GBP: UK Consumer prices rose by 2.3% year-on-year, up from 1.7% in September, largely driven by higher household energy costs. This surge cast doubt on the likelihood of a December rate cut by the Bank of England, as persistent inflationary pressures, including increased taxes, are expected to continue into 2025.

EUR: The Euro remained under pressure against the U.S. Dollar after a weak trading session. Investors are awaiting key U.S. economic data, while cautious remarks from the European Central Bank about growing risks to growth and inflation have further dampened confidence in the Euro. Analysts predict limited fluctuations, with the currency likely to trade within a narrow range.

USD: The U.S. Dollar saw some support yesterday, bolstered by its safe-haven appeal following the U.S. embassy closure in Kyiv amid escalating tensions between Ukraine and Russia. Geopolitical uncertainty drove demand for the Dollar, while diminishing expectations for aggressive Federal Reserve rate cuts also supported its strength. The U.S. embassy has since been reopened according to Reuters. Market projections for a December rate cut fell to 58.9%, down from 82.5% just a week prior.