The Euro (GBP) has seen little upside despite rising market expectations for interest rate hikes, with recent gains in EUR/USD largely reflecting a weaker US Dollar (USD) rather than stronger euro fundamentals, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

South Africa Producer Price Index (MoM) climbed from previous -0.1% to 0% in November

South Africa Producer Price Index (YoY) remains unchanged at 2.9% in November

Sweden Riksbank Interest Rate Decision in line with forecasts (1.75%)

EUR/CAD pares its recent gains from the previous session, trading around 1.6160 during the European hours on Thursday. The currency cross weakens as the commodity-linked Canadian Dollar (CAD) strengthens on Oil supply concerns driven by rising geopolitical tensions.

France Business Climate in Manufacturing came in at 102, above expectations (98) in December

Switzerland Exports (MoM): 23478M (November) vs previous 25351M

Switzerland Imports (MoM): 19637M (November) vs previous 21032M

Switzerland Trade Balance declined to 3841M in November from previous 4319M

The Bank of England (BoE) will announce its last monetary policy decision of 2025 on Thursday at 12:00 GMT.

Netherlands, The Unemployment Rate s.a (3M) remains at 4% in November

EUR/JPY holds ground after registering 0.51% gains in the previous session, trading around 182.90 during the Asian hours on Thursday. The currency cross holds steady as the Japanese Yen (JPY) remains under pressure amid worries about Japan’s weakening fiscal outlook.

The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for November on Thursday at 13:30 GMT.

Speaking in a national address early Thursday, US ​President Donald ‌Trump said the next chairman of the ⁠‌Federal Reserve (Fed) will be ‍someone who believes in lower ​interest rates "by ‌a lot."

Australia Consumer Inflation Expectations up to 4.7% in December from previous 4.5%

Japan Foreign Investment in Japan Stocks up to ¥528.3B in December 12 from previous ¥96.8B

New Zealand's Gross Domestic Product (GDP) grew by 1.1% QoQ in the third quarter (Q3), compared with a 1.0% contraction (revised from -0.9%) in the second quarter, Statistics New Zealand showed on Thursday. This reading came in stronger than the expectation of 0.9%.

New Zealand Gross Domestic Product (YoY) in line with forecasts (1.3%) in 3Q

New Zealand Gross Domestic Product (QoQ) came in at 1.1%, above forecasts (0.9%) in 3Q

Atlanta Federal Reserve (Fed) President Raphael Bostic said on Wednesday that GVP growth is solid and that he expects to see that continuing in 2026, while participating in a moderated discussion at the Gwinnett County Chamber of Commerce in Georgia.

United States 20-Year Bond Auction: 4.798% vs 4.706%

Federal Reserve (Fed) Governor Christopher Waller said on Wednesday that the Fed is not in a rush to cut interest rates, given the current outlook, per Reuters.

Canada Foreign Portfolio Investment in Canadian Securities registered at $46.62B above expectations ($21.84B) in October

Canada Canadian Portfolio Investment in Foreign Securities dipped from previous $22.12B to $-11.58B in October

United States MBA Mortgage Applications: -3.8% (December 12) vs previous 4.8%

The Pound Sterling (GBP) is under pressure after UK inflation fell more than expected in November, paving the way for the Bank of England (BoE) to deliver a widely anticipated 25bps rate cut tomorrow. Markets now price in an accelerated easing cycle over the next year, BBH FX analysts report.

If there was any doubt about a rate cut at the BoE’s MPC meeting tomorrow then those doubts are surely gone now after this morning’s CPI data for November revealed a much weaker than expected set of data.

As the Fed steps back after its December rate cut, attention turns to the Bank of England (BoE), European Central Bank (ECB), and Bank of Japan (BoJ) this week, with expectations for a BoE rate cut, a steady ECB, and a gradual BoJ hike amid resilient global growth and cautious central bank policy, B

After a long drought of data, the labour market report hit hard. October payrolls fell by 105k, while November payrolls increased by 64k. Combined with a small rise in the participation rate, this led to the unemployment rate rising to 4.6%, from a high 4.4% in September.

Hungary’s central bank kept rates unchanged but struck a notably dovish tone, opening the door to rate cuts and pushing markets to price in deeper easing, with EUR/HUF facing renewed upside pressure, ING's FX analyst Frantisek Taborsky notes.