The U.S. dollar continues to hold steady as interest rates remain firm, with the currency consolidating against G10 peers during a relatively quiet "Turn Around Tuesday." The dollar is trading around JPY 151, the highest level since late July. Despite bearish price action in the previous session, the euro, British pound, and Australian dollar have seen only modest declines, with some minor gains today. However, these moves haven't altered the broader technical picture.
Global equities remain under pressure, as the bond sell-off intensifies. Meanwhile, gold remains firm but has yet to break above its recent record high of just under $2,741. December WTI crude oil has edged higher, reaching a five-day high near $70.75.

Asia-Pacific Markets
The surge in U.S. Treasury yields continues to bolster the greenback. Yesterday, the dollar experienced a bullish breakout against the Japanese yen, reaching JPY 150.90. U.S. 10-year Treasury yields hit their highest levels since late July, around 4.20%. This marks a significant increase, rising more than 60 basis points since the Federal Reserve's last meeting and surpassing the 200-day moving average for the first time since early July. Today, follow-through buying has lifted the dollar to JPY 151.10.
In Australia, the Australian dollar posted a bearish reversal yesterday, breaking through last week's lows. It closed near its session low in North American trading, though today's follow-through selling has been limited to a slight dip, holding just above $0.6650.

European Markets
This week is relatively quiet in terms of European economic data, with next week bringing more significant events like the preliminary eurozone CPI and the first estimate of Q3 GDP. The UK's Autumn budget is also eagerly anticipated, with the government’s latest financial data for last month set to be released soon.
After hitting session highs slightly above $1.0870 during the Asia-Pacific trading session yesterday, the euro began trending lower, particularly during North American trading. It tested last Thursday’s low near $1.0810, which has held steady so far today.
Sterling, in contrast, did not break above its pre-weekend high and instead trended downward, slipping below $1.2980 by the North American afternoon. Today, the pound’s upside has been capped near $1.3015, and it has reached new session lows in European trading.

American Markets
Today's Philadelphia Fed non-manufacturing survey and the Richmond Fed survey are not expected to be major market movers. Instead, market participants are focused on rising U.S. interest rates and the possibility of a Trump political comeback, which could have negative implications for key U.S. trade partners like Mexico, Canada, China, and Japan.
The U.S. is set to release its September existing home sales data tomorrow, though this is also unlikely to significantly move markets. More attention may be given to the Fed’s Beige Book report, which will be released on Wednesday. This report could carry extra weight, as Fed Chair Powell recently cited it as a factor that supported the Fed's decision to cut interest rates at last month's meeting.