• Spanish GDP (YoY) (Q3) 2.8%, 3.0%forecast, 3.1% previous
• Spanish GDP (QoQ) (Q3) 0.6%,0.6% forecast, 0.8% previous
• Spanish Retail Sales (YoY) (Sep) 4.2%, 4.7% previous
• Italian Trade Balance Non-EU (Sep) 2.74B, 1.88B previous
• Belgian GDP (QoQ) (Q3) 0.3%, 0.2% previous
Looking Ahead Economic Data (GMT)
•14:00 US New Home Sales (MoM) (Sep) 20.5% previous
•14:00 US New Home Sales (Sep) 710K forecast, 800K previous
•14:00 US Pending Home Sales (MoM) (Sep) 1.6% forecast, 4.0%
•14:00 US Pending Home Sales Index (Sep) 74.7 previous
•14:30 US Crude Oil Inventories -0.900M forecast, -0.961M previous
Looking Ahead Events And Other Releases(GMT)
•13:45 Canada BoC Monetary Policy Report
•13:45 Canada BoC Rate Statements
•13:45 Canada BoC Interest Rate Decision 2.25% forecasts, 2.50% previous
Currency Summaries
EUR/USD : The euro edged lower on Wednesday as investors awaited a widely expected 25-basis-point rate cut from the U.S. Federal Reserve. Markets are focused on Chair Jerome Powell’s remarks for clues on the Fed’s future policy stance.In contrast, the European Central Bank and Bank of Japan are both expected to leave interest rates unchanged at their meetings this week.Meanwhile, optimism over U.S.–China trade relations improved as Presidents Donald Trump and Xi Jinping are set to meet on Thursday to discuss a potential trade deal framework aimed at halting further U.S. tariffs and China’s rare-earth export restrictions helping ease market tensions and lift risk sentiment. Immediate resistance can be seen at 1.1662(50%fib), an upside break can trigger rise towards 1.1728(Oct 17th high).On the downside, immediate support is seen at 1.1561(61.8%fib), a break below could take the pair towards 1.1523(Lower BB).
GBP/USD: The pound extended decline against the dollar on Wednesday ahead of a widely expected interest rate cut from the Federal Sterling remained under pressure amid persistent concerns over the UK’s fiscal outlook. Britain’s budget watchdog, the Office for Budget Responsibility (OBR), is reportedly set to cut its key productivity forecast by a larger-than-expected 0.3 percentage points, which could deliver a £20 billion ($26.8 billion) blow to public finances.Finance Minister Rachel Reeves acknowledged that the OBR had been overly optimistic in past projections and signaled that a downgrade was likely. Analysts already estimate Reeves may face a funding gap of up to £30 billion due to the weaker productivity outlook, the reversal of planned welfare savings by Prime Minister Keir Starmer, and other fiscal pressures. Immediate resistance can be seen at 1.3386(SMA 20), an upside break can trigger rise towards 1.3399(SMA 20).On the downside, immediate support is seen at 1.3294(23.6%fib), a break below could take the pair towards 1.3265(Lower BB).
AUD/USD: The Australian dollar jumped to a three-week high on Wednesday after stronger-than-expected inflation data led traders to scale back expectations of a rate cut at next week’s Reserve Bank of Australia (RBA) meeting.Data showed consumer prices rose 1.3% in Q3, above forecasts of 1.1%, marking the fastest quarterly increase in over two years. Annual inflation accelerated to 3.2% from 2.1%, driven by higher housing and travel costs, base effects, and the partial rollback of energy rebates.RBA Governor Michele Bullock had said a 0.9% core inflation reading would be a “material miss.” The robust data prompted investors to largely rule out a near-term rate cut. Immediate resistance can be seen at 0.6617(38.2%fib), an upside break can trigger rise towards 0.6660(Sep 17th high).On the downside, immediate support is seen at 0.6579(Daily low), a break below could take the pair towards 0.6547(38.2%fib)
USD/JPY: The U.S. dollar edged higher on Wednesday as traders positioned ahead U.S. Federal Reserve meeting that is expected to deliver a 25-basis-point rate cut . The Federal Reserve is expected to cut interest rates by a quarter of a percentage point on Wednesday as policymakers steer the U.S. economy based on limited data that has nevertheless kept concerns about the strength of the job market top of mind.Economists polled were nearly unanimous in expecting the U.S. central bank to reduce its benchmark policy rate to the 3.75%-4.00% range when its latest two-day meeting concludes. A federal government shutdown, now in its 29th day, means the U.S. central bank did not receive the official employment report covering the month of September, a key input to its policy discussion when officials are focused on the strength of hiring and the evolution of the labor force under President Donald Trump's tightened immigration policies. Immediate resistance can be seen at 153.27(23.6%fib) an upside break can trigger rise towards 154.00 (Psychological level) .On the downside, immediate support is seen at 151.58 (38.2%fib) a break below could take the pair towards 151.00 (Psychological level).
Equities Recap
European stocks inched higher on Wednesday, as investors awaited earnings from major U.S. tech firms and a Federal Reserve meeting expected to deliver a 25-basis-point rate cut.
At (GMT 12:20 ),UK's benchmark FTSE 100 was last trading up at 0.82 percent, Germany's Dax was down 0.06 France’s CAC finished was down by 0.11 percent.
Commodities Recap
Gold rebounded nearly 2% on Wednesday as investors bought the metal after it hit a three-week low in the previous session. Focus now turns to the Federal Reserve’s rate cut decision and Chair Jerome Powell’s comments for further direction.
Spot gold was up 1.9% at $4,024.56 per ounce, as of 0218 GMT, after dropping to its lowest since October 6 on Tuesday.U.S. gold futures for December delivery gained 1.4% to $4,039.50 per ounce.
Oil prices were steady on Wednesday as investors balanced optimism over the upcoming U.S.–China leaders’ meeting with expectations of higher production quotas from the next OPEC+ gathering.
Brent crude futures were up 11 cents, or 0.2%, to $64.51 a barrel at 1020 GMT, while U.S. West Texas Intermediate crude futures gained 6 cents, or 0.1%, to $60.21.
