Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
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December
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By Sagar Dua - 367
United States The US dollar is losing ground against its major counterparts — the euro, the British pound and the Japanese yen.
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EUR/USD. The euro is gaining ground against the U.S. dollar, with EUR/USD testing the 1.1750 level. The pair is holding near its local highs from October 1 as market participants assess incoming macroeconomic data that could influence the tone of the European Central Bank’s policy meeting scheduled for December 18.
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Leading global investment banks, including Deutsche Bank and Goldman Sachs, broadly agree that the US dollar could come under renewed pressure in 2026. Analysts point primarily to the policy stance of the US Federal Reserve, which continues to move toward monetary easing, while other major central banks are either keeping interest rates elevated or preparing for potential hikes. Bloomberg reports.
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December
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By Sagar Dua
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The US dollar is weakening against the euro, the pound and the yen.
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By Sagar Dua
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During the morning session, the US Dow Jones Industrial Average is rebounding after Friday’s corrective pullback, when the index retreated from highs near 48,870.0, and is now testing the 48,620.0 level for an upside breakout. Market activity remains subdued, as investors are reluctant to open new positions ahead of the release of key US labor market data for November, scheduled for Tuesday at 15:30 (GMT+2).
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The USD/CAD pair shifted its long-term trend to the downside last week after breaking below the key support level at 1.3890, amid weakness in the US dollar following the Federal Reserve’s policy meeting.
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By Sagar Dua
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Last week, the USD/CHF pair corrected sharply lower and tested the 0.7934 level (Murray level [2/8]), where it continues to trade after the release of the latest monetary policy decisions from the US Federal Reserve and the Swiss National Bank.
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By Ihor - 350
During the morning session, the NZD/USD pair continues its corrective move, trading near the 0.5778 level. Negative sentiment toward the New Zealand dollar has strengthened after expectations of monetary tightening next year weakened. This view was confirmed by Reserve Bank of New Zealand Governor Anna Breman, who noted in the post-meeting statement that there is scope for another small interest-rate cut in early 2026.
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The Australian dollar is gaining ground against the US dollar, offsetting the corrective bearish impulse seen over the past two sessions. The AUD/USD pair is testing the 0.6640 level to the upside as market participants assess incoming macroeconomic data from China.
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By Sagar Dua
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EUR/USD. The European currency is showing mixed performance against the US dollar, consolidating near the 1.1730 level. Market activity remains relatively subdued as investors await the release of key US labor market data for November, scheduled for tomorrow at 15:30 (GMT+2).
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The US dollar is losing ground against the Japanese yen, with the USD/JPY pair testing the 155.15 level to the downside. However, investors remain cautious and are refraining from opening new positions ahead of the key US Department of Labor report for November, scheduled for release tomorrow at 15:30 (GMT+2). October data was not published at all, while the upcoming figures are delayed due to the impact of the government shutdown.
Stronger-than-expected labor market data could force markets to reassess expectations regarding future easing by the Federal Reserve, while weaker numbers may prompt the regulator to revise its interest rate outlook, which currently implies only one rate cut in 2026. Investors, however, are pricing in two rate adjustments, with the final outcome largely dependent on labor market conditions and leadership changes at the Fed. Jerome Powell’s second four-year term as Fed Chair expires in May 2026, and one of the leading candidates to succeed him is White House economic adviser Kevin Hassett. According to Bloomberg, Hassett shares President Donald Trump’s economic views and supports the continuation of a dovish Federal Reserve policy stance.
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The GBP/USD pair is correcting near the 1.3357 level, as the pound gradually loses upside momentum following the release of December UK housing market data. The figures highlight growing uncertainty linked to the indexation of property taxes across multiple housing categories under the new government budget.
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