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Forex Signals December 2: Salesforce, RBC, Snowflake, And JBS Earnings Preview
Major corporates like Salesforce, Royal Bank of Canada, Snowflake, and JBS disclose major earnings on Tuesday, influencing expectations...
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Last updated: Wednesday, December 3, 2025
Quick overview
- Major corporates like Salesforce, Royal Bank of Canada, Snowflake, and JBS are set to release earnings, influencing market expectations across tech, banking, and food sectors.
- Most major currencies weakened against the U.S. dollar as Treasury yields pulled back, coinciding with the Federal Reserve's upcoming meeting.
- Geopolitical tensions were highlighted by a meeting between U.S. developers and Russian President Putin regarding the Ukraine conflict, adding uncertainty to the market.
- U.S. equities saw a slight increase, but key tech stocks Nvidia and Microsoft struggled to surpass resistance levels, indicating cautious sentiment in the tech sector.
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MARKETS TREND
Major corporates like Salesforce, Royal Bank of Canada, Snowflake, and JBS disclose major earnings on Tuesday, influencing expectations for tech, banking, and global food producers.
Major Currencies Drift Lower Against the Dollar
Most major currencies ended the session weaker versus the U.S. dollar, pressured by a pullback in Treasury yields—particularly at the short end, which slipped by roughly 3 basis points. The move comes as the Federal Reserve enters its blackout period ahead of the December 10 meeting, where markets continue to price in a 90% probability of a 25 bp rate cut.
Geopolitical Developments Add New Uncertainty
In an unexpected diplomatic twist, U.S. real estate developer Steve Witkoff and Jared Kushner—who holds no formal government position—met with Russian President Vladimir Putin to discuss a potential peace plan for the Russia-Ukraine conflict. Russia’s envoy Dmitriev called the talks “productive.”
Former President Trump labeled the Ukraine situation “a mess” and deflected questions about recent military actions to his Defense Secretary Pete Hegseth. Hegseth stated he was not present during the decision and noted General Bradley oversaw the strike operations.
Trump also indicated he has chosen the next Federal Reserve Chair, later suggesting that National Economic Advisor Kevin Hassett is a leading contender—aligning with current betting market expectations.
Stocks Edge Higher, But Resistance Levels Hold
U.S. equities finished in positive territory, though both Nvidia and Microsoft failed to break above their key resistance zones. The broader move higher reflects improved sentiment, but tech leadership remains cautious.
Key Market Events to Watch Tuesday
Tuesday’s earnings lineup spans software, banking, cloud data infrastructure, and global food production—offering a broad read on corporate health and consumer demand. With Salesforce and Snowflake shaping tech sentiment, RBC providing insight into North American banking conditions, and JBS reflecting global commodity trends, these reports collectively hold the potential to steer market tone heading into December.
Salesforce, Inc. (CRM)
- Event: Q3 FY2026 Earnings – After Market Close
- EPS Expectation: $2.86
What Matters:
- Enterprise software demand trends
- Subscription growth and margin trajectory
- AI-driven product adoption and guidance tone
Royal Bank of Canada (RY)
- Event: Q4 2025 Earnings – Before Market Open
- EPS Expectation: $3.55
What Matters:
- Credit quality against a cooling economic backdrop
- Loan-loss provisions and margin pressure
- Wealth-management performance and cross-border exposure
Snowflake Inc. (SNOW)
- Event: Q3 FY2026 Earnings – After Market Close
- EPS Expectation: $0.31
What Matters:
- Cloud consumption trends amid cost-optimization by clients
- Growth in data-sharing and AI workload pipelines
- Updated full-year guidance amid competitive pressure
JBS N.V. (JBS)
- Event: Q3 Earnings
- EPS Expectation: $0.54
What Matters:
- Protein pricing dynamics and supply-chain efficiency
- Input-cost pressures, especially feed and logistics
- Geographic performance differences across the U.S., Brazil, and Europe
Key Data Ahead
ISM Services PMI
S&P Global’s latest report showed the services PMI rising to 55.0, the strongest in four months. Output and new business posted their largest gains of the year, while input costs accelerated due to tariffs and wage pressures. Job creation softened, and firms continued to prioritize efficiency. Business expectations improved, reaching an 11-month high as political concerns faded.
Swiss CPI
The previous reading undershot forecasts at 0.1% YoY, well below the SNB’s projected 0.4% Q4 average. The softer figure weakened the Swiss franc and revived talk of a potential return to negative rates—though the odds remain below 5%. Traders will closely watch the next release to gauge whether inflation begins trending higher as the SNB anticipates. A firmer print would support the view that the central bank has reached its terminal rate.
Gold Pushes Above November Highs
Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. Earlier this month, gold jumped above $4.3800 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20 daily SMA (gray) held as support last week and buyers returned and pushed XAU above $4,200K yesterday.
USD/JPY Returns to 150
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Fails at the 20 Daily SMA
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down below $105,000 before finding support at the 200 daily SMA (purple) and recovering above $115,000 but then fell toward $100K again. However over the weekend BTC started to rebound off the $10oK again and the price climbed above $106K but reversed lower after finding resistance at the 20 daily SM A(gray) and yesterday BTC fell below $85K.
BTC/USD – Daily Chart
Ethereum Returns Below $3,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. This Week we saw a dive below $3.500 as ETH heads below $3,000.
ETH/USD – Daily Chart
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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