Today, the dollar is slightly better ahead of October's CPI report. The US House of Representatives could vote on a continuing measure to prevent a partial shutdown of the government at the end of this week.
The market has been dominated by narrow ranges.
Hong Kong and India were notable exceptions to the rise of most of the Asia Pacific's large bourses. Europe's Stoxx 600 continues to recover from yesterday and this two-day gain is recouping the majority of the 1% decline seen prior to last weekend. US index futures have a stronger bias.
Gold's recent recovery from a little below $1932 up to nearly $1950 was aided by lower yields and an overall softer dollar. Yellow metal is still trading below $1950, but it's a strong trade.
December WTI continues to extend yesterday's gains, trading at around $78.50.
The quiet Asia Pacific session today is a short lull before tomorrow's key reports. Australia will release its Q3 wage index, which is likely to have accelerated. The Reserve Bank of Australia's recent rate hike likely accounted for this. Japan will release its Q3 GDP. China will set the one-year Medium-Term Lending Facility rate. The most economists do not expect a change, according to Bloomberg's survey.
The dollar has risen against the yen for six consecutive sessions. It was just a few ticks away from the 22-year high reached in October 2022.
Yesterday, the Australian dollar was stable in a quiet trading session.
The number of payrolled employees in the UK not only rose in October but the 11k loss of jobs in September was revised to a 32k gain. The number of jobless claims increased by 17,8k, after the September increase was reduced to 9k. Tomorrow the UK will report October CPI.
Yesterday, the sterling reached a new session's high, around 1.2280. This was a 38.2% recovery of losses from last week. In Europe, it is accepting offers of $1.2300-10.
Slowly, the mood in Germany appears to be improving. The DAX, like many other large bourses fell three months straight through October. In the first half of November, it has recovered most of its losses from October.
The euro has been moving sideways for the past five sessions in a range of roughly $1.0655 to $1.0725. In the morning of the European day, it is edging towards the upper limit of this range.
Today's headline is the US October CPI. Bloomberg's median forecast predicts a 0.1% rise. This would be the lowest monthly increase this year. It was seen in both March and May.
Five Fed officials are speaking today, but their views are well known. While the Fed's policy is restrictive and tightening, this is what is generally being said.
The Canadian dollar has been lagging behind today and the US Dollar is mostly holding above CAD1.3800.