American Market Recap: The World Cup of foreign exchange begins

Friday, 05 Dec, 2025 News The World Cup of foreign exchange begins The World Cup is in the USA, Canada and Mexico this year. The World Cup draw is underway now and the first three matchups drawn are: Mexico-Korea Canada-Switzerland USA-Australia Those are fairly good News Baker Hughes oil rig count +6 to 413 Recall last week, Baker Hughes oil rig count fell -12. Today they rose by half of that with a gain of 6 to 413. The natural gas rates fell -1 to 129. The total rigs for the week rose 5 to 549. Crude Learn more Technical Analysis USDCHF Technicals: USDCHF has broken back above the 200 hour MA for the 1st time this week The USDCHF is trading higher and has stretched to a new high for the week in the last hour or so of trading. Earlier this week, the price moved below the 50% of the move down from the November high at Stock market update Most major European indices close lower and near lows for the day Most of the major European indices are closing lower. The exception is the German DAX. The other indices are closing near lows for the day after giving up gains: German DAX rose 156.68 points or 0.66% News Trump says he's getting along very well with Canada and Mexico Earlier reports said Trump wouldn't be talking trade with his North American counterparts but now that doesn't seem to be the case: Have meetings set up after FIFA event, will discuss trade Will meet News Bessent: China agreement is going well Treasury Secretary Bessent is out with a good review of the China trade detente. He said the had a constructive call with He Lifeng today about the implementation of the agreement between Xi and Trump Technical Analysis EURUSD Technicals: EURUSD falls below the 100 day MA, 100 hour MA and 38.2% retracement The EURUSD is trading to new session lows and in the process is breaking below 3 technical levels: 100 day moving average at 1.1644 100 hour moving average at 1.1641 The broken 38.2% retracement at 1. News Heavy selling leads to several reversals Gold is one of several assets that have seen heavy selling in the past half-hour. Gold has quickly turned a $50 gain into a small loss in a near-vertical drop. Elsewhere, strong gains in US equities h Learn more Technical Analysis USDCAD Technicals: USDCAD continues its run lower and away from the 100 and 200 day MAs. The USDCAD continued its move to the downside today, extending the sharp reaction that followed the stronger-than-expected Canadian jobs report. The data gave traders a clear fundamental reason to sel

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