The Euro (EUR) weakens against the British Pound (GBP) on Tuesday, as Sterling outperforms most major peers following the release of UK labour market data. At the time of writing, EUR/GBP trades around 0.8763, down nearly 0.25% on the day, snapping a three-day winning streak.

United States ADP Employment Change 4-week average: 16.25K (November 29) vs 4.75K

Russia’s top Palladium producer expects a notable supply deficit for Platinum in 2025, while Palladium remains mostly balanced, highlighting diverging market views compared with the World Platinum Investment Council’s forecasts, Commerzbank's commodity analyst Carsten Fritsch notes.

Platinum and Palladium prices rose sharply this week, driven by record-high Silver and Gold levels and prospects of increased demand from the European automotive sector following indications of a softer 2035 combustion engine ban, Commerzbank's commodity analyst Carsten Fritsch notes.

EUR/USD is testing two-and-a-half-month highs, at the 1.1765, ahead of Tuesday's US session opening. The pair has shrugged off the negative impact of weaker-than-expected preliminary Manufacturing and Services Purchasing Managers Indexes (PMIs) and resumed its broader bullish trend ahead of key US

The Japanese Yen (JPY) gained against most major currencies as markets anticipate the Bank of Japan’s first rate hike since January, with PMI data showing modest growth and investors looking for clues on the central bank’s policy normalization path, BBH FX analysts report.

The United States (US) Bureau of Labor Statistics (BLS) will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. 

Gold dipped below $4,300 per ounce as investors awaited today’s US labor market data, with weaker-than-expected figures likely to support prices, while stronger results could trigger volatility by shifting Fed policy expectations, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

The Pound Sterling (GBP) outperformed as UK labor market conditions eased and the December PMI signaled firmer private sector growth, while markets fully priced in an upcoming Bank of England rate cut, BBH FX analysts report.

China imported far more Crude than needed in November, adding to strategic reserves and helping prevent a sharper drop in global Oil prices, though the sustainability of this trend remains uncertain, Commerzbank's FX analyst Michael Pfister notes.

EUR/USD is trading near its highest level since October 1 as Eurozone PMI data showed a modest slowdown, while German ZEW expectations improved sharply.

China’s refineries processed 60.83 million tons of Crude Oil in November, up 4% from a year ago but slightly below October’s daily rate. Stronger output at independent refineries offset slower production at state-owned facilities due to maintenance.

US Dollar (USD) is trading heavy near the middle of its June-December range. USD is set for a choppy trading day as key US data hit the wire. US November nonfarm payrolls (NFP) comes today, BBH FX analysts report.

Gold (XAU/USD) trades on the back foot on Tuesday as traders trim exposure ahead of a heavy US economic data docket that could reshape expectations for the Federal Reserve’s (Fed) monetary policy path into 2026.

Brent Crude fell below $60 per barrel this morning, marking the lowest level in more than seven months, while WTI closed at its weakest since February 2021.

Today’s nonfarm payrolls report is set to influence market expectations for the Fed’s January meeting.

The Pound Sterling (GBP) extend its intraday upside move against its major currency peers on Tuesday, following the release of the United Kingdom (UK) preliminary S&P Global Purchasing Managers' Index (PMI) data for December, and the labour market data for the three months ending in October.

Gold price (XAU/USD) trades 0.6% lower to near $4,270 during the European trading session on Tuesday. The yellow metal faces intense selling pressure as profit-booking kicks in after revisiting the all-time high above $4,350.

The Pound Sterling (GBP) weakened at the start of the week, pushing EUR/GBP closer to 0.8800.

USD/JPY softened as UST yields slipped, with the market largely pricing in a 25bp Bank of Japan (BOJ) hike this Friday and another in 2026.

Fed officials highlighted the need for flexibility in monetary policy, with Miran cautioning that labor market weakness can emerge rapidly and Williams noting that policy is well positioned after last week’s rate cut.

The Chinese Yuan (CNY) continued its steady appreciation, supported by a weaker US Dollar (USD), with USD/CNY falling to 7.0471. Banking sector foreign currency reserves rose further, reflecting efforts to moderate the pace of CNY gains while maintaining a high trade surplus.

Eurozone ZEW Survey - Economic Sentiment jumps sharply to 33.7 in December. The sentiment indicator was expected to increase slightly to 26.3 from 25.0 in November.

Italy Trade Balance EU dipped from previous €-0.042B to €-1.31B in October

USD/CNH nears 7.00, despite disappointing Chinese activity data.

Eurozone ZEW Survey – Economic Sentiment above expectations (26.3) in December: Actual (33.7)

Eurozone Trade Balance s.a. dipped from previous €18.7B to €14B in October

Italy Global Trade Balance above forecasts (€3.22B) in October: Actual (€4.156B)

Eurozone Trade Balance n.s.a. dipped from previous €19.4B to €18.4B in October

Germany ZEW Survey – Current Situation came in at -81, below expectations (-80) in December