The US Dollar (USD) struggled for direction amid the ongoing and intense bearish trend in place since late November. Rising bets for a rate cut by the Federal Reserve (Fed) next week and discouraging data have been keeping the Greenback under scrutiny as of late, fuelling its downside momentum.

Here’s what to watch on Friday, December 5:

The US Dollar (USD) navigated an inconclusive session on Thursday, with the US Dollar Index (DXY) briefly slipping back to the 98.80-98.70 band, or fresh multi-week troughs. The publication of the PCE will wrap up the calendar alongside Personal Income/Spending, the flash U-Mich Consumer Sentiment and Factory Orders.

EUR/USD briefly reached new two-month tops past the 1.1680 mark before receding marginally on the back of humble gains in the US Dollar. German Factory Orders are expected, followed by EMU’s final Q3 Employment Change and the third estimate of the Q3 GDP Growth Rate.

GBP/USD faded part of Wednesday’s strong advance, receding toward the 1.3340 zone after climbing to as high as the 1.3370 zone. The BBA Mortgage Rate and the Halifax House Price Index will close the weekly UK docket.

USD/JPY added to Wednesday’s pullback, hitting new two-week lows in the mid-154.00s. A busy calendar in Japan will feature the key Reuters Tankan Index, Current Account results, the final Q3 GDP Growth Rate, Bank Lending figures and the Eco Watchers Survey.

AUD/USD finally reclaimed the 0.6600 barrier and beyond for the first time since early October. The next key event in Australia will be the interest rate decision by the RBA on December 9.

WTI prices rose to weekly highs, briefly surpassing the key $60.00 mark per barrel as traders continued to closely follow developments on the geopolitical front.

Gold swung between gains and losses on Thursday, hovering around the $4,200 mark per troy ounce as the upbeat momentum in global stocks continued to undermine the demand for the safe-haven metal. Silver prices sold off markedly, revisiting three-day lows near $56.50 per ounce.