Fundamental / Economic Backdrop (short term)
GBP/JPY remains driven by a combination of UK rate expectations, Bank of Japan policy stance, and broader risk-sentiment conditions.
United Kingdom influences
Market expectations lean toward a Bank of England (BoE) easing path in 2026, but near-term data (services inflation, wage pressures) re…
Month: December 2025
XAUUSD 12/12/2025
Fundamental / Economic Backdrop (short term)
Gold remains influenced primarily by interest-rate expectations, USD direction, and macro-risk conditions:
Macro Drivers
Federal Reserve stance: Markets remain convinced of a gradual easing cycle during 2026. Real yields remain soft, maintaining a supportive environment for non-yielding assets…
XAGUSD 12/12/2025
Fundamental / Economic Backdrop (short term)
Silver continues to trade near its recently established historic highs, supported by three main macro themes:
1. Monetary policy expectations
The broader precious-metals complex remains underpinned by expectations of further policy easing by major central banks in early 2026.
These expe…
GBPUSD 11/12/2025
Fundamental / Economic Backdrop (short term)
The US dollar remains primarily driven by expectations around Federal Reserve policy, real yield direction, and broader risk sentiment. With the market still sensitive to any shift in US rate-cut expectations, short-term USD strength or weakness remains highly data-dependent.
Sterling conti…
USDCHF 11/12/2025
Fundamental / Economic Backdrop (short term)
The US dollar remains primarily driven by Federal Reserve policy expectations and US real yields. Current market pricing continues to favour a dovish or neutral Fed trajectory, limiting upside for USD. Any upside surprise in US inflation or labour data would be required to materially strengthen th…
EURUSD 11/12/2025
Fundamental / Economic Backdrop (short term)
US Dollar (USD) conditions remain closely tied to expectations around Federal Reserve policy direction. Markets currently remain sensitive to shifts in US inflation data, employment figures and real yield movements. Any reinforcement of rate-cut expectations continues to pressure USD.
Euro …
USDJPY 11/12/2025
Fundamental / Economic Backdrop (short term)
Key macroeconomic factors currently influencing USD/JPY:
Federal Reserve policy expectations: Markets continue to price in a gradual easing bias for 2026, but near-term US yield levels remain elevated. This supports the US dollar structurally, but limits aggressive upside unless fresh inflation…
EURJPY 11/12/2025
Fundamental / Economic Backdrop (short term)
Euro (EUR): The euro remains driven by expectations surrounding the European Central Bank’s policy path. With growth across the euro area remaining uneven and inflation showing signs of moderation, the ECB is perceived as approaching a neutral-to-dovish stance. This limits aggressive EUR upside …
GBPJPY 11/12/2025
Fundamental / Economic Backdrop (short term)
Key short-term macro drivers influencing GBP/JPY:
UK macro conditions: Sterling remains sensitive to shifting expectations around UK inflation, wage growth and Bank of England (BoE) policy. With growth momentum soft and inflation moderation uneven, the BoE is constrained between supporting grow…
CHFJPY 11/12/2025
Fundamental / Economic Backdrop (short term)
CHF/JPY remains a pure risk-sentiment and yield-spread cross, influenced primarily by:
Swiss franc (CHF) demand as a capital-preservation / safe-haven currency, supported by Switzerland’s low inflation profile and financial stability.
Japanese yen (JPY) behaviour driven by global risk …