Sterling remains the strongest performer among G10 currencies today, despite broad weakness across the group. The Japanese yen leads the losses. The UK’s higher-than-expected CPI figures may have tempered selling pressure on sterling, which is down less than 0.2% ahead of the US market open.
US equity index futures are mixed, while market participants eagerly await Nvidia’s earnings report. Meanwhile, a stronger dollar and higher rates appear to have stalled gold’s recent rally near $2,640, with the metal holding above yesterday’s lows. January WTI crude is trading near a three-day high, approaching the $70 mark.

Asia-Pacific Markets
Japan’s Q3 GDP was weighed down by a 0.4% drag from net exports, marking the third consecutive quarterly decline from trade contributions, which averaged a 0.3% reduction this year. In contrast, 2023 saw net exports adding 0.4% per quarter.
The yen initially recovered from a six-day low near JPY153.30 in late Asia-Pacific trading, only to weaken to JPY154.80 in North America. Fueled by rising US Treasury yields, the dollar later advanced to JPY155.85.
The Australian dollar followed a similar pattern, peaking at $0.6545 before reversing lower. It is now trading around $0.6500 in European markets, with support seen near $0.6480.

European Markets
UK inflation exceeded expectations in October, with the headline CPI climbing to 2.3% from 1.7% in September—higher than both market and Bank of England forecasts. Sterling initially reached a four-day high near $1.2715 before reversing to $1.2660 during the European morning session, a level it gravitated toward in yesterday’s North American trading.
The euro also faced selling pressure after briefly exceeding $1.06 earlier today. It has since declined to $1.0545, finding support around $1.0525 in recent sessions.

American Markets
The US and Canadian economic calendars lack significant data releases today, leaving the spotlight on comments from four Federal Reserve officials. Fed Governor Barr is set to testify before the House Financial Services Committee, while Governor Cook will discuss the economic outlook and policy at the University of Virginia. Governor Bowman will address agency policymaking, a topic recently challenged by a Supreme Court ruling. Lastly, Boston Fed President Collins is scheduled to speak as markets close.
Looking ahead, tomorrow’s data releases include weekly US jobless claims and the Philadelphia Fed’s manufacturing index, both of which could provide further direction for markets.