Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
South Korea Posts Stronger-Than-Expected 1.3% Economic Growth in Q3 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
The U.S. dollar hovered near a five-week low on Friday as global investors positioned themselves for a widely anticipated Federal Reserve rate cut next week. The greenback remained under pressure across major currencies, with the yen showing notable strength as expectations rise that the Bank of Japan may resume its rate-hike cycle later in December.
Markets are pricing in a quarter-point rate reduction when the Federal Open Market Committee meets on December 9–10, while traders also anticipate the possibility of two to three additional cuts in 2025, according to LSEG data. The dollar index slipped 0.2% to 98.929 as of 0623 GMT, moving closer to Thursday’s five-week low of 98.765 and setting up a weekly decline of about 0.6%.
The U.S. labor market remains central to the Fed’s decision-making. Initial jobless claims unexpectedly fell to a more than three-year low last week, although analysts caution the Thanksgiving holiday may have distorted the data. Key employment figures typically released in early December have been postponed to mid-month due to delays caused by the recent prolonged government shutdown, which also disrupted several economic reports.
In the absence of fresh jobs data, markets are turning their attention to one of the Fed’s preferred inflation indicators—the core PCE deflator—set for release Friday. Economists expect a modest 0.2% monthly rise in September’s reading, while some analysts, including those at Commonwealth Bank of Australia, see potential for an even softer 0.1% gain, which could further support the case for a rate cut.
Political developments have also weighed on the dollar, with speculation that White House economic adviser Kevin Hassett could succeed Jerome Powell as Fed Chair, raising expectations for a more dovish policy stance.
The dollar slipped 0.3% to 154.46 yen, its weakest level since November 17. Meanwhile, the euro edged up to $1.1659, and the British pound climbed to $1.33505. The Australian dollar advanced to a two-month high at $0.6626, while the Swiss franc strengthened to 0.8026 per dollar.
Global central banks are set for a busy stretch of policy decisions over the next two weeks, keeping currency markets on alert as investors assess the shifting monetary landscape.
