The USD is lower vs the 3 major currencies – the EUR, JPY and GBP. For the EURUSD, it moved back above 1.14919 the 50% of the move up from the May low) early in the Asian Pacific session and that disappointed the sellers who have been trying to keep that level as a ceiling (see post here). The sellers turned to buyers and the pair is not testing a swing area.

For the USDJPY, it moved above the 100 hour MA yesterday, but failed below that MA in the Asian session with buyers and sellers waffling the price up and down. In the European session, the price chose the downside placing the pair in the middle of the 100 hour MA above at 153.89 and the 200 hour MA at 153.358.

Finally, the Bank of England held its Bank Rate at 4.00% in a tight 5–4 vote, with Breeden, Ramsden, Dhingra, and Taylor favoring a 25 bps rate cut. The Committee noted that CPI inflation has peaked and that underlying disinflation is progressing, supported by a still restrictive policy stance. However, the balance of risks has shifted, with less concern about persistent inflation and greater attention to weaker demand pressures. The BOE said that as rates begin to fall, the degree of restrictiveness will lessen, and any further reductions will depend on how inflation evolves. Most members acknowledged that domestic inflationary pressures may be easing faster than expected, though Greene, Lombardelli, Mann, and Pill argued for maintaining tight policy due to risks of inflation persistence. Governor Bailey described the outlook as more balanced but preferred to wait for further evidence before cutting. The dissenters viewed policy as overly restrictive and warned that elevated household savings could curb consumption. With the vote finely split and Bailey pivotal, the groundwork for a December cut is in place, though the autumn budget could heavily influence the BOE’s next move. The pound softened slightly, with GBPUSD dipping to 1.3065 from around 1.3090 after the announcement.

The US Challenger layoffs came in at an elevated. U.S. employers announced over 150,000 job cuts in October 2025, the largest for that month in more than two decades, according to Challenger, Gray & Christmas. The total of 153,074 cuts marked a 175% jump from a year earlier, bringing year-to-date layoffs to 1.1 million, up 65% from the same period in 2024 and the highest since 2020. Tech firms led the reductions, followed by retailers and services companies, as industries accelerate AI-driven restructuring and cost-cutting measures. The report cited cost-cutting as the leading cause of layoffs, followed by artificial intelligence adoption, with “DOGE Impact” named as the top overall reason for 2025 cuts. Challenger noted that some industries are still correcting from the pandemic hiring boom, while softer consumer spending, higher costs, and tighter corporate budgets are driving the latest wave of job reductions and hiring freezes.

US stocks are mostly higher in premarket trading

• Dow industrial average up 32 points:
• S&P up 40.72 points.
• NASDAQ index up 45 points

in the US debt market, yields are lower

• 2-year yield 3.602%, -2.9 basis points
• 5 year yield 3.734%, -3.1 basis points
• 10 year yield 4.133%, -2.3 basis points
• 30 year yield 4.724%, -1.2 basis points

Crude oil is up about $0.33 and $59.94. The price of gold is up $30 back above the $4000 level at $4009.57. Silver is up $0.61 or 1.27% that $48.57. Finally, Bitcoin is down $1100 at $102,767