Fundamental / Economic Backdrop (short term)EUR/JPY trades around 182.90, with the cross shaped primarily by ECB–BoJ policy divergence and shifting global risk appetite. The ECB remains in a cautious holding pattern after earlier rate cuts in 2025, with inflation progress slow but steady and euro-area activity data stabilising modestly into year-…
Month: December 2025
CHFJPY 15/12/2025
Fundamental / Economic Backdrop (short term)
The short-term macro environment for CHFJPY remains shaped by contrasting policy paths. The Swiss National Bank (SNB) has maintained a stance focused on preventing excessive franc strength but continues to monitor inflation, which remains within its controlled range. Markets perceive limited near-term t…
XAGUSD 15/12/2025
Fundamental / Economic Backdrop (short term)
Silver at USD 61.25 trades within a macro environment shaped by slowing global industrial momentum, moderating inflation expectations, and a stabilising US yield curve. Recent data indicate softer US manufacturing output and marginal weakening in PMIs across Europe, contributing to firmer …
XAUUSD 15/12/2025
Fundamental / Economic Backdrop (short term)
Gold at USD 4,266/oz reflects a reinforced risk-hedging bid combined with structural macro uncertainty.Short-term drivers include:
US monetary expectations – Markets continue to price a mild easing bias into early 2026, although policy messaging remains cautious. A slightly softer USD profile…
USDCHF 12/12/2025
Fundamental / Economic Backdrop (short term)
USDCHF at 0.7953 reflects a continuation of broad CHF strength and a relatively soft US dollar backdrop. The immediate macro environment is driven by:
US-side considerations
Recent US data shows moderating inflation momentum while remaining above the Federal Reserve’s comfort threshold.
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EURUSD 12/12/2025
Fundamental / Economic Backdrop (short term)
The session is framed by a mixed macro backdrop. The euro area enters year-end with slowing activity in manufacturing and flat services momentum, while inflation trends remain subdued relative to the ECB’s medium-term goals. Rate-cut expectations for early 2026 have softened slightly but remain embedd…
USDJPY 12/12/2025
Fundamental / Economic Backdrop (short term)
USDJPY at 155.46 trades in an environment shaped by diverging monetary policies and shifting risk sentiment.
The United States continues to show moderating inflation alongside stable labour-market conditions. Markets expect the Federal Reserve to maintain a cautious stance, keeping rates elevated for l…
GBPUSD 12/12/2025
Fundamental / Economic Backdrop (short term)
Recent GBP performance reflects a combination of UK inflation trajectory, Bank of England (BoE) rate expectations, and US dollar behaviour ahead of key macro data. UK economic conditions remain mixed: services activity shows resilience, but consumer demand softens, leaving the BoE cautious rather than a…
CHFJPY 12/12/2025
Fundamental / Economic Backdrop (short term)
CHFJPY at 195.68 trades within a fundamentally mixed environment shaped by diverging monetary policies and a stabilising global risk tone.
Swiss Franc drivers (CHF):
The Swiss National Bank (SNB) has maintained a softly dovish stance relative to its historically tight posture, reflecting slowi…
EURJPY 12/12/2025
Fundamental / Economic Backdrop (short term)
EUR/JPY reflects the interaction between European monetary expectations, Japanese yield policy, and global risk appetite.
Eurozone drivers
Recent Eurozone data suggest sluggish but stabilising growth, with inflation easing toward the ECB’s target, keeping policy biases mildly dovish.
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