ASIA-PAC FX UPDATE: DXY lacks direction after recent weak ISM data

DXY: Flat

• Struggles for direction after the prior day's flat performance amid a lack of major pertinent catalysts and following the recent ISM Manufacturing PMI report, which showed a surprise decline in the headline, indicating a worsening outlook for the sector amid further contractions in New Orders and Employment, although Prices Paid was firmer than expected.

EUR/USD: Flat

• Trades sideways overnight after recent swings and as ECB rhetoric continued to underscore the unlikelihood of any near-term policy adjustments.

GBP/USD: +0.1%

• Lingers near Monday's trough after recent whipsawing and despite the UK and US agreeing to a zero-tariff pharma deal, although the deal calls for the NHS to increase the net price it pays for new medicines by 25%.

USD/JPY: +0.2%

• Gradually clawed back most of yesterday's losses and regained a firm footing at the 155.00 handle.

Antipodeans: AUD/USD +0.1% / NZD/USD Flat

• Conformed to the uneventful picture across the FX space in the absence of tier-1 data and despite the mostly constructive mood.

02 Dec 2025 - 03:20- ForexAsian Research- Source: Newsquawk