Fundamental / Economic Backdrop (short term)
Euro area data remains mixed, with growth indicators subdued but stable, while inflation continues to moderate gradually. This keeps expectations anchored around a cautious European Central Bank stance, with limited scope for near-term policy tightening.
In Japan, the Bank of Japan mainta…
Month: December 2025
CHFJPY 16/12/2025
Fundamental / Economic Backdrop (short term)
CHFJPY remains primarily driven by relative risk sentiment and interest rate expectations between Switzerland and Japan.
Swiss franc (CHF):The CHF continues to trade as a defensive currency. Short-term support is underpinned by stable Swiss inflation dynamics and the Swiss National Bank maintai…
USDJPY 16/12/2025
Fundamental / Economic Backdrop (short term)
The short-term macro environment remains USD-supportive but increasingly balanced. US monetary policy expectations continue to anchor around a “higher for longer” stance, with recent data reinforcing resilience in consumption and labour markets. However, marginal signs of cooling inflation and growi…
XAGUSD 16/12/20205
Fundamental / Economic Backdrop (short term)
Silver remains driven by a combination of macro liquidity conditions, real yield expectations, USD direction, and industrial demand sentiment.
Key short-term drivers:
US monetary policy expectations remain a primary influence; any repricing of rate cuts or shifts in real yields d…
XAUUSD 16/12/2025
Fundamental / Economic Backdrop (short term)
Gold remains supported by a combination of macroeconomic uncertainty and late-cycle monetary conditions. With XAUUSD trading around 4304, markets continue to price in slower global growth momentum, elevated geopolitical risk premia, and a cautious stance from major central banks.
Key short-term fundame…
USDCHF 15/12/2025
Fundamental / Economic Backdrop (short term)
USD/CHF (current reference price: 0.7955) continues to trade under broad US-dollar pressure as markets position for softer Federal Reserve policy into early 2026. Short-dated US yields remain capped, and recent macro releases point to a cooling labour market alongside easing inflation momentum. SNB comm…
EURUSD 15/12/2025
Fundamental / Economic Backdrop (short term)
EUR/USD is currently influenced primarily by diverging monetary expectations. Eurozone data continues to show moderate improvement in services and stabilisation in manufacturing, but inflation remains subdued, keeping the ECB cautious about tightening bias. Market pricing reflects limited near-term rate…
USDJPY 15/12/2025
Fundamental / Economic Backdrop (short term)
USDJPY at 155.79 continues to trade within a broader yen-weakness environment, shaped primarily by monetary policy divergence. The Bank of Japan remains accommodative, with market expectations centred on only modest tightening steps, keeping Japanese yields compressed relative to US Treasuries. In contr…
GBPUSD 15/12/2025
Fundamental / Economic Backdrop (short term)
GBP/USD around 1.3371 is currently shaped by interest-rate expectations in both the United Kingdom and the United States, inflation trajectories, and global risk appetite.
In the United Kingdom, recent data signals a modestly stabilising environment: services activity has shown resilience, while the ma…
GBPJPY 15/12/2025
Fundamental / Economic Backdrop (short term)
GBP/JPY trades within a macro environment shaped by diverging monetary paths and risk-sentiment dynamics. The Bank of England remains cautious, with inflation moderating but still above its 2% target, prompting markets to price only gradual rate-cut expectations into 2026. Recent UK data (services PMI r…