Fundamental / Economic Backdrop (short term)
USDCHF remains driven by relative monetary policy expectations and risk sentiment. The US Dollar continues to draw support from comparatively resilient US growth data and the Federal Reserve’s cautious stance on the pace of future rate cuts. However, this support is increasingly balanced by signs of m…
EURUSD 16/12/2025
Fundamental / Economic Backdrop (short term)
Short-term EURUSD price action remains primarily driven by relative monetary policy expectations between the Federal Reserve and the European Central Bank, alongside risk sentiment and upcoming macro releases.
In the near term, markets continue to price a gradual easing path from both central banks in …
GBPUSD 16/12/2025
Fundamental / Economic Backdrop (short term)
Sterling remains primarily driven by relative monetary policy expectations and risk sentiment. In the immediate term, UK macro data flow is light, keeping focus on residual Bank of England guidance, wage dynamics, and services inflation persistence. Markets continue to price a cautious BoE…
GBPJPY 16/12/2025
Fundamental / Economic Backdrop (short term)
Sterling remains supported by relatively firm UK growth expectations and a Bank of England stance that is still cautious on easing, keeping rate differentials broadly supportive versus the yen. However, upside momentum is tempered by sensitivity to global risk sentiment and equity market volatility.The …
EURJPY 16/12/2025
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…
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…