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…
EURJPY 15/12/2025
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-…
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.
…
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…