Kevin Ford, FX and Macro Strategist

Data leaves room for both narratives. Nothing but Dollar strength. Markets balk at full BoE cut.

Dollar up, Fed blind, Nvidia the only game in town. Markets see Bailey warming to December cut. Euro’s toughest session this November.

Dollar holds ground amidst data return. Tentative stabilization. Softer UK inflation to weigh on sterling.

Canada dodges election after tight budget vote. Euro treads water. Pound faces tough backdrop. Escalating rhetoric.

Caution builds as markets await a clear catalyst. Inflation slightly higher than expected. Credibility vs hikes.

Next Fed decision is a coin toss. Sustained weakness. Downside drivers accumulate. Breaks higher, but soft data holds the key.