The U.S. dollar index remains weak as the U.S. and Britain reach an agreement in principle on drug pricing

On December 2, in early Asian trading on Tuesday, Beijing time, the U.S. dollar index was hovering around 99.45. On Monday, the U.S. ISM manufacturing PMI in November fell short of expectations, and the U.S. dollar index remained weak. It was close to the 99 mark during the session, and finally closed down 0.07% at 99.41 points; the benchmark 10-year U.S. bond yield finally closed at 4.0920%, and the 2-year U.S. bond yield, which is sensitive to the Federal Reserve's policy interest rate, closed at 3.5490%. Helped by expectations of U.S. interest rate cuts and the weakening of the U.S. dollar, spot gold rose to its highest level in six weeks, eventually closing up 0.37% at $4,233.54 per ounce; spot silver hit a record high, once approaching the $59 mark, and finally closed up 2.88% at $57.96 per ounce. International oil prices rose as a key pipeline linking Kazakhstan's oil fields to Russia's Black Sea coast was damaged after an attack in Ukraine and as traders assessed potential U.S. military action against Venezuela. WTI crude oil stood above $59 and finally closed up 1.83% at $59.52/barrel; Brent crude oil finally closed up 1.67% at $63.35/barrel.

Analysis of major currency trends

U.S. dollar index: As of press time, the U.S. dollar is hovering around 99.45. The U.S. dollar index is likely to fall as the likelihood of a rate cut by the Federal Reserve in December increases. The Chicago Mercantile Exchange's FedWatch tool suggests that there is an 87% chance of a 25 basis point rate cut in December. Demand for asylum has weakened amid ongoing discussions over a potential Ukraine-Russia peace deal. Technically, the U.S. dollar index is the mostThe nearest support level is located in the 98.85 to 99.00 range. Falling below the 98.85 mark will push the US dollar index towards the next support level of 98.00-98.15.

Euro: As of press time, EUR/USD is hovering around 1.1606. The euro weakened on risk volatility triggered by the Bank of Japan and speculation about the future leadership of the Federal Reserve. Technically, if this attempt is successful, EURUSD will move towards the next resistance level at 1.1715–1.1730.

GBP: As of press time, GBP/USD is hovering around 1.3207. Chancellor Rachel Reeves faces fresh criticism over the state of the UK government's budget. Chancellor Reeves has been accused of grossly misrepresenting the true state of Britain's finances. Chancellor Reeves has insisted there is an "inevitable increase" in budget tax, despite the Office for Budget Responsibility (OBR) recently stating that the current government faces an "inevitable increase" in budget tax due to stronger-than-expected wage growth and higher-than-expected tax receipts offsetting lower productivity. Technically, if GBP/USD successfully stabilizes above 1.3265, it will move towards the resistance between 1.3360 and 1.3375.

Gold and crude oil market trend analysis

1) Gold market trend analysis

In the Asian market on Tuesday, gold hovered around 4222.32. Precious metal prices rose slightly as speculation intensified that the U.S. Federal Reserve (Fed) might cut interest rates in December. Traders awaited the November report on the U.S. ISM Manufacturing Purchasing Managers Index (PMI) due later on Tuesday.

Technical: If buyers continue to be in control, the first hurdle is the high price of $4,264 on December 1. A clear breakout would lead to an all-time high of $4,380 (October 17), a more meaningful challenge that could determine whether this latest rally has real staying power. On the downside, there is a layer of support below current levels. The short-lived 55-day moving average is at $4,007, which aligns with weekly support at $3,997 (November 18). If this is lost, the next significant buffer will be at another weekly price line higher at $3886 (October 28). If the pullback is deeper, the 50% Fibonacci retracement of the May-October rally will www.xmasseuse.come back into focus at $3,750. In addition, the kinetic energy signalStill biased toward the bulls. The relative strength index (RSI) is near 65, which means the market is heating up but has not yet been stretched: there is room for further gains before conditions become overbought. At the same time, the Average Directional Index (ADX) is located near 21, showing that the upward trend is quietly strengthening. This is not a violent rebound, but a gradual accumulation of momentum. Readings below the mid-20s usually indicate that a trend is emerging from a consolidation phase, and this steady rise is likely to persist rather than fade away quickly.

2) Crude oil market trend analysis

On Tuesday in the Asian session, crude oil was trading around 59.27. The change in OPEC+ policy www.xmasseuse.comes against a sensitive geopolitical backdrop, as the United States seeks to promote a lasting de-escalation between Russia and Ukraine. Washington has suggested a peace deal could include easing sanctions on Moscow, a scenario that is likely to increase global oil supplies. At the same time, the alliance approved a new mechanism to assess members' maximum sustainable production capabilities from 2027, which will determine a future output baseline.

Technical: WTI oil's nearest resistance level is between $60.00 and $60.50. If the price breaks through $60.50, it will push WTI oil prices towards $62.50.

Foreign exchange market trading reminder on December 2, 2025

15:00 Monthly rate of the Nationwide House Price Index in the UK in November

18:00 Initial value of the annual CPI rate in the Eurozone in November

18:00 Initial value of the monthly CPI rate in the Eurozone in November

18:00 Eurozone unemployment rate in October

< p>23:00 Federal Reserve Board Governor Bowman gives a testimony statement

The next day at 05:30, API crude oil inventories in the United States for the week to November 28

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