The US Dollar (USD) remained well on the defensive on Wednesday, receding to levels last seen in late October amid mounting bets for another interest rate cut by the Federal Reserve at its meeting next week.

Here’s what to watch on Thursday, December 4:

The US Dollar (USD) kept its multi-day bearish leg well in place, this time dragging the US Dollar Index (DXY) to fresh five-week lows after breaking below the 99.00 support. Moving forward, the Challenger Job Cuts are due along with the weekly Initial Jobless Claims and Balance of Trade results.

EUR/USD climbed to new two-month peaks, approaching 1.1680 and refocusing on the key 1.1700 barrier. The HCOB Construction PMI in Germany and the euro zone will be released along with Retail Sales in the bloc.

GBP/USD briefly surpassed the 1.3300 barrier and flirted with its key 200-day SMA amid the widespread negative performance of the Greenback. The S&P Global Construction PMI and the BoE’s DMP survey are next on tap on the UK calendar.

USD/JPY kept its choppy price action in place on Wednesday, declining markedly and with gains capped by the 156.00 hurdle. Next in Japan will be the publication of the weekly Foreign Bond Investment readings.

AUD/USD’s upside impulse was everything but abated on Wednesday, with spot advancing to the boundaries of the key 0.6600 yardstick. The Balance of Trade results and Household Spending are due in Oz.

WTI prices reversed Tuesday’s retracement, approaching the key $60.00 mark per barrel, as geopolitical concerns re-emerged in response to the lack of news around potential peace talks in the Russia-Ukraine conflict.

Gold prices clocked marked gains on Wednesday, advancing past the $4,200 mark per troy ounce following the intense offered stance in the Greenback. Silver prices hit an all-time peak in levels just shy of the $59.00 mark per ounce.