USD starts December soft against majors – BBH

FXStreetDec 1, 2025 10:58 AM

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The US Dollar (USD) opens December weaker as narrowing rate differentials weigh on the greenback, while markets await November ISM manufacturing data and anticipate President Trump’s Fed chair nomination, BBH FX analysts report.

US stocks set for lower open amid futures weakness

"USD is kicking off December softer against the majors and futures are flagging a lower open for US stocks. We expect USD to consolidate in the near term. But narrowing US-G6 rate differentials suggests the path of least resistance for USD is down. Check-out our Drivers for the Week for details."

"November ISM manufacturing takes the spotlight today (3:00pm London, 10:00am New York). The headline index is projected at 49.0 vs. 48.7 in October, consistent with a slower contraction in manufacturing activity. Watch the Prices Paid and Employment sub-indexes. In October, Prices Paid dropped to a 9-month low at 58.0 and the Employment gauge improved to a five-month high at 46.0, hinting at easing inflation and moderating job losses."

"President Donald Trump could announce his nominee for the next Fed chair very soon. Trump said on Sunday 'I know who I am going to pick, yeah. We’ll be announcing it.' White House National Economic Council Director Kevin Hassett is seen as a frontrunner to succeed Fed Chair Jay Powell when his term ends in May 2026. Hasset has consistently pushed for a more aggressive pace of Fed rate cuts, recently stating that he shares President Trump’s view that rates can be 'a lot lower'."

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