The issue of inflation is currently of less importance in the foreign exchange market. Thus, according to economists at Commerzbank, dollar bears will not suffer losses even on the release of optimistic nonfarm payrolls.

Obviously there has been a structural shift in the markets toward a bearish dollar position. According to economists at Internationale Nederlanden Groep (ING), current U.S. nonfarm payrolls data may not cause an inversion of this trend.

Bank of Canada economists suppose that the interest-rate hiking cycle can be completed in the forthcoming months. Even if the Federal Reserve continues to increase borrowing costs, the situation won’t change.

On Thursday, the Japanese yen surged as the dollar showed a decline. The fall of the U.S. national currency is linked to an anticipated slowdown in the pace of further rate hikes by the Federal Reserve system.

According to the Bank of America Global Research economists, the dollar is likely to remain stable early next year. However, they expect it to reverse course and decline during the year.

On Thursday, the European Union (EU) proposed a cap on Russian oil prices of $60. U.S. Treasury Undersecretary Wally Adeyemo supported the proposal.

Societe Generale analysts have updated their forecast of Crude Oil prices. Their expectations are associated with maintaining a high level of prices in the first half of 2023 and a further decline to $93.5 in the fourth quarter of the coming year.

The currency pair EURUSD again rose higher to the level of 1.05. But according to economists of Rabobank, the pair will fall again to the currency parity level in 2023. It will happen because the problems in the energy sector affect the euro.

Chevron Corp CEO Michael Wirth said the likelihood that Chevron will invest in Venezuela is extremely low.

Commerzbank economists report that the Swiss National Bank (SNB) intends to continue fighting against excessive inflation.