ING’s Frantisek Taborsky argues US midterm results, a softer Dollar and lower US Treasury yields reinforce recent relief in EM and CEE assets driven by US–Iran headlines and cheaper energy.

Sweden Riksbank Interest Rate Decision in line with forecasts (2%)

Spain HCOB Services PMI came in at 57.2, above forecasts (0) in October

Spain Unemployment Change came in at 43.128K, above expectations (18.7K) in October

Spain Unemployment Change came in at 43.1K, above expectations (18.7K) in October

USD/IDR remains stronger for the third consecutive day, trading around 18,200 during Asian hours on Wednesday. The currency pair is moving higher as the Indonesian Rupiah (IDR) struggles under the weight of mounting domestic concerns.

Japan’s Deputy Chief Cabinet Secretary Minoru Kihara said during the European trading session on Wednesday that the administration is closely tracking market moves with high sense of urgency. Kihara added, “Markets move on various factors.”

Canada BoC's Governor Macklem speech meets expectations (0)

Deutsche Bank notes that Democratic gains in Congress have weighed on US equity futures, particularly technology stocks, amid concerns over tighter AI regulation.

TradingKey - The U.S. will release the October ADP employment report this Wednesday. Markets generally expect U.S. private-sector job growth to slow from September, with current expectations predictin

The Democrats win a majority in the US House of Representatives, taking control from Republicans.

Americans voted in midterm elections on Tuesday, which will determine who controls Congress for the final two years of US President Donald Trump’s term.

AUD/USD gains ground after two days of losses, trading around 0.6970 during Asian hours on Wednesday. The currency pair holds its recent gains as the Australian Dollar (AUD) remains stronger following economic data from China, Australia’s key trading partner.

China's Services Purchasing Managers' Index (PMI) declines to 50.8 in October from 51.6 in September, the latest data published by RatingDog showed on Wednesday. 

US President Donald Trump said on Tuesday that "we appear to be achieving all our objectives," adding that the US has no immediate plan to attack Iran, the Financial Times reported. Trump also described the position regarding Tehran as "a brilliant situation.

Canadian Prime Minister Mark Carney said on Tuesday that trade discussions with the United States (US) will become more intensive. Carney added that progress made but US trade talks are not yet complete as key issues remain.

New Zealand’s Unemployment Rate ticked up to 5.7% in the third quarter (Q3) of 2026 from 5.6% in the second quarter, according to the official data released by Statistics New Zealand on Wednesday. The figure came in above the market consensus of 5.5%.

UOB’s Ho Woei Chen and Peter Chia note that the People’s Bank of China (PBoC) has announced an increase in the foreign-currency reserve requirement ratio to 6%, effective 15 November, to slow Chinese Yuan (CNY) appreciation.

MUFG strategists note Indonesia’s October Consumer Price Index (CPI) and core inflation both surprised on the downside, giving Bank Indonesia (BI) limited inflation-based justification to tighten policy.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD held a tight range on Monday, with the Singapore Dollar supported by a slightly firmer SGD NEER. They expect the SGD NEER to stay 1.30%–1.80% above its policy midpoint, implying USD/SGD should remain confined near current levels, with broader Asian FX still pressured by portfolio outflows and cautious sentiment ahead of US midterm elections.

Societe Generale reports Chinese authorities are again intervening after the CSI 300 fell 8.3% in October, its worst monthly drop in over a decade. The PBoC injected around RMB100bn via a one-year swap and will raise FX RRR from 4% to 6% on 15 November to curb one-way CNY appreciation.

Scotiabank analysts highlight the Pound trading steady against a mixed Dollar ahead of key risk events, including US midterms, UK PMI data, and the BoE decision.

On Tuesday, Olaf Sleijpen, President of De Nederlandsche Bank and a member of the European Central Bank (ECB) Governing Council, said that “the Iran shock is more persistent than earlier thought,” but noted that the central bank is not seeing “second-round effects yet.”

On Tuesday, the President of the Bundesbank and Governing Council member of the European Central Bank (ECB), Joachim Nagel, said that an ECB rate increase in December “is very likely to be necessary.”

OCBC’s Christopher Wong describes USD/SGD as range-bound, trading two-way in subdued fashion, driven by US Treasury yields, USD moves and RMB sentiment. Strong PMI data are unlikely to change MAS policy after October’s decision to maintain the appreciation stance. With S$NEER in the upper half of its band, SGD outperformance may be limited unless the Dollar weakens substantially.

UOB’s Enrico Tanuwidjaja highlights that Indonesia’s trade surplus stayed sizeable at USD 3.36bn in September, with exports up 11.9% year-on-year and imports rising 18.4%. He notes resilient manufacturing and commodity exports, but faster import growth tied to domestic demand and investment.

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.

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.”

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.

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.