Metals Rise Ahead of Key U.S. Data (11.19.2025)

Major markets traded cautiously on Wednesday as investors awaited U.S. Nonfarm Payrolls and UK inflation data. The euro held near 1.1580 after three days of losses, pressured by a firm dollar as Fed rate-cut bets faded. 

The yen stayed weak around 155.50 amid cautious BoJ policy signals, while the pound extended its decline before the UK CPI release. Gold and silver gained for a second session as risk aversion deepened following a Wall Street selloff and softer labor indicators, with traders seeking clarity from upcoming U.S. data.

EUR/USD Keeps Flat Near 1.1580

EUR/USD traded around 1.1580 in Wednesday’s Asian session after three days of losses, as the Dollar stayed firm on weaker expectations for a December Fed rate cut. Markets now price a 49% chance of a 25-bp cut, down from 67% last week. US labor figures added to the cautious mood, with Initial Claims at 232,000, Continuing Claims at 1.957 million, and ADP showing average weekly job cuts of 2,500. Traders now turn to Thursday’s September Nonfarm Payrolls report.

Technically, 1.1560 is the key support, while resistance is seen at 1.1670.

BOJ Caution Keeps Yen Weak Around 155.50

The Japanese yen held near 155.5 per dollar as investors assessed the Bank of Japan’s policy outlook after Governor Ueda’s meeting with Prime Minister Takaichi. Ueda said rate hikes will proceed cautiously to keep inflation near 2% while supporting growth. Mixed data, including stronger machinery orders, kept markets uncertain about a possible December hike, and the yen stayed near ten-month lows as expectations of large fiscal spending persisted.

Technically, resistance stands near 156.00, while support is firm at 154.00.

Gold Rises Again on Risk-Off Mood

Gold went up for a second straight day on Wednesday, extending its rebound from just below $4,000 as a sharp Wall Street selloff hurt risk sentiment and capped USD strength. Geopolitical tensions also supported safe-haven demand, though reduced expectations for a December Fed cut limited further gains. Traders now look to the FOMC Minutes and Thursday’s delayed NFP report for clearer signals on the cooling US labor market.

From a technical view, support is seen near $4000, while resistance is positioned around $4090.

Sterling Stays Soft Before UK CPI

GBP/USD hovered near 1.3130 in Wednesday’s Asian session, extending a four-day decline as traders awaited UK CPI, PPI Core Output, and RPI figures. Softer inflation, alongside a weaker labor market and slower GDP, could reinforce expectations of a December BoE rate cut and add pressure on the Pound. The pair also remains weighed down by a firm US Dollar, with markets now focused on Thursday’s September Nonfarm Payrolls report for further direction.

From a technical view, support stands near 1.3050, with resistance around 1.3190.

Silver Rises Toward $51 on Defensive Flows

Silver climbed toward $51 per ounce, rebounding from recent lows as weakness in tech stocks and cryptocurrencies supported demand for defensive assets. Softer labor signals and comments from Fed Governor Waller supported easing expectations, though markets now assign only a 47 percent chance of a December cut. Strong Indian wedding-season demand and uncertainty over possible US tariffs also helped underpin prices.

From a technical view, resistance stands near $54.40, while support is located around $47.70.