A higher NFP usually means the Federal Reserve will be more tight in its monetary policy, supporting the USD. How does Nonfarm Payrolls affect Gold? Nonfarm Payrolls are generally negatively-correlated with the price of Gold. This means a higher-than-expected payrolls’ figure will have a depressing effect on the Gold price and vice versa. Higher NFP generally has a positive effect on the value of the USD, and like most major commodities Gold is priced in US Dollars. If the USD gains in value, therefore, it requires less Dollars to buy an ounce of Gold. Also, higher interest rates (typically helped higher NFPs) also lessen the attractiveness of Gold as an investment compared to staying in cash, where the money will at least earn interest. Sometimes Nonfarm Payrolls trigger an opposite reaction than what the market expects. Why is that? Nonfarm Payrolls is only one component within a bigger jobs report and it can be overshadowed by the other components. At times, when NFP come out higher-than-forecast, but the Average Weekly Earnings is lower than expected, the market has ignored the potentially inflationary effect of the headline result and interpreted the fall in earnings as deflationary. The Participation Rate and the Average Weekly Hours components can also influence the market reaction, but only in seldom events like the “Great Resignation” or the Global Financial Crisis.

05:11 Japanese Yen remains on the front foot amid rising BoJ rate hike bets and softer risk tone
The Japanese Yen (JPY) climbs to a one-and-a-half-week top against a broadly weaker US Dollar (USD) during the Asian session on Tuesday and seems poised to appreciate further. Market participants seem convinced that the Bank of Japan (BoJ) will raise interest rates this week.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Japanese Yen scales higher for the second straight day amid a combination of supporting factors.Firming BoJ rate hike expectations and the cautious market mood drive flows to the safe-haven JPY.Dovish Fed expectations keep the USD bulls on the defensive and further weigh on the USD/JPY pair.The Japanese Yen (JPY) climbs to a one-and-a-half-week top against a broadly weaker US Dollar (USD) during the Asian session on Tuesday and seems poised to appreciate further. Market participants seem convinced that the Bank of Japan (BoJ) will raise interest rates this week. This, along with a generally weaker tone around the equity markets, contributes to the safe-haven JPY's outperformance for the second straight day. This also marks the fourth day of a positive move for the JPY in the previous five, though bulls seem reluctant to place aggressive bets ahead of the key central bank event risk.Moreover, worries about Japan's deteriorating fiscal condition, on the back of Prime Minister Sanae Takaichi's massive spending plan, might hold back the JPY bulls from placing fresh bets. The US Dollar (USD), on the other hand, struggles near a two-month low, touched on Monday, amid rising bets for more interest rate cuts by the US Federal Reserve (Fed). This marks a significant divergence in comparison to hawkish BoJ expectations, which, in turn, validates the near-term positive outlook for the lower-yielding JPY and backs the case for an extension of a one-week-old downtrend for the USD/JPY pair.Japanese Yen remains well supported by hawkish BoJ bets and safe-haven demandTraders ramped up their bets for an imminent Bank of Japan rate hike following Governor Kazuo Ueda's comments last week, saying that the likelihood of the central bank's baseline economic and price outlook materialising had been gradually increasing.Moreover, a quarterly survey of major Japanese manufacturers released on Monday showed that business sentiment improved to its best level in four years. This backs the case for further BoJ policy tightening and continues to underpin the Japanese Yen.Meanwhile, private-sector surveys released this Tuesday showed that Japan's manufacturing activity contracted at a slower pace and the service sector lost some steam in December. This, however, does little to dent the bullish sentiment around the JPY.The defensive mood keeps Asian equity markets under pressure amid valuation concerns and fears of the AI bubble burst. This is seen as another factor benefiting the JPY's safe-haven status and weighing on the USD/JPY pair amid a bearish US Dollar.Despite the Federal Reserve's cautious outlook, traders are pricing in the possibility of two more rate cuts in 2026. This, in turn, keeps the USD Index (DXY), which tracks the Greenback against a basket of currencies, depressed near its lowest level in over two months.Moreover, expectations for a dovish replacement of Fed Chair Jerome Powell weigh on the USD and drag the USD/JPY pair below the 155.00 psychological mark. Traders, however, might opt to wait for important US macro data and the central bank event risk.This week's busy US economic docket features the delayed Nonfarm Payrolls (NFP) report for October, due later during the North American session. This, along with the flash US PMIs, might influence the USD and provide a fresh impetus to the USD/JPY pair.The market attention will then shift to the latest US consumer inflation figures on Thursday, which will be looked for more cues about the Fed's future rate-cut path and drive the USD. Nevertheless, the divergent BoJ-Fed policy expectations favor the JPY bulls.USD/JPY seems vulnerable to retest the monthly swing low, around the 155.35-155.30 regionThe recent repeated failures near the 100-hour Simple Moving Average (SMA) and a subsequent breakdown below the 155.00 mark favor the USD/JPY bears. Moreover, negative oscillators on hourly/daily charts back the case for a further near-term depreciating move towards the monthly swing low, around the 154.35 region. This is followed by the 154.00 round figure, which, if broken decisively, should pave the way for a further near-term depreciating move.On the flip side, any meaningful recovery attempted might now confront an immediate hurdle near the 155.40-155.45 region, above which the USD/JPY pair could aim to challenge the 100-hour SMA, currently pegged around the 156.00 mark. Some follow-through buying might trigger a short-covering move and lift spot prices to the 157.00 neighborhood, or the monthly swing high, touched last week. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. How does the differential between Japanese and US bond yields impact the Japanese Yen? Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

05:00 South Korea Money Supply Growth fell from previous 7.2% to 7.1% in October
South Korea Money Supply Growth fell from previous 7.2% to 7.1% in October

04:53 WTI declines below $56.50 on potential Russia-Ukraine peace deal
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $56.35 during the Asian trading hours on Tuesday. The WTI price remains under selling pressure amid renewed signs of optimism surrounding a deal to end the war in Ukraine.

03:36 GBP/USD remains confined in a range above mid-1.3300s ahead of UK jobs report
The GBP/USD pair extends its sideways consolidative price move through the Asian session on Tuesday and currently trades around the 1.3370-1.3365 region, nearly unchanged for the day.

03:17 NZD/USD weakens below 0.5800 on disappointing Chinese data, US NFP data in focus
The NZD/USD pair trades in negative territory for the fourth consecutive day around 0.5775 during the early Asian session on Tuesday. The downbeat Chinese economic data exert some selling pressure on the New Zealand Dollar (NZD) against the US Dollar (USD).

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The weaker-than-expected Chinese economic data weigh on the China-proxy New Zealand Dollar. The key US Nonfarm Payrolls reports for October and November will be in the spotlight on Tuesday. The NZD/USD pair trades in negative territory for the fourth consecutive day around 0.5775 during the early Asian session on Tuesday. The downbeat Chinese economic data exert some selling pressure on the New Zealand Dollar (NZD) against the US Dollar (USD). Traders brace for the release of a slew of US economic data, including the delayed November jobs report. China’s Retail Sales expanded at their slowest pace since the COVID-19 pandemic, while the Industrial Production fell short of forecasts in November. This, in turn, undermines the China-proxy Kiwi, as China is a major trading partner for New Zealand. China’s Retail Sales increased 1.3% YoY in November, compared to 2.9% in the previous reading, the National Bureau of Statistics (NBS) showed on Monday. This figure came in worse than the market expectation of 2.9% by a wide margin. Meanwhile, Chinese Industrial Production rose 4.8% YoY in the same period, versus 5.0% forecast and 4.9% prior. The Bureau of Labor Statistics will publish the key US Nonfarm Payrolls (NFP) data for October and November after delays to data collection during the US government shutdown. The report could offer some hints about US employment conditions and the interest rate path. Any signs of slowdown in the US labor market could reinforce bets on rate cuts from the US Federal Reserve (Fed) and drag the Greenback lower. Fed funds futures are pricing an implied 75.6% chance of a hold in rates at the Fed's January meeting, unchanged from a day earlier, according to the CME Group's FedWatch tool. New Zealand Dollar FAQs What key factors drive the New Zealand Dollar? The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD. How do decisions of the RBNZ impact the New Zealand Dollar? The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair. How does economic data influence the value of the New Zealand Dollar? Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate. How does broader risk sentiment impact the New Zealand Dollar? The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

03:15 PBOC sets USD/CNY reference rate at 7.0602 vs. 7.0656 previous
The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Tuesday at 7.0602 compared to the previous day's fix of 7.0656.

03:11 AUD/USD remains depressed below mid-0.6600s; downside seems limited ahead of US NFP report
The AUD/USD pair attracts some sellers for the fourth straight day on Tuesday and trades around the 0.6630 region, down just over 0.10%, during the Asian session.

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This, along with a weaker tone around the global equity markets, is seen weighing on the perceived riskier Australian Dollar (AUD) and the AUD/USD pair.However, the Reserve Bank of Australia's (RBA) hawkish stance limits deeper AUD losses. In fact, RBA Governor Michele Bullock said last week that it looks like more rate cuts are not needed and added that the Board discussed what they might have to do if rates need to go up. This, along with sustained US Dollar (USD) selling, offers support to the AUD/USD pair.The USD Index (DXY), which tracks the Greenback against a basket of currencies, languishes near its lowest level since October 7 amid rising bets for more interest rate cuts by the Federal Reserve (Fed). Furthermore, expectations for a dovish replacement of Fed Chair Jerome Powell keep the USD bulls on the defensive and could act as a tailwind for the AUD/USD pair.Traders also seem reluctant and might opt to wait for this week's important macro data, starting with the delayed US Nonfarm Payrolls (NFP) report for October, before placing aggressive directional bets. Hence, it will be prudent to wait for strong follow-through selling before confirming that the AUD/USD pair's three-week-old uptrend has run out of steam. Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

02:30 Japan Jibun Bank Manufacturing PMI came in at 49.7, above forecasts (48.8) in December
Japan Jibun Bank Manufacturing PMI came in at 49.7, above forecasts (48.8) in December

02:30 Japan Jibun Bank Services PMI declined to 52.5 in December from previous 53.2
Japan Jibun Bank Services PMI declined to 52.5 in December from previous 53.2

02:19 Gold Price Forecast: XAU/USD holds gains above $4,300 on prospect of further Fed rate cuts
Gold price (XAU/USD) extends its upside to around $4,305, the highest since October 21, during the early Asian trading hours on Tuesday. The precious metal edges higher on further US Federal Reserve (Fed) cut bets. The US Nonfarm Payrolls (NFP) report will take center stage later on Tuesday.

01:33 Australia Westpac Consumer Confidence increased to 94.5% in December from previous 12.8%
Australia Westpac Consumer Confidence increased to 94.5% in December from previous 12.8%

01:28 USD/JPY weakens to near 155.00 amid BoJ rate hike bets, US data awaited
The USD/JPY pair loses traction to around 155.10 during the early Asian session on Tuesday. The Japanese Yen (JPY) edges higher against the US Dollar (USD) amid the expectation that the Bank of Japan (BoJ) will raise interest rates at the upcoming policy meeting on Friday.

00:27 Australia S&P Global Manufacturing PMI climbed from previous 51.6 to 52.2 in December
Australia S&P Global Manufacturing PMI climbed from previous 51.6 to 52.2 in December

00:22 Australia's S&P Global Manufacturing PMI rises to 52.2 in December
The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) came in at 52.2 in December versus 51.6 prior, the latest data published by S&P Global showed on Friday.

00:21 EUR/USD supported above 1.1700 as weaker Dollar sets tone before NFP
EUR/USD holds firms above the 1.1700 threshold on Monday as the US Dollar weakens while investors wait for the latest Nonfarm Payrolls report on Tuesday. At the time of writing, the pair trades at 1.1739 unchanged.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD trades around 1.1739 as Dollar weakens, with DXY posting a third loss in four sessions.Mixed Fed commentary persists, with Miran dovish, Collins neutral, and Williams signaling policy near neutral.Markets focus on upcoming US NFP and Retail Sales, key catalysts for Dollar and Fed policy expectations.EUR/USD holds firms above the 1.1700 threshold on Monday as the US Dollar weakens while investors wait for the latest Nonfarm Payrolls report on Tuesday. At the time of writing, the pair trades at 1.1739 unchanged.Euro steadies near multi-week highs as traders await Nonfarm Payrolls and assess mixed Fed rhetoricGreenback continues to edge lower down 0.10% according to the US Dollar Index (DXY). The DXY, which tracks the buck’s performance against a basket of six currencies, registers the third daily loss in the last four, poised to reach the 98.00 figure if the jobs market continues to deteriorate.The US docket featured a tranche of Fed officials. Fed Governor Stephen Mira was dovish while Boston Fed President Susan Collins justified her decision at the December meeting, striking neutral comments.Contrarily, New York Fed President John Williams was modestly hawkish, saying that policy has moved “from modestly restrictive” to neutral.On Tuesday, market participants would digest the November Nonfarm Payrolls, Retail Sales alongside further comments by Fed speakers.Across the pond, a Reuters poll revealed that economists project the European Central Bank (ECB) will remain in hold throughout 2026 as they estimate inflation to remain subdued, but the economy is expected to stay resilient.Ahead of the week, the ECB is expected to keep rates unchanged at the December 18 meeting. Euro Price This Month The table below shows the percentage change of Euro (EUR) against listed major currencies this month. Euro was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -1.32% -1.01% -0.61% -1.47% -1.38% -0.83% -0.93% EUR 1.32% 0.31% 0.75% -0.16% -0.06% 0.48% 0.39% GBP 1.01% -0.31% 0.69% -0.47% -0.37% 0.16% 0.08% JPY 0.61% -0.75% -0.69% -0.88% -0.81% -0.26% -0.32% CAD 1.47% 0.16% 0.47% 0.88% 0.04% 0.64% 0.55% AUD 1.38% 0.06% 0.37% 0.81% -0.04% 0.54% 0.46% NZD 0.83% -0.48% -0.16% 0.26% -0.64% -0.54% -0.10% CHF 0.93% -0.39% -0.08% 0.32% -0.55% -0.46% 0.10% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote). Daily market movers: EUR/USD unchanged despite Fed hawkish rhetoricLast week, the Federal Reserve cut interest rates for a third time in 2025, lowering the target range to 3.50%–3.75% in a split decision. Fed Chair Jerome Powell signaled that policymakers could pause the easing cycle as the economy absorbs the cumulative 75 basis points of rate cuts delivered this year.Boston Fed President Susan Collins said she sees inflation risks lower than before, backing the latest rate cut amid a shift in the balance of risks.New York Fed President John Williams stressed that restoring inflation to the 2% target remains critical, noting that firms appear reluctant to both hire and fire. Williams expects the unemployment rate to hold near 4.5% by year-end and sees inflation reaching target in 2027. He projects GDP at 2.25% in 2026, above the expected pace for 2025.Earlier, Fed Governor Stephen Miran maintained a distinctly dovish stance, arguing that a faster pace of rate cuts would move policy closer to neutral. He reiterated expectations for a faster decline in shelter inflation within the PCE index and downplayed the role of tariffs in driving goods inflation higher.US November Nonfarm Payrolls are expected to show job gains of 40K, with the Unemployment Rate steady at 4.4%. October Retail Sales are forecast to rise 0.2% MoM, unchanged from September, while control-group sales—used to calculate GDP—are projected to rebound to 0.3% after a 0.1% contraction previously.Technical outlook: EUR/USD remains upward bias despite remaining subduedEUR/USD’s technical setup points to a neutral-to-bullish bias, which would be reinforced if the pair manages to close the week above 1.1700. Momentum indicators support this view, with the Relative Strength Index (RSI) turning higher and signaling strengthening buying interest.A break above the December 11 high at 1.1762 would clear the way toward 1.1800, followed by the 1.1850 region and, ultimately, the yearly high at 1.1918. Conversely, if the pair tumbles below 1.1700 it would shift the focus to initial support at the 100-day Simple Moving Average (SMA) near 1.1645, ahead of the 1.1600 handle.EUR/USD daily chart Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

00:01 Australia S&P Global Composite PMI declined to 51.1 in December from previous 52.6
Australia S&P Global Composite PMI declined to 51.1 in December from previous 52.6

00:00 Australia S&P Global Services PMI dipped from previous 52.8 to 51 in December
Australia S&P Global Services PMI dipped from previous 52.8 to 51 in December

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Forex News Timeline

12:08 Eurozone ZEW Survey rises significantly to 33.7 in December vs. 26.3 estimates Eurozone ZEW Survey - Economic Sentiment jumps sharply to 33.7 in December. The sentiment indicator was expected to increase slightly to 26.3 from 25.0 in November.

12:02 Italy Trade Balance EU dipped from previous €-0.042B to €-1.31B in October Italy Trade Balance EU dipped from previous €-0.042B to €-1.31B in October

12:02 USD/CNH approaches 7.00 despite weak Chinese data – ING USD/CNH nears 7.00, despite disappointing Chinese activity data.

12:01 Eurozone ZEW Survey – Economic Sentiment above expectations (26.3) in December: Actual (33.7) Eurozone ZEW Survey – Economic Sentiment above expectations (26.3) in December: Actual (33.7)

12:00 Eurozone Trade Balance s.a. dipped from previous €18.7B to €14B in October Eurozone Trade Balance s.a. dipped from previous €18.7B to €14B in October

12:00 Italy Global Trade Balance above forecasts (€3.22B) in October: Actual (€4.156B) Italy Global Trade Balance above forecasts (€3.22B) in October: Actual (€4.156B)

12:00 Eurozone Trade Balance n.s.a. dipped from previous €19.4B to €18.4B in October Eurozone Trade Balance n.s.a. dipped from previous €19.4B to €18.4B in October

12:00 Germany ZEW Survey – Current Situation came in at -81, below expectations (-80) in December Germany ZEW Survey – Current Situation came in at -81, below expectations (-80) in December

12:00 Germany ZEW Survey – Economic Sentiment above forecasts (38.5) in December: Actual (45.8) Germany ZEW Survey – Economic Sentiment above forecasts (38.5) in December: Actual (45.8)

11:53 NZD: NZ food prices fall, but inflation remains elevated – Commerzbank Food prices in New Zealand fell by 0.4% in November compared with the previous month. However, they are still 4.4% higher than a year ago and therefore continue to pose a problem for the central bank.

11:46 USD: US NFP release in focus for today – ING The highlight of today's session will be the 1430CET release of the delayed NFP jobs report. We will receive job hiring updates for both October and November, ING's FX analyst Chris Turner notes.

11:36 JPY: Tankan reinforces case for BoJ rate hike – Commerzbank The flash estimates for the Japanese purchasing managers' indices were somewhat weaker this morning than in the previous month. However, at 51.5, the composite PMI remained in expansionary territory.

11:30 Silver price today: Silver falls, according to FXStreet data Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $63.15 per troy ounce, down 1.41% from the $64.06 it cost on Monday.

11:30 USD/CNH breaks lower as downtrend accelerates – Société Générale USD/CNH has extended its decline after breaking below the lower boundary of a multi-month descending channel, reinforcing the broader bearish trend, Société Générale's FX analysts note.

11:30 United Kingdom S&P Global Manufacturing PMI above forecasts (50.2) in December: Actual (51.2) United Kingdom S&P Global Manufacturing PMI above forecasts (50.2) in December: Actual (51.2)

11:30 United Kingdom S&P Global Composite PMI came in at 52.1, above forecasts (51.4) in December United Kingdom S&P Global Composite PMI came in at 52.1, above forecasts (51.4) in December

11:30 United Kingdom S&P Global Services PMI above forecasts (51.5) in December: Actual (52.1) United Kingdom S&P Global Services PMI above forecasts (51.5) in December: Actual (52.1)

11:21 Oil: Ceasefire hopes push Brent to six-month low – Commerzbank Renewed optimism over a Russia-Ukraine ceasefire weighed on the Oil market yesterday. ICE Brent settled a little more than 0.9% lower, leaving it at $60.56/bbl -- the lowest close since May.

11:11 USD: Unusual Tuesday release for US jobs report – Commerzbank The US labour market report breaks with tradition by landing on a Tuesday, but expectations are modest, with job growth seen at just 50k and little change in unemployment.

11:04 USD/CNH stays heavy despite weak China data – OCBC USD/CNH remains under pressure even as China’s activity data disappoints, with a fresh multi-month low in the daily fixing reinforcing a gradual RMB appreciation bias.

11:01 Italy Consumer Price Index (YoY) came in at 1.1% below forecasts (1.2%) in November Italy Consumer Price Index (YoY) came in at 1.1% below forecasts (1.2%) in November

11:01 Italy Consumer Price Index (MoM) meets forecasts (-0.2%) in November Italy Consumer Price Index (MoM) meets forecasts (-0.2%) in November

11:01 Italy Consumer Price Index (EU Norm) (YoY) meets expectations (1.1%) in November Italy Consumer Price Index (EU Norm) (YoY) meets expectations (1.1%) in November

11:01 Italy Consumer Price Index (EU Norm) (MoM) in line with expectations (-0.2%) in November Italy Consumer Price Index (EU Norm) (MoM) in line with expectations (-0.2%) in November

11:00 Eurozone HCOB Services PMI came in at 52.6 below forecasts (53.9) in December Eurozone HCOB Services PMI came in at 52.6 below forecasts (53.9) in December

11:00 Eurozone HCOB Manufacturing PMI below forecasts (49.9) in December: Actual (49.2) Eurozone HCOB Manufacturing PMI below forecasts (49.9) in December: Actual (49.2)

11:00 Eurozone HCOB Composite PMI came in at 51.9, below expectations (53) in December Eurozone HCOB Composite PMI came in at 51.9, below expectations (53) in December

10:33 Pound Sterling attracts bids on better-than-projected UK wage data The Pound Sterling (GBP) demonstrates sheer volatility against its major currency peers on Tuesday, following the release of the United Kingdom (UK) labour market data for the three months ending in October.

10:30 Germany HCOB Manufacturing PMI below expectations (48.5) in December: Actual (47.7) Germany HCOB Manufacturing PMI below expectations (48.5) in December: Actual (47.7)

10:30 Germany HCOB Composite PMI below expectations (52.5) in December: Actual (51.5) Germany HCOB Composite PMI below expectations (52.5) in December: Actual (51.5)

10:30 Germany HCOB Services PMI below expectations (52.8) in December: Actual (52.6) Germany HCOB Services PMI below expectations (52.8) in December: Actual (52.6)

10:15 France HCOB Composite PMI down to 50.1 in December from previous 50.4 France HCOB Composite PMI down to 50.1 in December from previous 50.4

10:15 France HCOB Services PMI came in at 50.2 below forecasts (51.3) in December France HCOB Services PMI came in at 50.2 below forecasts (51.3) in December

10:15 France HCOB Manufacturing PMI registered at 50.6 above expectations (48.2) in December France HCOB Manufacturing PMI registered at 50.6 above expectations (48.2) in December

09:17 GBP/JPY rebounds from over one-week low, back above 207.00 after UK jobs data The GBB/JPY cross prolongs its recent pullback from the 209.00 neighborhood or the highest level since August 2008, touched last week, and drifts lower for the fourth straight day on Tuesday.

09:16 EUR/GBP trims gains below 0.8800 after UK labor market report The EUR/GBP cross pares gains near 0.8785 during the early European session on Tuesday. The Pound Sterling (GBP) recovers some lost ground against the Euro (EUR) after the UK employment data.

09:04 United Kingdom Claimant Count Rate unchanged at 4.4% in November United Kingdom Claimant Count Rate unchanged at 4.4% in November

09:00 United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) registered at 4.6% above expectations (4.5%) in October United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) registered at 4.6% above expectations (4.5%) in October

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) came in at 4.7%, above forecasts (4.4%) in October United Kingdom Average Earnings Including Bonus (3Mo/Yr) came in at 4.7%, above forecasts (4.4%) in October

09:00 United Kingdom ILO Unemployment Rate (3M) in line with expectations (5.1%) in October United Kingdom ILO Unemployment Rate (3M) in line with expectations (5.1%) in October

09:00 United Kingdom Employment Change (3M): -17K (October) vs -22K United Kingdom Employment Change (3M): -17K (October) vs -22K

09:00 United Kingdom Claimant Count Change below expectations (22.3K) in November: Actual (20.1K) United Kingdom Claimant Count Change below expectations (22.3K) in November: Actual (20.1K)

08:45 AUD/USD Price Forecast: Recovers a few pips from 0.6620-0.6615 resistance-turned-support The AUD/USD pair prolongs last week's retracement slide from a nearly three-month peak, around the 0.6685 region, and drifts lower for the fourth straight day on Tuesday.

08:05 Forex Today: US Nonfarm Payrolls data to ramp up volatility Here is what you need to know on Tuesday, December 16:

07:57 USD/INR continues bull run amid continuous foreign outflows ahead of US NFP data The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Tuesday.

07:45 US Dollar Index softens below 98.50 ahead of US NFP data The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a negative note near 98.25 during the early European trading hours on Tuesday.

07:00 India HSBC Services PMI: 59.1 (December) vs previous 59.8 India HSBC Services PMI: 59.1 (December) vs previous 59.8

07:00 India HSBC Manufacturing PMI fell from previous 56.6 to 55.7 in December India HSBC Manufacturing PMI fell from previous 56.6 to 55.7 in December

07:00 India HSBC Composite PMI declined to 58.9 in December from previous 59.7 India HSBC Composite PMI declined to 58.9 in December from previous 59.7

07:00 Nonfarm Payrolls expected to highlight US labor market weakened in November The United States (US) Bureau of Labor Statistics (BLS) will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT.

06:35 India Gold price today: Gold falls, according to FXStreet data Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

05:56 When are the German/ Eurozone flash HCOB PMIs and how could they affect EUR/USD? The preliminary German and Eurozone flash HCOB Purchasing Managers’ Index (PMI) data for December is due for release today at 08:30 and 09:00 GMT, respectively.

05:13 USD/CAD flattens around 1.3770 ahead of delayed US NFP data The USD/CAD pair trades in a tight range around 1.3775 during the Asian trading session on Tuesday.

05:00 South Korea Money Supply Growth fell from previous 7.2% to 7.1% in October South Korea Money Supply Growth fell from previous 7.2% to 7.1% in October

03:36 GBP/USD remains confined in a range above mid-1.3300s ahead of UK jobs report The GBP/USD pair extends its sideways consolidative price move through the Asian session on Tuesday and currently trades around the 1.3370-1.3365 region, nearly unchanged for the day.

03:15 PBOC sets USD/CNY reference rate at 7.0602 vs. 7.0656 previous The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Tuesday at 7.0602 compared to the previous day's fix of 7.0656.

03:11 AUD/USD remains depressed below mid-0.6600s; downside seems limited ahead of US NFP report The AUD/USD pair attracts some sellers for the fourth straight day on Tuesday and trades around the 0.6630 region, down just over 0.10%, during the Asian session.

02:30 Japan Jibun Bank Manufacturing PMI came in at 49.7, above forecasts (48.8) in December Japan Jibun Bank Manufacturing PMI came in at 49.7, above forecasts (48.8) in December

02:30 Japan Jibun Bank Services PMI declined to 52.5 in December from previous 53.2 Japan Jibun Bank Services PMI declined to 52.5 in December from previous 53.2

01:33 Australia Westpac Consumer Confidence increased to 94.5% in December from previous 12.8% Australia Westpac Consumer Confidence increased to 94.5% in December from previous 12.8%

00:27 Australia S&P Global Manufacturing PMI climbed from previous 51.6 to 52.2 in December Australia S&P Global Manufacturing PMI climbed from previous 51.6 to 52.2 in December

00:22 Australia's S&P Global Manufacturing PMI rises to 52.2 in December The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) came in at 52.2 in December versus 51.6 prior, the latest data published by S&P Global showed on Friday.

00:21 EUR/USD supported above 1.1700 as weaker Dollar sets tone before NFP EUR/USD holds firms above the 1.1700 threshold on Monday as the US Dollar weakens while investors wait for the latest Nonfarm Payrolls report on Tuesday. At the time of writing, the pair trades at 1.1739 unchanged.

00:01 Australia S&P Global Composite PMI declined to 51.1 in December from previous 52.6 Australia S&P Global Composite PMI declined to 51.1 in December from previous 52.6

00:00 Australia S&P Global Services PMI dipped from previous 52.8 to 51 in December Australia S&P Global Services PMI dipped from previous 52.8 to 51 in December

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