The EUR/GBP cross trades on a flat note near 0.8735 during the early European session on Friday. Concerns over UK tax hikes and a dovish stance from the Bank of England (BoE) could exert downward pressure on the Pound Sterling.

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

Here is what you need to know on Friday, December 5:

The AUD/USD pair extends its winning streak for the eleventh trading day on Friday, rising to near 0.6620 during the early European trading session.

The USD/CHF pair loses momentum to around 0.8030 during the early European session on Friday.

The Indian Rupee (INR) drops against the US Dollar (USD) on Friday, with the USD/INR pair edging higher to near 90.10, as the Reserve Bank of India (RBI) announces a dovish monetary policy.

The EUR/JPY cross trades on a softer note around 180.60 during the early European session on Friday. The Japanese Yen (JPY) edges higher against the Euro (EUR) amid growing speculation that the Bank of Japan (BoJ) will raise interest rates when it meets in December.

The GBP/USD pair trades on a flat note near 1.3330 during the Asian trading hours on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation report later on Friday.

The USD/CAD pair trades in a tight range around 1.3950 during the Asian trading session on Friday. The Loonie pair wobbles inside Thursday’s trading range as investors await the Canadian labour market data for November, which will be published at 13:30 GMT.

The EUR/USD pair attracts some dip-buyers during the Asian session on Friday and recovers a part of the previous day's retracement slide from the 1.1680 region, or the highest level since October 17.

The Japanese Yen (JPY) holds steady during the Asian session on Friday and reacts little to the unimpressive data, which showed that Japan's Household Spending unexpectedly fell at the fastest pace in nearly two years in October.

On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 7.0749 compared to the previous day's fix of 7.0733 and 7.0751 Reuters estimate.

The NZD/USD pair edges lower to around 0.5765 during the early Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD). Nonetheless, the potential downside for the pair might be limited amid rising bets for a rate cut by the Federal Reserve (Fed) next week.

The AUD/USD pair enters a bullish consolidation phase during the Asian session on Friday and oscillates in a range around the 0.6600 round figure, just below a nearly two-month high, touched the previous day.

GBP/USD flubbed a technical run at the 1.3350 handle on Wednesday, falling back below the key technical level and trimming some of the ground gained during a strong rebound earlier in the week.

The USD/JPY pair remains weak near 155.05 during the early Asian session on Friday. Rising bets for a rate cut by the US Federal Reserve (Fed) next week and weaker US economic data weigh on the US Dollar (USD) against the Japanese Yen (JPY).

The Euro (EUR) trades slightly lower against the US Dollar (USD) on Mondayweighed down by a modest uptick in the Greenback. At the time of writing, the pair is hovering near 1.1659, snapping an eight-day winning streak after briefly climbing to its highest level since October 17 earlier in the day.

The Australian Dollar extends gains against the US Dollar on Thursday as markets scale back expectations of additional rate cuts by the Reserve Bank of Australia (RBA). At the time of writing, AUD/USD is trading around 0.6622, its strongest level since October 7.

Sterling rises during the North American session even though US jobs data suggests that the labor market remains solid but expectations that the Federal Reserve will cut rates, remained higher. At the time of writing, the GBP/USD trades at 1.3367, up 0.12%.

Germany’s pension reform looks set to pass after Die Linke signals abstention, giving Euro (EUR) a temporary boost against the Pound Sterling (GBP).

Silver (XAG/USD) trades on the back foot on Thursday as bulls take a breather and book partial profits after the metal climbed to record highs near $58.98 on Wednesday. At the time of writing, XAG/USD is trading around $56.87, down roughly 2.77% on the day.

The Japanese Yen (JPY) strengthens sharply as tightening expectations for the BoJ accelerate, driven by Governor Ueda’s latest hawkish remarks.

The Pound Sterling (GBP) stays firm near the top of its overnight range, with options markets sharply repricing protection against GBP weakness after the UK budget.

The Euro (EUR) is consolidating this week’s advance, supported by widening rate differentials and a neutral ECB outlook, with little reaction to soft euro-area data.

The Canadian Dollar (CAD) shows only mild weakness after fresh headlines on a possible USMCA withdrawal, but persistent long-term trade uncertainty continues to cap gains.

The Euro (EUR) weakens against the Japanese Yen (JPY) on Thursday as the Yen outperforms major peers, buoyed by growing speculation that the Bank of Japan (BoJ) could raise interest rates at its upcoming December 19 monetary policy meeting.

The US Dollar is showing moderate gains against its Canadian counterpart on Thursday, trading at 1.3970 after bouncing from five-week lows near 1.3940.

The US Dollar-Yen recovery attempt seen during Thursday’s early Asian session was capped at 155.50, and the pair resumed its broader bearish trend during the European trading session, breaching Monday’s low of 154.65 to hit fresh two-week lows near 154.50 at the time of writing.

The AUD/USD pair extends its winning streak for the tenth trading day on Thursday.

The Reserve Bank of Australia (RBA) could set the stage for fresh policy guidance next week, potentially signaling the start of an easing cycle, though AUD gains are not guaranteed, BNY's EMEA Macro Strategist Geoff Yu reports.