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UK Manufacturing PMI was finalized at 50.2 in November, up from 49.7 and marking a 14-month high. S&P Global’s Rob Dobson said the month delivered further signs of recovery, with output rising for a second straight month and new orders stabilizing after more than a year of continuous decline. Business optimism also strengthened to a nine-month high.

What stands out is that this improvement came despite elevated business uncertainty ahead of the Autumn Budget, during which some firms maintained a cautious tone. With that political overhang now lifted, December could see a further boost in sentiment—though Dobson noted that the Chancellor’s “absence of significant growth-promoting measures” may limit the scale of any rebound in activity or investment.

Price indicators added a dovish twist. Rising competitive pressures and cooling cost inflation pushed factory gate prices lower for the first time in more than two years. This combination of a still-soft industrial recovery and easing price pressures reinforces the shift in BoE's policy debate “away from inflation fears towards supporting economic growth”.

Full UK PMI manufacturing final release here.

Country-level data showed a striking split. Six of the eight surveyed economies—led by Ireland at 52.8, Greece at 52.7, and the Netherlands at 51.8—remained in expansion. Italy and Austria also posted multi-year highs, pointing to broad stabilization beneath the surface. However, the aggregate picture remains weak because the region’s industrial heavyweights continue to contract. Germany fell to a nine-month low of 48.2, while France stayed at 47.8.

HCOB’s Cyrus de la Rubia emphasized that while most countries are improving, the downturn in the two largest economies overwhelms the progress elsewhere. France’s weakness reflects ongoing political uncertainty that has delayed investment decisions, whereas Germany is grappling with frustration over government direction and growing doubts about the country’s reform capacity.

Nevertheless, forward-looking sentiment improved across the bloc. Most firms expect production to rise over the next year, with Germany showing a gradual return of optimism and France shifting noticeably into positive territory. The improvement suggests that confidence may be stabilizing after a difficult year.

Full Eurozone PMI manufacturing final release here.

AUD/USD started a fresh increase above 0.6500 and 0.6520. NZD/USD is also rising and might aim for more gains above 0.5750.

Important Takeaways for AUD USD and NZD USD Analysis Today

• The Aussie Dollar started a decent increase above 0.6500 against the US Dollar.
• There is a short-term contracting triangle forming with support at 0.6540 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is consolidating gains above the 0.5700 handle.
• There is a major bullish trend line forming with support at 0.5730 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from 0.6420. The Aussie Dollar was able to clear 0.6500 to move into a positive zone against the US Dollar.

There was a close above 0.6520 and the 50-hour simple moving average. Finally, the pair tested 0.6560. A high was formed near 0.6559 and the pair recently started a short-term downside correction. There was a minor decline below 0.6550.

On the downside, initial support is near a short-term contracting triangle at 0.6540 and the 50-hour simple moving average. The next area of interest could be 0.6520. If there is a downside break below 0.6520, the pair could extend its decline toward the 0.6490 zone and the 50% Fib retracement level of the upward move from the 0.6421 swing low to the 0.6559 high.

Any more losses might signal a move toward 0.6475 and the 61.8% Fib retracement. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6560.

The first major hurdle for the bulls might be 0.6580. An upside break above 0.6580 might send the pair further higher. The next stop is near 0.6620. Any more gains could clear the path for a move toward 0.6650.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a fresh increase from 0.5570. The New Zealand Dollar broke the 0.5660 barrier to start the recent rally against the US Dollar.

The pair settled above 0.5700 and the 50-hour simple moving average. It tested 0.5750 and is currently consolidating gains. There was a minor pullback below 0.5740. The NZD/USD chart suggests that the RSI is now just above 50.

On the downside, immediate support is near the 0.5730 level and a major bullish trend line. The first key zone for the bulls sits at 0.5700 and the 23.6% Fib retracement level of the upward move from the 0.5572 swing low to the 0.5743 high.

The next key level is 0.5660. If there is a downside break below 0.5660, the pair might slide toward 0.5610. Any more losses could lead NZD/USD into a bearish zone to 0.5570.

On the upside, the pair might struggle near 0.5745. The next major resistance is near the 0.5760 level. A clear move above 0.5760 might even push the pair toward 0.5790. Any more gains might clear the path for a move toward the 0.5850 zone in the coming days.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Statistics Canada reported on Friday that real GDP grew by 2.6% year-on-year in the third quarter of 2025, which means:

→ a significant beat compared with analysts’ expectations of just 0.5% year-on-year growth;

→ Canada avoided a technical recession (two consecutive quarters of contraction) following a 1.8% decline in the previous quarter.

The release triggered a strong rally in the Canadian dollar, as markets may have concluded that the Bank of Canada has less need to support the economy with additional liquidity, making the loonie more attractive to hold.

On the other hand, the unexpected GDP rise may partly be a statistical artefact linked to calculation methodology and the impact of tariffs introduced into global trade by the Trump administration. It is possible that GDP grew due to falling imports — meaning that even with strong headline numbers, the underlying economy may remain fragile.

Technical Analysis of USD/CAD

On Friday, the USD/CAD rate fell to its lowest level in a month.

The price then rebounded (as shown by the arrow) from the lower boundary of the channel that has been in place for most of the autumn. This bounce not only confirmed the relevance of the channel but also highlighted strong buying interest around 1.3940.

But should the bulls feel confident?

Note that:

→ throughout November, the price repeatedly slipped below 1.4000 — and each time failed to consolidate beneath this psychological level;

→ Friday’s bearish breakout looked exceptionally strong, with wide bearish candles closing near their lows, signalling clear dominance by sellers;

→ the 50% retracement of the A→B impulse sits near 1.4000.

Given these factors, it is entirely possible that 1.4000 will act as resistance in the short term, and that bears will attempt to resume the downward trend in USD/CAD.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Daily Pivots: (S1) 206.13; (P) 206.68; (R1) 207.20; More...

Intraday bias in GBP/JPY is turned neutral first with current steep decline. Further rally is expected as long as 204.26 support holds. Above 207.18 will resume larger rise to retest 208.09 high. Firm break there will confirm long term up trend resumption. However, decisive break of 204.26 will bring deeper pullback to 55 D EMA (now at 202.70).

In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. However, decisive break of 199.04 support will dampen this view and extend the corrective pattern with another fall.

Daily Pivots: (S1) 180.51; (P) 181.02; (R1) 181.51; More...

EUR/JPY dips mildly today as consolidation from 181.98 continues. Intraday bias stays neutral at this point. While deeper fall cannot be ruled out, downside should be contained by 178.80 resistance turned support to bring another rally. On the upside, break of 181.98 will target 100% projection of 161.06 to 173.87 from 171.09 at 183.90 next. However, firm break of 178.80 will argue that deeper correction is already underway towards 55 D EMA (now at 177.35).

In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Outlook will continue to stay bullish as long as 55 W EMA (now at 169.45) holds, even in case of deep pullback.

Daily Pivots: (S1) 0.8749; (P) 0.8761; (R1) 0.8774; More…

EUR/GBP recovered just ahead of 55 D EMA (now at 0.8451) and intraday bias is turned neutral first. Considering bearish divergence condition in D MACD, sustained trading below 55 D EMA will solidify the case of bearish reversal. Deeper fall should then be seen to 0.8631 cluster (38.2% retracement of 0.8221 to 0.8663 at 0.8618. However, break of 0.8816 minor resistance will bring stronger rebound to retest 0.8863 high instead.

In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. Upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Sustained trading below 55 W EMA (now at 0.8600) should confirm that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high). That should pave the way back to 0.9267.

Daily Pivots: (S1) 1.7677; (P) 1.7719; (R1) 1.7749; More...

Intraday bias in EUR/AUD remains mildly on the downside at this point. Rebound from 1.7561 could have completed as a corrective move at 1.7976. Break of 1.7627 support will bring retest of 1.7561. On the upside, above 1.7794 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.7976 holds, in case of recovery.

In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA (now at 1.7426) will suggest that it's correcting the whole rally from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922. Nevertheless, strong rebound from 55 W EMA will likely bring resumption of the up trend sooner.

Daily Pivots: (S1) 0.9306; (P) 0.9322; (R1) 0.9332; More....

EUR/CHF is extending consolidations below 0.9349 and intraday bias remains neutral. As noted before, fall from 0.9660 could have completed at 0.9178, on bullish convergence condition in D MACD. Above 0.9349 will resume the rise from 0.9178, and target 0.9452 resistance next. However, break of 0.9275 will turn bias back to the downside for 0.9178 low instead.

In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9371). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 1.3928; (P) 1.3990; (R1) 1.4041; More...

USD/CAD's fall accelerates lower today, and considering bearish divergence condition in D MACD, break of 1.3920 support is the first sign of bearish reversal. Intraday bias is back on the downside, and decisive break of 38.2% retracement of 1.3538 to 1.4139 at 1.3909 will indicate that whole rise from 1.3538 has completed. Deeper fall should then be seen to 61.8% retracement at 1.3768 next. For now, risk will stay on the downside as long as 1.4129 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.4791 medium term top is likely just unfolding as a correction to up trend from 1.2005 (2021 low), with rise from 1.3538 as the second leg. A third leg should follow before up trend resumption. That is, range trading is set to extend for the medium term. For now, this will remain the favored case as long as 1.3886 support holds. However, firm break of 1.3886 will revive the case that fall from 1.4791 is indeed a larger scale correction.