From Marc Chandler at Bannockburn Global Forex:
Overview: The US dollar is beginning the new month on a firm note. It has edged higher against most currencies. Among the G10, the Australian dollar and Norwegian krone are leading the pack with negligible gains. Among emerging market currencies, the Mexican peso's gain of around 0.15% puts its atop the complex. The news stream is light and mostly features the final manufacturing PMI reading.
OPEC+ agreed to boost output by 137k barrels a day next month and then hold for Q1 26. December WTI is little changed now. It initially extended the pre-weekend gains to $61.50 but sellers pressed it back below $61.00. China adjusted its tax on gold, seemingly encouraging purchases on the Shanghai exchanges or from the central bank. Gold is little changed but slightly softer. Equities are rallying. Japan's markets were closed so they did not participate in today's broad advance, led by the 2.8% rally in South Korea's Kospi. Europe's Stoxx 600 is snapping a four-day drop and is up around 0.4% in late morning dealings. The S&P 500 and Nasdaq futures are 0.3%-0.5% better. Benchmark 10-year bond yields are a little firmer in Europe; most of up less than a single basis point. The 10-year US Treasury yield, which rose almost eight basis points last week, is up another basis point today to near 4.09%.
USD: The Dollar Index finished October at its best level since August 1. It rose by about 2.1% last month. It has extended its gains today to around 99.90....
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