A story about Commerzbank’s commentary on the Turkish Lira was updated on December 3. This update came after the release of Turkey’s inflation data for November, making the earlier version outdated. The FXStreet Insights Team gathers market analysis from experts, including notes from commercial analysts and insights from various internal and external sources.

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Current Market Trends

As of December 3, 2025, the US dollar is weak against all major currencies. The November jobs report, which showed only 85,000 new jobs created, indicates a slowing US economy. This raises expectations that the Federal Reserve might cut interest rates sooner than anticipated in 2026, creating chances to short the dollar. The British Pound is gaining strength, reaching levels against the dollar not seen since early 2024. UK inflation held steady at around 3.5% last month, suggesting the Bank of England may keep rates higher for a longer time compared to the US. This interest rate gap makes holding pounds more attractive, indicating that buying GBP/USD call options could be a smart move. The Euro is also rising, trading above 1.1650 against the dollar. Improved economic sentiment in the Eurozone, bolstered by a 0.8% month-over-month rise in German industrial production, appears to be driving this trend. This alleviates concerns about a significant recession feared earlier in the year. Gold remains strong, priced above $4,200 an ounce. We expect this trend to continue. A weaker dollar and the chance of lower interest rates lower the opportunity cost of holding gold, leading traders to consider options to capitalize on rising prices through the end of the year. Lastly, the Japanese Yen is gaining strength as the gap between US and Japanese government bond yields narrows to the smallest since the aggressive US rate hikes of 2022-2023. As the market anticipates US rate cuts, the incentive to borrow Yen to purchase dollar assets is rapidly diminishing. This shift may lead to further gains for the Yen as we head into the new year. Create your live VT Markets account and start trading now.

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