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Dollar Softens as Global Central Banks Take Centre Stage

With the spotlight firmly on Central Bank interest rate decisions today, The Dollar has started today on the backfoot with a particular focus centred around the tone for 2026. Today’s decision is pretty much priced-in, with a 90% probability of a cut of 25 basis points expected later this evening. This means the focus will be sternly on Fed Chair Jerome Powell for any potential guidance moving into the New Year.

Data yesterday actually showed an increase in U.S Job’s Openings in October, following a strong performance in September. If the U.S economy was to continue to prove resilient, we may well see a shift in tone and a step back from what was brought back-to-back rate cuts.

The Bank of Canada are also set to announce their last rate decision of 2025 this afternoon, with the majority leaning more towards a pause on rate cuts. The unemployment rate in Canada dropped by 0.4% last month, whilst the economy also surprisingly grew by 2.6%. Inflation has also dropped to 2.2% which when combined with the above has provided some much needed positivity for The Canadian Dollar and we may see some more strength off the back of this decision later today.

The Euro is also benefitting against The Dollar, mainly due to an improved positive outlook for France. Over recent months, France has experienced some volatile times politically but yesterday saw French lawmakers narrowly approve the social security budget for 2026 and should now pave the way for positive growth economically. This was seen with the Bank of France raising its economic growth forecasts for France.

GBP/EUR 1.1430 GBP/USD 1.3300 GBP/AED 4.8870
GBP/AUD 2.0015 GBP/CHF 1.0710 GBP/CAD 1.8428
GBP/NZD 2.3002 EUR/USD 1.1620 GBP/ZAR 22.6346

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