Market sentiment is shifting as softer US labour data pressures the dollar and Germany faces rising political risk ahead of a crucial pension vote. Get the full breakdown in today’s market update 🔽
Key Insight:
Debate around the pension bill is putting the coalition’s unity in jeopardy.
Market Recap:
Fresh weakness in the US dollar emerged yesterday after data from Revelio Labs indicated the U.S. economy shed around 9,000 non-farm jobs in November. The prior month’s figure was also revised deeper into negative territory, showing a loss of 15,500 jobs instead of the previously reported 9,100. The softer labour picture pushed USD lower across the board, with GBPUSD climbing back to levels last seen on 28 October.
Today's Market Watch:
This afternoon’s release of the core PCE print is unlikely to move markets significantly, as the figures cover September and are therefore somewhat outdated. Only a sizeable surprise would be expected to shift sentiment around the USD meaningfully.
In Europe, attention turns to the final Eurozone GDP data. Political risk is also in focus: Germany’s Bundestag will vote on a pension reform package that has become a key test for Friedrich Merz and his coalition with the Social Democratic Party of Germany. Because this bill is viewed as a cornerstone for the coalition’s agreement, failure might not just be a single setback — it could undermine overall confidence in the coalition, increasing the odds of further instability.
5th December 2025
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