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[Cautious Trading in the Forex Market: Yen Rebounds, New Zealand Dollar Weakens as Markets Await Global Central Bank Decisions and Key US Data] 1. The global forex market entered a wait-and-see mode this week, with major currencies fluctuating within a narrow range. Market focus is on a series of upcoming key events, including interest rate decisions from the Bank of England, the European Central Bank, and the Bank of Japan, as well as the delayed US November non-farm payrolls report and inflation data. 2. The US dollar index held steady near a two-month low during Monday's Asian trading session, currently at 98.37. The euro and pound sterling were little changed against the dollar, trading at $1.1733 and $1.3362 respectively, reflecting investors' cautious attitude ahead of their respective central bank policy meetings. 3. Among other currencies, the New Zealand dollar fell 0.38% against the US dollar to $0.5779. This followed the Reserve Bank of New Zealand governor's reiteration of the interest rate path guidance in the policy statement, hinting at the possibility of a small rate cut in the near term, a statement that surprised the market. However, weaker-than-expected Chinese economic data dragged down the New Zealand dollar. The yen strengthened on a survey showing that confidence among major Japanese manufacturers hit a four-year high, with the dollar currently down 0.5% to 155.07 against the yen, reinforcing market expectations for a rate hike by the Bank of Japan this week. However, analysts generally believe this could be a "dovish rate hike." 4. Regarding market expectations, traders have almost fully priced in a rate cut by the Bank of England, while the general expectation for the European Central Bank is to keep rates unchanged. Meanwhile, the market is beginning to speculate that the ECB may raise rates in 2026. 5. In the US, its delayed economic data is attracting close attention. Analysts point out that this data may contain more "noise" due to the previous government shutdown, and policymakers will interpret it more cautiously. Federal Reserve Chairman Powell hinted last week, after announcing a rate cut, that further action might be paused in the short term to await a clearer economic outlook. Furthermore, former US President Trump recently stated that he prefers a specific candidate to become the Federal Reserve Chairman next year.