FxAnalysis

Weekly market outlook for December 1: gold, FX pairs, indices and Bitcoin with key levels and trends for traders in Spain and Latin America.

This week, the US Dollar has faced significant challenges. It spent every session on the defensive, pulling the Dollar Index (DXY) back from last week’s gains and putting the focus firmly on the downside for now.

The US Dollar (USD) came under renewed downside pressure, partially eroding the previous week’s strong uptick, as investors continued to pencil in the likelihood that the Federal Reserve could lower its interest rates once again at its December 10 gathering.

The Pound Sterling (GBP) staged an impressive recovery against the US Dollar (USD), as GBP/USD clinched fresh monthly highs above the 1.3250 psychological level.

Gold (XAU/USD) gathered bullish momentum at the beginning of the week on growing expectations of a Federal Reserve (Fed) interest rate cut in December.

The EUR/USD pair held within familiar levels in the last trading day of November, settling below the 1.1600 mark. The pair had made little progress throughout the month and even clinched a fresh three-month low of 1.1468, despite broad US Dollar (USD) weakness.