GBP: The British Pound struggled to build on yesterday’s modest gains, continuing its underperformance as markets increasingly believe the Bank of England may speed up its rate-cutting cycle. With limited UK data ahead, traders are looking to tomorrow’s Bank of England Monetary Policy Report Hearings and Friday’s GDP release for further direction.

EUR: The Euro faltered during yesterday’s session, with a lack of EU data leaving the currency without clear direction. The Euro has now dropped over 2% against the U.S. Dollar since its multi-year peak in late September. Looking ahead, the European Central Bank’s upcoming rate decision next week leaves the economic calendar relatively quiet for pan-European data until then.

USD: The U.S. Dollar remained steady in Asian trading, hovering near a seven-week high reached on Monday. The market is now awaiting the minutes from the Fed’s September meeting, where a 50-basis-point rate cut was made, for more insight into the Fed’s plans. Additionally, September’s inflation data, due later this week, is expected to influence the Fed’s outlook.