EUR/CHF cements its bearish breakout from a Triangle pattern and declines.

How much further can the bounce in Gold prices run? Any way you slice it, this is not the same set-up for flows as a few short months ago, TDS’ Senior Commodity Strategist Daniel Ghali notes.

The Pound Sterling (GBP) gains sharply against the majority of its peers on Wednesday as data from the United Kingdom (UK) Office for National Statistics (ONS) showed inflation accelerated more than expected in October.

The Mexican Peso (MXN) sees losses in its key pairs – USD/MXN, EUR/MXN and GBP/MXN – during the European session on Wednesday.

Crude Oil prices are ripping higher for a third day in a row on Wednesday, getting close to the $70 round level, as geopolitical tensions – namely the escalation in the war between Russia and Ukraine – take over market sentiment to the detriment of stockpile data.

EUR/USD faces pressure near 1.0600 and falls to near 1.0550 in Wednesday’s North American session.

The US Dollar (USD) has a very calm Wednesday and recovers further into the US trading session, with the DXY Index trading around 106.5, as market sentiment turns risk-on ahead of the Nvidia earnings release after the US closing bell. Overnight

The AUD/USD pair drops sharply to near the psychological support of 0.6500 in the North American trading session on Wednesday.

GBP/CAD is extending its decline after breaking out of a bearish Rising Wedge pattern.

Gold (XAU/USD) recovers from a weak start to trade back in the $2,630s on Wednesday as geopolitical tensions in the Ukraine theatre of war ratchett up and drive fresh safe-haven flows into the precious metal.

GBP/JPY trades higher by about two-thirds of a percent in the 197.30s on Wednesday, after the release of higher-than-expected UK inflation data cemented bets the Bank of England (BoE) will leave its key bank interest rate at a relatively high 4.75% at its December policy meeting, and take a gradual approach to cutting interest rates in the future.

The Canadian Dollar (CAD) has slipped back somewhat after gains met resistance in the mid-1.3950 area, as expected, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The USD/CHF pair extends its recovery above 0.8850 in the North American trading session on Wednesday.

European Central Bank (ECB) data showed that negotiated wage growth picked up to 5.4% in Q3, from 3.5% in Q2, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Steadier sentiment across risk assets prevails this morning, allowing gains in global stocks and a broader rebound in the US Dollar (USD) after a few days of mild losses, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

LME lead stockpiles surged to the highest level since 2013 yesterday after a second consecutive day of big inflows into the exchange’s sheds in Singapore, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

United States MBA Mortgage Applications climbed from previous 0.5% to 1.7% in November 15

Federal Reserve (Fed) Chairman Jerome Powell said in prepared remarks delivered at a Dallas event on November 14 that they don't need to be in a hurry to lower interest rates, citing ongoing economic growth, a solid job market and inflation that remains above the 2% target.

Despite an escalation in the Russia-Ukraine war, there has been limited impact on oil prices.

South Africa Retail Sales (YoY) dipped from previous 3.2% to 0.9% in September

The growth story in Norway remains that of ‘muddling through’.

The EUR/CAD pair stays under pressure near the intraday low of 1.4750 in the European trading session on Wednesday even though Eurozone Negotiated Wages Rate data accelerated in the third quarter of the year.

Germany 30-y Bond Auction rose from previous 2.49% to 2.55%

Swedish macro has disappointed recently, and the long-awaited cyclical rebound has yet to materialize.

Recent US macro data suggests that the Fed can gradually normalize monetary policy toward a more neutral stance.

The US Dollar (USD) could weaken further; any decline is unlikely to reach the strong support at 7.2000.

On Wednesday, the European Central Bank (ECB) released its indicator of the Euro area’s negotiated wages data for the third quarter of 2024.

Eurozone Construction Output w.d.a (YoY) climbed from previous -2.5% to -1.6% in September

Eurozone Construction Output s.a (MoM) down to -0.1% in September from previous 0.1%

Canadian inflation figures for October, published yesterday, were slightly higher than expected.