Market Summary (Nov 7, 2025)

We’re seeing yield-cut bets build across both the Fed and the BOE this morning. Fed speakers (notably the more dovish members) have doubled down on a December rate cut despite mixed data, keeping our dollar supported in the near term but capping further gains until the cut probability is repriced. In the UK, a 5–4 MPC split to hold rates has shifted market expectations toward a December BOE easing, pressuring sterling. On FX, we remain alert for EUR/USD to extend its pullback into the 1.1550 area before considering fresh shorts. Gold, despite the dollar’s resilience, retains a long-term uptrend and could see renewed buying if it clears recent hourly highs; until then, volatility may stay elevated.