Markets await US CPI data
The U.S. dollar nears a 6.5-month peak, with Bitcoin steady just below record highs.

Futures markets see a 60% chance of a December Fed rate cut, down from 81% pre-election.
Minneapolis Fed’s Kashkari warns that inflation surprises may influence December’s decision.
The Aussie dollar slips amid slower wage growth, supporting the case for possible rate cuts.
The dollar
The U.S. dollar hovered close to a 6.5-month peak against major currencies this morning, while Bitcoin remained firmly positioned just below its record highs, as markets assessed the so-called "Trump trades" ahead of crucial U.S. inflation data due later in the day.
CPI data is expected to rise to 2.6% from 2.4% in September, meanwhile futures markets currently reflect about a 60% probability of a third consecutive 25-basis-point cut on December 18th, down from approximately 81% prior to the U.S. election. A higher inflation reading today could further undermine expectations for another Fed rate cut amid mounting inflationary concerns.
Minneapolis Fed President Neel Kashkari cautioned at a conference yesterday that unexpected inflation "might give us pause" as December’s meeting approaches.
Aussie
The Australian dollar, often responsive to China's economic outlook, remained under pressure, slipping 0.02% to $0.6531.
In Australia, wages rose at their slowest annual pace since late 2022 in the third quarter, as an influx of new workers and cooling inflation added support to the case for potential interest rate cuts.
ECB
European Central Bank (ECB) Governing Council member Martins Kazaks indicated a gradual approach to further easing, stating in an interview with Latvia’s public broadcaster that the primary outlook is "to continue to lower rates step by step."
The ECB has already reduced borrowing costs three times since June, with another cut anticipated at its final meeting of the year in December.
The euro was last seen hovering near 1.060.