Currency news / December 2, 2025

EU CPI on the agenda

3 min read Thanim Islam

Thanim IslamDecember 2, 2025

Market snapshot:

EUR should be supported on the number

Yesterday's currency recap

JPY surged and markets ramped up expectations for a December rate hike by the Bank of Japan after Governor Ueda reinforced the possibility of tightening. and highlighted stronger confidence in Japan’s economic outlook. Markets now attach an 87% chance of 25bps hike on 19th December.

USD extended last week’s weakness after ISM Manufacturing shrank more than expected. Whilst priced paid illustrated inflationary pressures, the employment component fell month-on-month.

EURUSD climbed for a sixth straight day, approaching key resistance as did GBPUSD without being able to follow through.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.04%	2.0213
GBPCAD	-0.07%	1.85
GBPCHF	-0.05%	1.0632
GBPDKK	-0.20%	8.5056
GBPEUR	-0.20%	1.1389
GBPJPY	-0.60%	205.396
GBPNOK	-0.10%	13.3925
GBPNZD	-0.03%	2.3074
GBPSEK	-0.12%	12.4885
GBPUSD	0.06%	1.3243

*Daily move - against G10 rates as of 06:00 GMT, 02.12.25
** Indicative rates - interbank rates as of 06:00 GMT, 02.12.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	CPI MoM	Nov	-0.30%	0.20%
EUR	CPI YoY	Nov	2.10%	2.10%
EUR	Core CPI YoY	Nov	2.40%	2.40%

What we think

Just EU inflation numbers out this morning with not much deviation expected from October. Which in turn will continue to support the EUR and the markets pricing for minimal rate chance over the next 12 months.

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