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The yen weakens amid rising inflation and economic uncertainty in Japan, while the dollar strengthens, driven by a hawkish Fed outlook.
Sterling neared a one-month low as UK-US policy gap narrowed, with the Fed’s hawkish tone surprising markets, partly due to Trump’s unpredictability.
Oil prices steadied on Friday, set for a weekly loss, as the Fed and ECB's cautious stance fueled global economic concerns.
The October PCE price index rose 2.3% YoY, as expected. Excluding food and energy, core inflation climbed 2.8% compared to last year.
US stocks plunged, with the Dow Jones hitting a record low. Many strategists see potential for further gains, while Tesla's stock hit a new high.
Gold rallied over 1% on Thursday in early Asian hours, ahead of a key inflation report, with a 30% gain year-to-date, outpacing US stocks.
The market expects a Fed rate cut Thursday, with inflation above 2%, softening the rate-cut logic and influencing next year's decisions.
Europe's STOXX 50 was flat on Tuesday as negative data shocks eased. Eurozone Q3 GDP growth accelerated from 0.2% to 0.4%, partly due to one-offs.
The dollar held near recent highs, while the euro stayed at a yearly low. The gap between 10-year Treasury and Bund yields widened by 70 bps.
The Australian dollar stayed near a 13-month low on Monday as new RBA rate-setter appointments sparked concerns over interest rate changes.
The Canadian dollar hit a 4-1/2-year low as US bond yields widened. The Bank of Canada cut rates to 3.25% amid slower economic growth.
Sterling fell against the euro but remained at a two-year high. BOE's Megan Green said US tariffs may hurt the eurozone, with unclear impact on the UK.
Oil prices were steady in early Asian trade as weak demand and higher US inventories outweighed EU sanctions on Russia.
October inflation rose as expected, according to the Bureau of Labor Statistics, with core consumer prices also aligning with forecasts.
