Technical analysis
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China: Data outlook stays steady – Standard Chartered
Standard Chartered’s Hunter Chan and Shuang Ding expect China to enter Q4 at a steady pace, with October data showing a seasonal slowdown in manufacturing and trade but modest improvement in investment and retail sales. They forecast CPI inflation below 1% year-on-year, a narrower trade surplus, and seasonal weakness in CNY loan growth alongside stronger corporate bond financing.
FXStreet Insights Team
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November 3, 2026
European gas: Iran tensions keep TTF near EUR 100 - Commerzbank
Commerzbank notes that European gas (TTF) prices fell by up to 10% yesterday, from EUR 104 to EUR 93.5 per MWh, as hopes for a diplomatic resolution to the Iran conflict reduced the geopolitical risk premium. However, renewed US strikes on Iran have since pushed prices back toward EUR 100.
BoC’s Macklem signals more rate hikes as Oil fuels inflation risks
On Tuesday, Bank of Canada (BoC) Governor Tiff Macklem appeared before the House of Commons Standing Committee on Finance and said that “further rate hikes may be needed” because the war in the Middle East is keeping energy prices “higher for longer.”
National Bank of Poland: Policy on extended hold – ING
ING economists Rafal Benecki and Adam Antoniak expect the National Bank of Poland (NBP) to keep its reference rate at 3.75% on 4 November and then leave rates unchanged through the end of 2026. Their core inflation model shows contained pressures, with limited wage-driven second-round effects.
Japanese Yen struggles amid elevated Oil prices and wide rate differentials
USD/JPY edges higher on Tuesday as the Japanese Yen (JPY) underperforms its major peers, while stronger-than-expected US economic data lift the US Dollar (USD). Traders also monitor the US midterm elections and US-Iran headlines, which keep Oil prices volatile.
British Pound is flatlined as US jobs strength, election risks loom
The Pound Sterling steadies against the US Dollar, up a modest 0.10%, as investors await the results of the US midterm elections. Factory Data in the US and a softer US JOLTS report boosted the Greenback, trimming its earlier losses. The GBP/USD trades at around 1.3420.
Euro trades flat as US midterms and US-Iran developments keep traders cautious
EUR/USD trades little changed on Tuesday amid a cautious market mood as traders watch the US midterm elections. US-Iran developments also remain in focus, leaving the US Dollar (USD) without a clear direction.
Silver: Price decline seen as excessive - Commerzbank
Commerzbank’s Carsten Fritsch notes Silver has dropped to USD 48.6 per troy ounce, a 12‑month low, and is underperforming Gold as the gold/silver ratio reaches 80.
Brent: Pullback on US-Iran talks – ING
ING strategists Warren Patterson and Ewa Manthey note a sharp correction in Brent, with ICE Brent dropping 7.6% and falling back below $105/bbl as hopes for US-Iran talks grow ahead of US midterm elections. They highlight that strong signals of peace progress would imply further downside, with a sizeable risk premium still embedded given robust Persian Gulf oil flows.
United States: Cost-of-living strains shape midterm risks – BNP Paribas
BNP Paribas analyzes how the rising cost of living has become central to US Midterms, despite solid growth and low unemployment. The report argues that inflation, weaker wage dynamics and housing pressures are eroding household purchasing power, especially for lower earners.