While presenting the Autumn Budget on Wednesday, UK Finance Minister Rachel Reeves said that there will be no return to austerity and added that they will maintain investment in the economy and health services, per Reuters.

USD/CHF trades lower on Wednesday, around 0.8060 at the time of writing, down 0.10% on the day. The pair extends the correction initiated after reaching its near three-week high just above 0.8100, pressured by a broader bearish tone surrounding the US Dollar (USD).

EUR/USD holds gains on Wednesday, although it remains capped below the 1.1600 line, trading at 1.1575 at the time of writing.

The Yen is showing the weakest performance of the G8 currencies on Wednesday, which is supporting the USD/JPY to trim previous losses and return to levels near 156.50.

Gold (XAU/USD) edges higher on Wednesday as traders lean into a more dovish Federal Reserve (Fed) outlook, with XAU/USD trading around $4,171, near two-week highs after closing almost unchanged on Tuesday.

The UK's Office for Budget Responsibility (OBR) said on Wednesday that around three-quarters of the planned reduction in borrowing over the next five years now comes from tax increases, according to the Autumn Budget.

Brazil Mid-month Inflation came in at 0.2%, above forecasts (0.18%) in November

United States MBA Mortgage Applications: 0.2% (November 21) vs -5.2%

AUD/USD rallies as Australia’s October inflation prints hotter than expected, reinforcing the RBA’s hold stance and contrasting with aggressive Fed easing expectations, BBH FX analysts report.

The New Zealand Dollar (NZD) climbs after the RBNZ delivers a fully priced 25bps cut and signals an end to its easing cycle, setting the stage for potential NZD gains into 2026, BBH FX analysts report.

Pound Sterling (GBP) remains steady ahead of the UK Autumn Budget, with tax hikes expected to dominate and increased gilt sales likely, leaving GBP under pressure against major currencies, BBH FX analysts report.

India M3 Money Supply: 9.8% (November 10) vs 9.3%

US Dollar (USD) is consolidating yesterday’s losses. Narrowing US-G6 rate differentials suggests the path of least resistance for USD is down. Fed policy is still restrictive and leaves scope for the Fed to deliver more easing.

Gold (XAU/USD) remains trading on a firm tone on Wednesday, with price action consolidating above the $4,150 resistance area.

AUD/USD strengthens on Wednesday, trading around 0.6500, up 0.45% on the day at the time of writing, after Australia’s new “complete” monthly inflation measure surprised to the upside.

Germany 10-y Bond Auction up to 2.67% from previous 2.62%

The New Zealand Dollar is trading higher against its US counterpart on Wednesday, boosted by a “hawkish cut” by the Reserve Bank of New Zealand RBNZ) and heightened hopes that the US Federal Reserve will cut rates in December.

Gold prices rose in India on Wednesday, according to data compiled by FXStreet.

Gold is breaking historical norms. Outperformance versus the US Dollar (USD) matches a record set last year, and the 2025 range in Gold is the largest since 1980.

The UK Budget is largely priced into markets, with increased fiscal spending and taxes likely to shift the fiscal/monetary mix in a sterling-negative direction, limiting any lasting gains for GBP despite potential short-term relief, Société Générale's FX analyst Kit Juckes reports.

In a recent analysis by UBS, Paul Donovan discusses the implications of the latest US Retail Sales data, which showed slight softness. Donovan emphasizes the importance of understanding the context of these numbers, particularly in light of inflation effects.

GBP/USD faces heightened downside risks as market-implied volatility and risk reversals signal expectations for a weaker Pound Sterling (GBP) ahead of the UK Budget, with a credible fiscal plan from Chancellor Reeves key to restoring investor confidence, Commerzbank's FX analyst Michael Pfister note

NZD/USD has rebounded sharply from last week’s low, breaking a falling wedge pattern, with the 50-day moving average near 0.5730 now in focus as a potential hurdle for further gains, Société Générale's FX analysts note.

It’s a big day for the UK and the pound. Chancellor Rachel Reeves is expected to deliver her budget address at 12.30 GMT.

The US Dollar is accelerating its reversal from last week’s highs above 1.4100 on Wednesday, with sellers testing support near 1.4070 as a raft of delayed US data releases keeps giving reasons for Federal Reserve doves to call for an easier monetary policy.

GBP/USD is showing early signs of recovery, forming a higher low at 1.3030 and breaking the descending channel, with potential upside toward 1.3300 if support holds, Société Générale's FX analysts note.

The US Dollar (USD) has declined since Monday, in line with our call. While there are some signs that Ukraine peace deal optimism is supporting European currencies, short-term misvaluation justifies a dollar correction.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $57.80 per barrel during the European hours on Wednesday. WTI price fell 1.70% in the previous session as prospects for a Ukraine-Russia peace agreement improved.

Switzerland ZEW Survey – Expectations climbed from previous -7.7 to 12.2 in November

Austria UniCredit Bank Manufacturing PMI rose from previous 48.8 to 50.4 in November