Forex News
- EUR/JPY trades without clear direction despite the European Central Bank’s cautious but confident tone.
- Investors continue to price in the prospect of a Bank of Japan rate hike, supported by persistent inflation pressures.
- Markets await next week’s BoJ policy meeting, which could confirm a decisive shift in the global interest-rate landscape.
EUR/JPY trades around 182.40 on Thursday, unchanged on the day at the time of writing, as the fundamental backdrop remains balanced between stabilization in Europe and gradually rising tightening expectations in Japan. The pair evolves in an environment where neither currency is able to gain a decisive advantage.
On the European side, European Central Bank (ECB) President Christine Lagarde reaffirmed on Wednesday at the Financial Times Global Boardroom Conference that the current monetary policy stance remains “in a good position” to guide inflation back to target. She also suggested that growth forecasts could be revised higher again, reinforcing the idea that the easing cycle is now over.
Other policymakers, including Francois Villeroy de Galhau and Gediminas Simkus, echoed this stance, noting that there is no urgency to adjust rates further, as the current policy level is considered appropriate. In this context, a prolonged policy pause may continue to support the Euro (EUR), although the absence of major data releases in the Eurozone on Thursday limits immediate catalysts.
In contrast, the Japanese Yen (JPY) retains a potentially supportive profile as markets increasingly price in a Bank of Japan (BoJ) rate hike. BoJ Governor Kazuo Ueda stated earlier this week that the likelihood of the central bank’s baseline outlook being achieved has been gradually increasing, reinforcing expectations of a slow but steady normalization. Moreover, Wednesday’s Corporate Goods Price Index showed that corporate inflation remains above historical levels, strengthening the case for additional tightening.
Concerns surrounding Japan’s fiscal trajectory also persist, as increased government spending under Prime Minister Sanae Takaichi raises questions about long-term public-finance sustainability. Even so, investors prefer to wait before taking more directional positions, with a crucial BoJ policy decision scheduled for next Friday. Markets are now pricing the possibility of a rate hike as early as next week.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | 0.06% | 0.02% | 0.09% | 0.45% | 0.22% | -0.28% | |
| EUR | 0.08% | 0.13% | 0.07% | 0.16% | 0.51% | 0.28% | -0.20% | |
| GBP | -0.06% | -0.13% | -0.04% | 0.03% | 0.39% | 0.16% | -0.34% | |
| JPY | -0.02% | -0.07% | 0.04% | 0.08% | 0.44% | 0.19% | -0.28% | |
| CAD | -0.09% | -0.16% | -0.03% | -0.08% | 0.37% | 0.12% | -0.37% | |
| AUD | -0.45% | -0.51% | -0.39% | -0.44% | -0.37% | -0.23% | -0.72% | |
| NZD | -0.22% | -0.28% | -0.16% | -0.19% | -0.12% | 0.23% | -0.49% | |
| CHF | 0.28% | 0.20% | 0.34% | 0.28% | 0.37% | 0.72% | 0.49% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
- Silver remains firm, trading near all-time highs, at $62.89.
- A dovish Fed and renewed concerns about an AI bubble are underpinning support for precious metals.
- XAG/USD is showing a bearish divergence in the 4-hour RSI.
Silver (XAG/USD) sits comfortably above the $62.00 level on Thursday’s European trading session, with the all-time high of $62.89 at a short distance. A dovish message from the US Federal Reserve and cautious market sentiment amid renewed concerns about an AI bubble are keeping precious metals supported on Thursday.
The US Dollar remains on its back foot, as investors digest a more dovish-than-expected Fed monetary policy decision on Wednesday. The central bank cut interest rates by 25 basis points as expected, but votes to hold rates were only two, and Fed Chairman Jerome Powell discarded any rate hike. This has kept investors' hopes of at least two more rate cuts in 2026 alive
Technical Analysis: Bulls aim for $62.85 and the 64.00 area
The pair looks overstretched after rallying more than 25% in the last three weeks, but so far without a sign of a trend change. The 4-hour Relative Strength Index (RSI), however, is showing a bearish divergence, which should act as a warning for buyers.
Immediate resistance is at Wednesday’s high, near $62.90. Further up, the 261.8% Fibonacci extension of the early December trading channel is at $63.85. An unlikely move above that level would bring the $65.00 psychological level into focus.
To the downside, the pair has found support on a previous resistance area at $61.50 (December 11 low). Below here, the next targets are the December 10 low at $60.00 and the December 5 high at $59.35.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
- AUD/USD retraces to near 0.6630 from an almost three-month high of 0.6686.
- Unexpectedly weak Australian labour market data weighs heavily on the Aussie Dollar.
- The Fed cuts its interest rates for the third time in a row.
The AUD/USD pair is down 0.45% to near 0.6630 during the European trading session on Thursday. The Aussie pair faces intense selling pressure, following the release of the unexpectedly weak Australian employment data.
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.09% | 0.08% | -0.06% | 0.08% | 0.43% | 0.20% | -0.29% | |
| EUR | 0.09% | 0.16% | 0.04% | 0.17% | 0.52% | 0.28% | -0.21% | |
| GBP | -0.08% | -0.16% | -0.10% | 0.00% | 0.36% | 0.12% | -0.37% | |
| JPY | 0.06% | -0.04% | 0.10% | 0.13% | 0.49% | 0.23% | -0.24% | |
| CAD | -0.08% | -0.17% | -0.01% | -0.13% | 0.36% | 0.09% | -0.38% | |
| AUD | -0.43% | -0.52% | -0.36% | -0.49% | -0.36% | -0.24% | -0.73% | |
| NZD | -0.20% | -0.28% | -0.12% | -0.23% | -0.09% | 0.24% | -0.49% | |
| CHF | 0.29% | 0.21% | 0.37% | 0.24% | 0.38% | 0.73% | 0.49% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Earlier in the day, the Australian Bureau of Statistics reported that the economy shed 21.3K jobs in November, while it was expected to have added 20K fresh job-seekers. In October, Australian employers hired 41.1K new workers. Meanwhile, the Unemployment Rate remains steady at 4.3%, lower than estimates of 4.4%.
An unexpected reduction in the Australian laborforce has propelled concerns over the economy’s job market, prompting traders to reassess their hawkish expectations on the Reserve Bank of Australia’s (RBA) monetary policy outlook.
On Tuesday, RBA Governor Michele Bullock said in the press conference, following the monetary policy announcement, that “rate cuts are not on the horizon” as “risks to inflation have tilted to the upside”.
Meanwhile, the US Dollar (USD) struggles to regain ground following the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to its seven-week low of 98.55 posted the previous day.
On Wednesday, the Fed reduced interest rates by 25 basis points (bps) to 3.50%-3.75%, and signaled one interest rate in 2026.Fed Chair Jerome Powell said in the press conference that goods inflation is expected to peak in early 2026 if more tariffs are not announced.
Economic Indicator
Employment Change s.a.
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. The statistic is adjusted to remove the influence of seasonal trends. Generally speaking, a rise in Employment Change has positive implications for consumer spending, stimulates economic growth, and is bullish for the Australian Dollar (AUD). A low reading, on the other hand, is seen as bearish.
Read more.Last release: Thu Dec 11, 2025 00:30
Frequency: Monthly
Actual: -21.3K
Consensus: 20K
Previous: 42.2K
Source: Australian Bureau of Statistics
Chinese officials say in the Annual Central Economic Work Conference during the European trading hours on Thursday that the government is focused on maintaining the Chinese Yuan’s (CNY) exchange rate basically stable.
Additional remarks
We will maintain Yuan exchange rate basically stable.
Maintain a necessary fiscal deficit.
We will not relax efforts on grain production, keep food prices at reasonable levels.
China to improve local tax system.
China to improve AI governance.
FX Implications
There has been no discernible impact on the Chinese Yuan from the outcome of the China Central Economic Work Conference. However, the USD/CNY pair has posted a fresh yearly low near 7.0574 during European trading hours amid weakness in the US Dollar (USD).
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $62.00 per troy ounce, up 0.35% from the $61.78 it cost on Wednesday.
Silver prices have increased by 114.58% since the beginning of the year.
Unit measure | Silver Price Today in USD |
|---|---|
Troy Ounce | 62.00 |
1 Gram | 1.99 |
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 67.96 on Thursday, down from 68.46 on Wednesday.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
(An automation tool was used in creating this post.)
Swiss National Bank (SNB) Vice Chairman Antoine Martin delivered optimistic remarks on the global economy after the monetary policy announcement in which the central bank held interest rates at 0%, as expected.
Additional remarks
Uncertainty decreased since the last SNB decision.
Global economy grew more strongly than expected in Q3.
Global economic development in many countries is more resilient than expected
Higher investments than expected, as investments in AI are high.
Insecurity has declined slightly, compared to the last assessment.
However, significant risks persist for the global economy, with US tariffs among them.
Expect global economy to grow moderately over next quarters.
FX Implications
SNB Martin’s comments are unlikely to impact the Swiss Franc (CHF) as they are more about the global economy. At the press time, USD/CHF trades 0.1% lower to near 0.7995.
Swiss economy FAQs
Switzerland is the ninth-largest economy measured by nominal Gross Domestic Product (GDP) in the European continent. Measured by GDP per capita – a broad measure of average living standards –, the country ranks among the highest in the world, meaning that it is one the richest countries globally. Switzerland tends to be in the top spots in global rankings about living standards, development indexes, competitiveness or innovation.
Switzerland is an open, free-market economy mainly based on the services sector. The Swiss economy has a strong export sector, and the neighboring European Union (EU) is its main trading partner. Switzerland is a leading exporter of watches and clocks, and hosts leading firms in the food, chemicals and pharmaceutical industries. The country is considered to be an international tax haven, with significantly low corporate and income tax rates compared with its European neighbors.
As a high-income country, the growth rate of the Swiss economy has diminished over the last decades. Still, its political and economic stability, its high education levels, top-tier firms in several industries and its tax-haven status have made it a preferred destination for foreign investment. This has generally benefited the Swiss Franc (CHF), which has historically kept relatively strong against its main currency peers. Generally, a good performance of the Swiss economy – based on high growth, low unemployment and stable prices – tends to appreciate CHF. Conversely, if economic data points to weakening momentum, CHF is likely to depreciate.
Switzerland isn’t a commodity exporter, so in general commodity prices aren’t a key driver of the Swiss Franc (CHF). However, there is a slight correlation with both Gold and Oil prices. With Gold, CHF’s status as a safe-haven and the fact that the currency used to be backed by the precious metal means that both assets tend to move in the same direction. With Oil, a paper released by the Swiss National Bank (SNB) suggests that the rise in Oil prices could negatively influence CHF valuation, as Switzerland is a net importer of fuel.
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