Switzerland Producer and Import Prices (MoM) registered at -0.5%, below expectations (0.1%) in November

Cardano (ADA) price steadies above $0.40 at the time of writing on Monday after failing to sustain a move above the upper boundary of the wedge pattern in the previous week.

Ukraine’s President Volodymyr Zelenskiy offered to drop its long-held ambition of joining NATO as he held five hours of talks with US envoys in Berlin on Sunday to end the war with Russia, with talks expected to resume Monday, Reuters reported on Sunday.

Silver prices plunges after hitting an all-time high (ATH) of $64.65 losses 2.75% as investors book profits ahead of the weekend, as Federal Reserve officials remain divided about future monetary policy meetings. At the time of writing, XAG/USD trades at $61.84.

India FX Reserves, USD climbed from previous $686.23B to $687.26B in December 1

Here is what you need to know on Thursday, December 11:

The US Dollar (USD) sold off sharply on Wednesday, as investors continued to digest the largely anticipated rate cut by the Federal Reserve, while the updated “dots plot” surprised no one.

The AUD/JPY cross loses traction to around 104.00, snapping the six-day winning streak during the early European session on Wednesday. Deeper-than-expected producer deflation data from China undermines the China-proxy Australian Dollar (AUD) against the Japanese Yen (JPY).

Silver price extended its gains, refreshes previous all-time high of $60.57 hit earlier during the day, gains more than 4% on the day, and so far, 110% year to date. At the time of writing, XAG/USD trades at $60.62 after reaching $60.73, the current record high for the grey metal.

The price action continues to suggest a higher New Zealand Dollar (NZD); the levels to watch are 0.5800 and 0.5835, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR is likely to trade in a range between 1.1615 and 1.1665. In the longer run, upward momentum is starting to slow; a break below 1.1615 would indicate that EUR is not advancing further, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar Index (DXY) held its ground on Monday, trading above the 99.00 level during American hours as market participants await the Federal Reserve (Fed) interest rate decision and the release of a fresh Summary of Economic Projections (SEP).

Euro (EUR) is likely to trade in a range between 1.1625 and 1.1665. In the longer run, upward momentum is starting to slow; a break below 1.1615 would indicate that EUR is not advancing further, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

GBP/USD resumes its uptrend on Friday, trimming some of Thursday’s 0.21% losses as the Greenback recovered some ground. Inflation data in the US kept steady the chances for a Fed cut in the December meeting, weighing on the Dollar. At the time of writing, the pair trades at 1.3349 up 0.19%.

India FX Reserves, USD fell from previous $688.1B to $686.23B in November 24

Euro retreats somewhat on Thursday as traders digest the last round of US jobs data as they also brace for the release of the Federal Reserve’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. At the time of writing, the EUR/USD trades at 1.1649, down 0.19%.

Silver price retreats late in the North American session on Wednesday even though the US Dollar weakens after data reaffirmed investors intentions that the Federal Reserve would cut rates next week. At the time of writing, XAG/USD trades at $58.49 down 0.14%.

EUR/USD surges over 0.40% on Wednesday after economic data in the US reinforced bets that the Federal Reserve would cut rates at the December 9-10 meeting. The pair trades at 1.1668 after bouncing off daily lows of 1.1617.

Dogecoin (DOGE) is trading at $0.1525 at the time of writing on Friday, as bears tighten their grip. Demand for Dogecoin has remained significantly suppressed since the October 10 flash crash, which liquidated over $19 billion in crypto assets on a single day. 

India FX Reserves, USD: $688.1B (November 17) vs previous $692.58B

Upward momentum continues to increase; if Euro (EUR) closes above 1.1620, it could lead to a move toward 1.1655, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week.

South Africa Private Sector Credit rose from previous 6.03% to 7.26% in October

Bitcoin (BTC) price continues to trade in green above $91,500 at the time of writing on Thursday after rebounding from the key support level.

The Euro is trimming some losses against the British Pound on Wednesday, and reaches prices above 0.8790 after bouncing from three-week lows near 0.8760.

USD/JPY makes a U-turn and tumbles over 0.54% on Tuesday as investors grew confident that the Federal Reserve will cut rates at the December meeting, following a soft US inflation report, along with weaker than expected Retail Sales.

The US Dollar (USD) extended its intense pullback as investors assessed the softer US data releases and increasing bets for further interest rate cuts by the Federal Reserve.

Euro (EUR) is likely to consolidate between 1.1495 and 1.1545. In the longer run, the likelihood of EUR breaking below 1.1470 has increased; EUR must close below 1.1470 before further declines are likely, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Silver (XAG/USD) rallies sharply during the North American session, edged up more than 2.50% after bouncing off daily lows of $49.73 and trades at $51.37 at the time of writing.

Euro (EUR) could test the 1.1490 level again; the major support at 1.1470 is unlikely to come under threat.