The Pound Sterling (GBP) shrugged off Autumn Budget worries, supported by orderly gilt markets and cautious OBR growth forecasts. Softening US Dollar (USD) and Fed-cut expectations continue to drive GBP gains, DBS' Senior FX Strategist Philip Wee notes.

The New Zealand Dollar bears have been contained above the mid-range of the 0.5700s on Thursday, and the pair bounced up in the early European session, returning to levels five-month highs, near 0.5780.

The Pound Sterling (GBP) holds onto Wednesday’s gains against its major currency peers on Thursday, extending its rally since the announcement of the United Kingdom (UK) budget on November 26.

EUR/USD is pulling back from its highest levels in more than six weeks, trading at 1.1655 at the time of writing on Thursday, yet holding most of the ground taken on an eight-day rally.

Switzerland SVME - Purchasing Managers' Index came in at 49.7, above expectations (48.5) in November

European Central Bank (ECB) executive board member Piero Cipollone said in an interview with Nikkei during the European trading session on Thursday that monetary policy adjustments would be required if economic conditions don’t act in line with expectations.

USD/JPY remained largely unchanged as markets await further guidance from the BoJ, with a December hike already largely priced in. Pair was last seen at 155.06 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

The Australian Dollar (AUD) continued climbing against the US Dollar (USD), supported by firm technicals and favourable external drivers as the currency approaches key resistance levels. AUD/USD was last at 0.6615 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Sweden’s inflation slowed more than expected in November, but the Riksbank is unlikely to shift dovish given improved growth and cautious guidance, ING's FX analyst Francesco Pesole notes.

Analysts maintain EUR/USD targets at 1.170 for next week’s Fed meeting and 1.180 by year-end, noting the pair remains modestly undervalued. Russia-Ukraine negotiations show little progress, ING's FX analyst Francesco Pesole notes.

The USD/CHF pair trades in positive territory around 0.8010 during the early European trading hours on Thursday. The Swiss Franc (CHF) weakens against the US Dollar (USD) on softer Swiss inflation data. Traders brace for the US weekly Initial Jobless Claims report, which is due later on Thursday. 

Here is what you need to know on Thursday, December 4:

The AUD/JPY cross gathers strength to around 102.75 during the early European session on Thursday. Diminishing odds for more policy easing by the Reserve Bank of Australia (RBA) could provide some support to the Aussie against the Japanese Yen (JPY) in the near term. 

The Indian Rupee (INR) slumps for the seventh trading day in a row against the US Dollar (USD) on Thursday. The USD/INR pair posts a fresh all-time high around 90.70 at open as the Indian Rupee continues to face backlash due to the consistent outflow of foreign funds from the Indian equity market.

The EUR/USD pair edges lower during the Asian session on Thursday and erodes a part of the previous day's strong gains to its highest level since October 17. Spot prices currently trade around the 1.1660-1.1655 region, though the downside seems limited amid a supportive fundamental backdrop.

The EUR/JPY cross trades on a flat note near 181.10 during the early European session on Thursday. Hawkish expectations of the Bank of Japan (BoJ) rate hike could provide some support to the Japanese Yen (JPY) against the Euro (EUR) in the near term.

The GBP/USD pair loses ground to around 1.3330 during the Asian trading hours on Thursday. The major pair retreats from nearly a two-month high amid renewed US Dollar (USD) demand. However, the rising bets of a Federal Reserve (Fed) rate cut next week might cap its downside.

The USD/CAD pair attracts some buyers during the Asian session on Thursday, and for now, seems to have snapped a two-day losing streak back closer to the 1.3940-1.3935 region, or a nearly one-month low, touched last week.

The Japanese Yen (JPY) is trading with a positive bias during the Asian session on Thursday and looking to build on the previous day's gains against a broadly weaker US Dollar (USD).

The NZD/USD pair edges lower to near 0.5765 during the early Asian trading hours on Thursday, bolstered by renewed US dollar (USD) demand. Nonetheless, the potential downside for the pair might be limited amid the prospect of the US interest rate cut next week.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 7.0733 compared to the previous day's fix of 7.0754 and 7.0554 Reuters estimate.

The AUD/USD pair prolongs its strong uptrend witnessed over the past two weeks or so and advances to a fresh high since late October during the Asian session on Thursday.

The USD/JPY pair attracts some sellers to around 155.25 during the early Asian session on Thursday. The US Dollar (USD) softens against the Japanese Yen (JPY) on weaker-than-expected US jobs data and expectations of further US rate cuts.

The Australian Bureau of Statistics will publish its data for August on Thursday at 00.30 GMT. Trade surplus is expected to widen to 4,200M MoM in October, compared to 3,938M in the previous reading.

AUD/USD trades firmly on Wednesday, around 0.6590 at the time of writing, up 0.50% on the day.

GBP/USD rallies on Wednesday during the North American session, surpasses the 1.3300 figure as market participants priced in a more dovish Federal Reserve as rumors grow that the White House economic adviser Kevin Hasset could become the next Chair taking Powell’s rein.

The Euro (EUR) trades on the front foot against the US Dollar (USD) on Wednesday as the Greenback remains under sustained selling pressure amid dovish Federal Reserve expectations, while traders digest the latest US services sector data.

The Japanese Yen (JPY) is strengthening again, up 0.3% against the US Dollar (USD) as USD/JPY moves back toward Monday’s lows and threatens a broader retracement of its mid-November weakness, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

NZD/USD holds in positive territory around 0.5750 on Wednesday, up 0.20% on the day at the time of writing.

The Euro (EUR) is up 0.3% against the US Dollar (USD) and a mid-performer among the G10, climbing to fresh local highs at levels last seen in late October.