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.

Gold (XAU/USD) pauses its recovery and pulls back into the $2,620s on Wednesday due mostly to the effect of a stronger US Dollar (USD).

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.

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.

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

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

The US Dollar (USD) recovers on Wednesday, 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.

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.

Pullback in the US Dollar (USD) could extend to 153.20, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

In the end, EUR/USD was virtually unchanged. At one point, the euro was down 0.7% against the USD.

Silver price (XAG/USD) extends its correction below $31.00 in European trading hours on Wednesday after facing selling pressure near $31.50 on Tuesday.

In its semi-annual Financial Stability Review published on Wednesday, the European Central Bank (ECB) warned that “economic growth remains fragile.” Additional takeaways Concerns about the global trade outlook add to geopolitical and policy uncertainty.

United Kingdom DCLG House Price Index (YoY) meets expectations (2.9%) in September

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

Upward momentum is building, albeit tentatively. The New Zealand Dollar (NZD) is likely to edge higher, but is unlikely to reach 0.5960 for now.

The USD/CAD pair holds ground after two days of losses, trading around 1.3970 during the European hours on Wednesday.

Greece Current Account (YoY) dipped from previous €0.651B to €-0.316B in September