Bitcoin breaks the $100,000 barrier, the French government collapses as the Prime Minister loses the no-confidence vote, and European stocks rally—it will be interesting to see if that confidence remains for the whole session. Overnight, the Fed’s Chair Powell did not provide much forward guidance on their December decision but didn't push back on the market pricing either, which currently has 18.5bp of cuts priced in. Don’t forget, the Fed’s blackout period begins on Friday.
In Japan, the BoJ's Nakamura toned down his dovishness, telling the press that he's not objecting to a rate hike. December rate hike pricing immediately jumped 2bp, and USD/JPY spot dipped below 150. EUR/USD has rallied on a short squeeze, opening at 1.0530, while GBP/USD opens at 1.2720. Ether fell 0.2% to $3,835.40. West Texas Intermediate crude dipped back below $70 per barrel, opening at 68.70, and spot gold was little changed at $2,647.
Data-wise, we have Eurozone retail sales and, in the US, initial jobless claims and the Goods Trade Balance.
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