Bitcoin, Nvidia, and inflation data steer the market

Currencies

UK inflation data surprised to the upside, with the CPI rising to 2.3% in October, surpassing the 2.2% forecast and significantly higher than September's 1.7%. The primary contributor to the increase in both CPIH and CPI annual rates was housing and household services, driven by surging electricity and gas prices.

In currency markets, the GBP/USD advanced to 1.2703 this morning, buoyed by the inflation report. Meanwhile, the U.S. dollar slipped to a one-week low against major peers, extending its three-day retreat as markets calmed after the post-election rally sparked by Donald Trump's victory.

The USD/JPY edged lower after briefly gaining safe-haven support from comments by Russia’s foreign minister downplaying the likelihood of a nuclear strike. However, the dollar later rose 0.40% to 154.84 yen, supported by rising U.S. Treasury yields, before retracing to 153.

Crypto

Bitcoin reached a new all-time high above $94,000, driven by a series of developments signaling strong support for the digital asset industry under President-elect Trump.

Commodities

Gold extended its gains for a third consecutive day, driven by safe-haven demand following a series of headlines surrounding the Russia-Ukraine situation. Overnight, gold reached $2,641.94 before ranging near $2,630.

Stocks

Nvidia the world’s most valuable publicly traded company, surged over 4% just a day ahead of its highly anticipated quarterly earnings report.

Widely regarded as a bellwether for AI demand, Nvidia's earnings are expected to influence the trajectory of technology stocks in the days ahead. The company's shares have nearly tripled in value this year, driven by robust demand in the rapidly expanding AI sector. Known for producing the market's most advanced AI chips, Nvidia has capitalized on the surging interest in AI technology.