The US Dollar (USD) struggled for direction amid the ongoing and intense bearish trend in place since late November. Rising bets for a rate cut by the Federal Reserve (Fed) next week and discouraging data have been keeping the Greenback under scrutiny as of late, fuelling its downside momentum.

United States 4-Week Bill Auction: 3.68% vs previous 3.905%

United States EIA Natural Gas Storage Change above forecasts (-18B) in November 28: Actual (-12B)

Canada Ivey Purchasing Managers Index s.a came in at 48.4, below expectations (53.6) in November

United States Factory Orders (MoM) registered at 0.2%, below expectations (0.5%) in September

According to a Reuters poll on Thursday, the Federal Reserve (Fed) is widely expected to cut interest rates by 25 Basis points (BPS) to 3.50%-3.75% at its monetary policy meeting on December 10.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance went down to 191K for the week ending November 29.

United States Continuing Jobless Claims: 1.939M (November 21) vs previous 1.96M

United States Initial Jobless Claims registered at 191K, below expectations (220K) in November 28

United States Initial Jobless Claims 4-week average down to 214.75K in November 28 from previous 223.75K

Russia Central Bank Reserves $ increased to $733.4B from previous $729.1B

United States Challenger Job Cuts down to 71.321K in November from previous 153.074K

Brazil Gross Domestic Product (YoY) came in at 1.8%, above forecasts (1.7%) in 3Q

Brazil Gross Domestic Product (QoQ) came in at 0.1%, below expectations (0.2%) in 3Q

USD/CNH bounced from a one-year-plus low as the PBOC set a higher-than-expected fixing, signaling managed support for yuan appreciation. A stronger Yuan could help China pivot towards consumer-led growth, while the USD/CNH downtrend remains intact, BBH FX analysts report.

Ireland Gross Domestic Product (YoY) came in at 10.8%, above expectations (10.5%) in 3Q

Ireland Gross Domestic Product (QoQ) came in at -0.3%, below expectations (-0.1%) in 3Q

Spain 10-y Obligaciones Auction fell from previous 3.199% to 1.463%

Spain 5-y Bond Auction up to 2.471% from previous 2.443%

France 10-y Bond Auction fell from previous 3.43% to 3.38%

Greece Unemployment Rate (QoQ) dipped from previous 8.6% to 8.2% in 3Q

USD/BRL remains range-bound after hitting an interim low near 5.27, with momentum indicators showing potential for a pause in the downtrend, Société Générale's FX analysts note.

United Kingdom S&P Global Construction PMI came in at 39.4 below forecasts (44.3) in November

Swiss inflation data for November indicate stabilization, keeping pressure on further rate cuts low and supporting the Swiss Franc (CHF).

Austria Gross Domestic Product (QoQ) above forecasts (0.1%) in 3Q: Actual (0.4%)

Switzerland Unemployment Rate s.a (MoM) remains unchanged at 3% in November

Turkey Exports dipped from previous $24B to $22.7B in November

Sweden Current Account (QoQ) increased to 93.2B in 3Q from previous 84.5B

The Bank of Japan (BoJ) is anticipated to hike interest rates in December, with the government expected to tolerate such a decision, according to three government sources familiar with the talks, Reuters reported on Thursday.

Bank of Japan (BoJ) Governor Kazuo Ueda said on Thursday, “there is uncertainty on how far we can eventually raise interest rates.”