All eyes will be on Monday’s inflation report, as Statistics Canada releases October’s CPI figures. The data will give the Bank of Canada (BoC) a much-needed update on price pressures ahead of its December 10 meeting, where policymakers are widely expected to keep rates steady at 2.25%.

 The Canadian Dollar holds marginal gains against a firmer US Dollar on Monday, but the USD/CAD remains trading back and forth within the last few days’ trading range, with downside attempts held above the 1.4000 level and bulls capped below 1.4050.Most currency pairs are trading within recent range

USD/CHF remains supported on Monday, trading around 0.7950 at the time of writing, up 0.17% on the day. The pair is lifted by renewed strength in the US Dollar (USD) as expectations for an imminent policy easing by the Federal Reserve (Fed) continue to fade.

Gold (XAU/USD) kicks off the week on a subdued note, consolidating losses after a two-day slide that followed last week’s push to over a three-week high.

EUR/USD opened the week on a soft note, and returns to the 1.1600 area at the time of writing, extending Friday's reversal from session highs above 1.1650.

US Dollar (USD) appears to have entered a consolidation phase between 7.0900 and 7.1070. In the longer run, USD remains negative, and the next level to watch is 7.0885, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Outlook is unclear; US Dollar (USD) could trade between 153.80 and 155.05. In the longer run, for the time being, USD could trade between 153.20 and 155.05, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

New Zealand Dollar (NZD) is likely to trade in a range between 0.5650 and 0.5690. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY is trading just below 155.00 after Japan’s Q3 GDP contracted less than expected and domestic demand held firm. Despite reduced market pricing for a December BOJ hike, rising fiscal support may raise the likelihood of policy tightening later this year, BBH FX analysts report.

The US Dollar trades higher against the Japanese Yen on Monday, with price action approaching the 155.00 level.

Australian Dollar (AUD) is expected to trade in a range between 0.6510 and 0.6560. In the longer run, for the time being, AUD is likely to trade in a 0.6490/0.6580 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/CAD remains anchored above 1.4000 as markets await Canada’s October CPI, expected to cool to 2.1% year-on-year.

Pound Sterling (GBP) is expected to trade between 1.3120 and 1.3200. In the longer run, there has been a tentative buildup in momentum, and GBP could test 1.3240, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

US Dollar (USD) recovered against most major currencies underpinned by an upward adjustment to US interest rate expectations.

US inflation is likely to fall next autumn. On Friday, the White House announced another initiative aimed at mitigating the impact of tariffs, adding a significant number of agricultural products to the list of exceptions not subject to reciprocal tariffs.

India Trade Deficit Government registered at $41.68B above expectations ($29.4B) in October

Gold’s (XAU/USD) reversal from monthly highs near $4,250 hit last week has been contained above $4,040, but the precious metal is trading sideways on Monday with upside attempts capped below the $4,100 so far.

EUR/JPY trades around 179.60 on Monday at the time of writing, virtually unchanged on the day after pulling back from last week’s multi-year high near 180.00.

The current price movements are likely part of a range-trading phase between 1.1595 and 1.1645.

Next Wednesday, the Reserve Bank of New Zealand will meet for its last monetary policy meeting of the year and also for the last time under the leadership of Acting Governor Christian Hawkesby, Commerzbank's FX analyst Volkmar Baur notes.

LME Copper and Aluminium pared weekly gains as China’s economy cooled more than expected in October, ING's commodity experts Ewa Manthey and Warren Patterson note.

USD/JPY continued to trade near recent highs. Opposing forces of fiscal concerns, delayed BOJ policy normalisation, risk sentiments and intervention risks should continue to drive the pair. USD/JPY last seen at 154.75 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

USD/CAD is retreating after rejecting resistance near 1.4150 and is now moving toward the 200-DMA and key channel support at 1.3930/1.3880. A bounce is possible at this zone, but a break below it would open the door to further losses, Société Générale's FX analysts note.

Last week's dollar sell-off had indeed come a little too far, a little too fast, and Friday's bounce was understandable.

The Pound appreciates moderately against the Japanese Yen on Monday, reverting some of Friday’s lows and returning to the upper range of the 203-00s. The long wicks on the daily chart, however, reveal hesitation ahead of a significant resistance area, between 204.05 and 204.25.

The S&P 500 is testing its 50-day moving average and lower channel boundary, with momentum indicators flashing warning signs. A move below the 6630 pivot would confirm a deeper pullback, after the index failed to retest its October high, Société Générale's FX analysts note.

It has been quite easy to lose track of the UK government's messaging regarding November's budget, ING's FX analyst Chris Turner notes.

DXY was a touch firmer this morning. Market narrative has shifted towards concerns of what the backlog of US data may reveal about the US economy but at the same time, there is also rising caution that Fed may slow pace of rate cuts.

ICE Brent settled almost 1.2% higher last week after a Friday rally following a Ukrainian attack on the Russian port of Novorossiysk.

In focus on a quiet Monday will be the European Commission's autumn forecasts. In spring, the EC downgraded the 2025 and 2026 euro area GDP forecasts to 0.9% and 1.4% respectively, with inflation at 2.5% and 1.7%.