Consumer spending volume in the Netherlands remained unchanged at 0.8% in October 2025. This reflects a consistent trend in economic behaviour during that period.
The EUR/USD pair hovered around 1.1650 due to the anticipation of a US interest rate decision. Concurrently, traders awaited US employment data, which included ADP Employment Change and JOLTS Job Openings reports.
British Pound Movement
GBP/USD experienced movement back to 1.3350 amid fluctuating market conditions. The pair was influenced by a weakened US Dollar and optimism surrounding upcoming US employment data.
Gold prices saw recovery, returning above $4,200 in the European session after a brief dip. This came ahead of key US economic reports expected to influence market movements.
Chainlink maintained stability at approximately $13.70, backed by robust ecosystem activity. The network is supported by declining exchange reserves and new integrations, hinting at potential positive market trends.
The global economic outlook for 2026 presents various challenges, including financial system risks and public debt concerns. Despite resilience in recent years, risks to recovery are increasing, affecting the medium-term macroeconomic and credit outlook.
Focus on Us Jobs Data
We are focused on the upcoming US jobs data, which will be the final major piece of information before the Federal Reserve’s policy decision tomorrow. Job openings, as we saw in the latest JOLTS report, recently fell to a two-year low of 8.7 million, reinforcing expectations for a cooling labor market. A weak report today would almost certainly lock in a rate cut, while a surprisingly strong number could trigger significant volatility.
The uncertainty ahead of the Fed’s decision has pushed up the cost of options. We’ve seen the VIX, a key measure of market fear, creep up by 15% over the past month to trade near 15.5 as traders buy protection against a surprise move. This suggests that strategies designed to profit from a large price swing, regardless of direction, could be advantageous.
With the market pricing in over a 90% probability of a 25-basis-point rate cut this week, the US Dollar is likely to remain under pressure. This weakness is supporting pairs like EUR/USD and GBP/USD, holding them near their recent highs of 1.1650 and 1.3350 respectively. We anticipate this trend will continue unless the Fed delivers a hawkish surprise.
At the same time, we see a clear policy divergence with Japan, where officials continue to signal their intent to raise interest rates. This contrast between an easing Fed and a tightening Bank of Japan is what has been driving USD/JPY down from its highs around 156.40. This pair offers a direct way to trade the diverging paths of the two central banks.
The expectation of lower US interest rates is a primary driver for gold, which has reclaimed the $4,200 level. Gold’s strength is logical, as real yields have compressed, with the 10-year Treasury yield having dropped 50 basis points last month to 3.8%. As long as the market expects easier monetary policy, we expect strong underlying support for precious metals.
