Fundamental / Economic Backdrop (short term)
Silver remains heavily influenced by the interaction between US monetary policy expectations, real yields, USD direction, and industrial-demand sentiment.
Key short-term drivers:
Federal Reserve policy expectations remain the dominant macro input. Markets continue to price in a gradual easing …
USDCHF – 02/12/2025
Fundamental / Economic Backdrop (short term)
USD/CHF remains driven by shifting expectations around U.S. monetary policy, Swiss franc safe-haven demand, and global risk conditions.
Key near-term drivers:
Federal Reserve outlook: Markets continue to price the likelihood of Fed rate cuts into 2026. Softer U.S. yields typically weaken the U…
EURUSD – 02/12/2025
Fundamental / Economic Backdrop (short term)
The immediate macroeconomic environment for EUR/USD continues to reflect a balance of pushes and pulls, creating a cautious and mixed near-term outlook. Key factors include:
The U.S. dollar (USD) remains under pressure in market pricing due to expectations that the Federal Reserve (Fed) may beg…
USDJPY – 02/12/2025
Fundamental / Economic Backdrop (short term)
Current USD/JPY behaviour reflects a combination of U.S. rate expectations, Japanese monetary-policy repricing, and global risk appetite:
Bank of Japan (BoJ) policy expectations continue to shift toward the possibility of additional tightening or a further reduction in accommodation. Any increa…
GBPUSD – 02/12/2025
Fundamental / Economic Backdrop (short term)
Recent developments suggest a mixed but directionally cautious environment for GBP/USD. Key fundamental factors:
The British pound (GBP) has been under pressure due to growing expectations of a rate cut by the Bank of England (BoE). Markets anticipate easing, which tends to weigh on GBP relativ…
EURJPY – 02/12/2025
Fundamental / Economic Backdrop (short term)
EUR/JPY is currently influenced by opposing macroeconomic forces stemming from both the Eurozone and Japan:
Bank of Japan (BoJ) policy expectations:Markets continue to price the possibility of further BoJ tightening after prior indications of policy normalization. This supports the yen by narro…
GBPJPY 02/12/2025
Fundamental / Economic Backdrop (short term)
GBP/JPY is currently influenced by the opposing macro-forces of the British pound (GBP) and Japanese yen (JPY):
United Kingdom (GBP drivers)
UK fiscal policy credibility has improved following the recent budget cycle, reducing some macro risk premium attached to GBP.
However, markets ex…
CHFJPY – 02/12/2025
Fundamental / Economic Backdrop (short term)
Swiss-franc (CHF) and Japanese-yen (JPY) dynamics together shape CHF/JPY’s near-term fundamentals; current conditions show competing pressures:
The Swiss franc retains safe-haven and reserve-currency appeal; Switzerland’s relative macro stability and historically conservative monetary polic…
XAUUSD – 02/12/2025
Fundamental / Economic Backdrop (short term)
Gold (XAU/USD) is navigating a mixed macroeconomic environment with a set of supportive factors, alongside risks that could limit upside. Key fundamental considerations:
Expectations of looser monetary policy from the Federal Reserve (Fed) continue to support g…
XAGUSD – 02/12/2025
Fundamental / Economic Backdrop (short term)
Silver (XAG/USD) currently sits at a crossroads of supportive macro factors and rising headwinds from yield-sensitive markets. Key fundamental drivers:
Expectations of near-term rate cuts by the Federal Reserve (Fed) continue to feed into silver’s appeal because lower yields reduce the opport…