Perhaps not outright but surely she gave him plenty of subtle, or maybe not so subtle, hints on what she wants. I mean, it's not like she has been trying to hide it to the public anyway either. So, yeah. "No request", eh? *wink* *wink* This article was written by Justin Low at investinglive.com.

Will decide monetary policy while scrutinising various dataTold prime minister that BOJ is adjusting degree of monetary support to stably achieve 2% inflationDiscussed on FX but won't comment on the details of thatIt is desirable for FX to move stably reflecting fundamentals, watching impact of market moves on the economyAs you would expect, he's not giving much away but that's essentially a short meeting lasting just a half hour. I reckon there's not too much that needs to be said as Takaichi wants the BOJ to play ball and move in sync with her fiscal plans. So far, Ueda isn't giving much away in terms of saying that he will bend to her will in that sense. This article was written by Justin Low at investinglive.com.

As a reminder, the pair had met just last week at a government panel meeting. But this time around, it looks to be a more focused meeting with it surely going to be disguised as one that discusses "economic and market developments".Amid the selloff in Japanese bonds as traders and investors digest Takaichi's fiscal plans, she really doesn't want the BOJ to be raising interest rates any time soon. And the meeting here is likely to see her try and pressure the central bank into moving in sync with the government in that regard.If anything, we'll have to see what Ueda and other policymakers at the BOJ have to say following this meeting to have a better idea of their standing ahead of December. But for now, markets are pricing in just a ~26% probability of a rate hike for next month. This article was written by Justin Low at investinglive.com.

There is arguably just one to take note of on the day, as highlighted in bold below.That being for AUD/USD at the 0.6500 mark. The expiries don't tie to much technical significance and amid the focus on risk sentiment this week, they shouldn't be much of a factor in terms of driving price action. Traders will be more honed in on tying price movements with the risk mood more than anything else, so I wouldn't attach much impact to the expiries above.For more information on how to use this data, you may refer to this post here.Head on over to investingLive (formerly ForexLive) to get in on the know! This article was written by Justin Low at investinglive.com.

Changelly is bringing Black Friday to the crypto market with its 2025 campaign, offering users record-low crypto purchase fees and exclusive rewards. The campaign is powered by Topper by Uphold, featuring the guaranteed lowest fees of 2025. Until November 30, users can buy crypto with up to 75% lower fees and enter a giveaway to win one of ten iPhone 17 Pro devices—all via the smart fiat on-ramp aggregator on Changelly’s website or in its mobile app.Black Friday Meets Crypto: Up to 75% Off Purchase FeesRunning through November 30 (11:59 PM UTCGMT+0), the campaign brings the Black Friday experience to crypto users worldwide, turning a traditionally retail-driven event into two weeks of savings and rewards in digital finance. In collaboration with Topper by Uphold, this year’s exclusive partner, Changelly offers users up to 75% off crypto purchase fees and automatic entry into the Black Friday giveaway, where ten active participants will receive a new iPhone 17 Pro. “Changelly was among the first to turn Black Friday into a crypto tradition, and this year we’re going bigger than ever,” said Zifa Mae, Head of Product at Changelly. “With broader partner support and larger rewards, we’re making sure this event becomes a highlight for users across the crypto community.”Known for helping users find the best price on every crypto purchase, Changelly’s aggregator brings live rates from top fiat providers into one simple interface. Now, during Black Friday, those rates to buy crypto drop up to 75%—with exclusive discounts and partner promotions making crypto purchases more affordable than ever.Joined by global partners Transak, Banxa, Switchere, Unlimit, and Wert, Black Friday on Changelly brings unprecedented savings, competitive offers, and the best deals for crypto users and enthusiasts. The initiative aims to help both new and experienced users benefit from fairer pricing, transparent exchange conditions, and simplified payment flows, all within a trusted environment built on Changelly’s aggregator.Global Crypto Industry Leaders Power Black Friday DiscountsAt the heart of the campaign are the partners that make it possible. Topper by Uphold, this year’s exclusive partner, leads the initiative with record-low purchase fees and wide coverage across major currencies. The platform allows users to buy crypto easily with a debit or credit card, Apple Pay, Google Pay, or SEPA transfer, making digital asset purchases more seamless than ever."We’re partnering with Changelly again to celebrate key milestones in the crypto space. Topper is thrilled to join forces on an exciting Black Friday promotion for both the Changelly community and new users, especially at a time of growing excitement across the market,” —Robin O'Connell, CEO at Uphold Enterprise, commented.Adding their support, Transak, Banxa, Switchere, Unlimit, and Wert are working alongside Changelly to bring affordable on-ramp solutions to users in over a hundred countries, each offering local payment methods, instant processing, and transparent pricing. The collaboration delivers tiered partner discounts: up to 75% with Topper, 50% with Transak, Banxa, and Switchere, and 25% with Unlimit and Wert. Collectively, these platforms represent some of the most established and regulated fiat gateways in the industry, serving millions of users worldwide and strengthening Changelly’s mission to make crypto accessible to everyone.10 iPhones 17 Pro and Limited-Time Offers for ParticipantsAlongside record-low fees, the campaign features limited-time offers and exclusive rewards, starting with the Black Friday Giveaway, where participants can win 1 of 10 iPhone 17 Pro devices.How to Join the Black Friday Sale and Enter the iPhone GiveawayTo enjoy the lowest fees of 2025 and a chance to win one of ten iPhones 17 Pro, users can visit Changelly’s Black Friday page via the website or mobile app. There, users can browse real-time offers from partners and access exclusive discounts, updated daily during the campaign. Account Registration Required – Users must create an account or log in to participate in the giveaway. New users can register instantly. Once signed in, participants may select their preferred cryptocurrency, payment method, and provider to complete a transaction.Discounted Crypto Purchases – During the campaign period, eligible purchases may benefit from reduced fees of up to 75%. Each qualifying transaction will be automatically entered into Changelly’s Black Friday iPhone 17 Pro Giveaway, with additional entries granted for each subsequent completed purchase.Winner Announcement – Giveaway winners will be announced following the conclusion of the campaign through Changelly’s official communication channels. X and Telegram.Registered users are automatically entered into the giveaway once their purchase is confirmed. Each additional transaction increases their chances of winning, making every crypto purchase an opportunity to secure both savings and prizes.For complete details, terms, and conditions, users visit Changelly’s official website.About ChangellyChangelly https://changelly.com/ is an instant crypto exchange platform serving over 10 million users worldwide. Founded in 2015, Changelly offers safe and fast crypto-to-crypto and fiat-to-crypto exchanges of over 1,000 cryptocurrencies across 185 blockchains with 24/7 live customer support. This article was written by IL Contributors at investinglive.com.

The precious metal now looks poised to make it four straight days of losses, down 0.8% today to $4,011 currently. It comes as we see some further signs of deleveraging in markets, with some pointing to easing Fed rate cut bets. While that may be true as Fed funds futures now only price in ~42% odds of a December move, it's only part of the story.As much as it is a coincidence, gold has turned out to be one of more greedy investments in 2025. I'll be the first to admit that I myself have more than one occasion advocated for buying gold on dips when trying to funnel excess liquidity. The argument for doing so is just that good.In a time when markets are dealing with so much caution, gold doubles up as that as a brilliant hedge against slowing global growth, political uncertainty, and geopolitical tensions.But one can argue that from a technical perspective, there has also been signs of exhaustion in gold. The double-top pattern failure around $4,368 was the first sign before the setback suffered last week just above $4,200. And that's creating a minor flag pattern in gold, one of the first ones in a long, long while.The $4,000 mark will be a key one to watch not just in that regard, but also from a psychological standpoint. As the risk rout deepens, eventually I would argue that will translate to bids in gold if the fear level moves up a couple of notches.For now, it just feels like a classic case of broader markets seeking some deleveraging and correction. The overall risk backdrop hasn't quite come under heavy scrutiny and backlash just yet.But in a time when there are hints and suggestions that perhaps the landscape is shifting, it is worth to heed some caution rather than diving in with both feet for the time being.I mean, just look at what is happening with Bitcoin and the whole MSTR ordeal currently, then also doubts starting to grow on Nvidia's future as well as big names selling off their entire stakes in the firm in the last quarter. There are certainly some nervousness permeating across markets. So, just keep that in mind.I've been happy to be buying dips in gold before but not quite in this latest stretch in the past week. If the shoe drops, we'll have to wait for the tide to turn from "deleveraging/panic selling" to "extreme fear" before gold will start to come back I reckon. This article was written by Justin Low at investinglive.com.

Wall Street had a bad showing yesterday and that is carrying over to today as the risk selloff continues to run to start the new week. Tech shares were feeling heavy with Nvidia dropping by nearly 2%, while Bitcoin is facing heavy selling after a break under $100,000. The cryptocurrency is now dropping to test the $90,000 mark as the deleveraging across markets continue to pick up this week.It could be a case of the cryptocurrency being the one that's leading the overall risk mood and animal spirts in markets into more defensive territory. And if so, the technical signs are definitely not looking good.The fall in Bitcoin now takes out the 61.8 Fib retracement level of the swing higher from April to October and there's not much other key support levels to be mindful of on the way down. The added blow in the drop this week is that Bitcoin has now erased all of its gains for the year, holding lower by over 3% year-to-date currently.Elsewhere, we're still seeing the selloff continue with S&P 500 futures now down 0.8% on the day. Tech shares are the ones leading the drop with Nasdaq futures down 1.0% as we get to the handover from Asia to Europe.If the rout in Bitcoin is any indication or some added precursor to big names getting rid of their entire Nvidia stakes, it is that the risk rout could get a whole lot worse before it gets better. Watch this space. The risk mood is now the biggest driver of trading sentiment. This article was written by Justin Low at investinglive.com.

Barclays warns that Brent crude could surge above $85 a barrel if Russian oil exports decline sharply, arguing that markets are underestimating how vulnerable prices remain to supply-side shocks. The bank’s analysis stands in stark contrast to most 2026 forecasts, which cluster in the mid-$50s to mid-$60s and assume a smooth rebalancing of global supply and demand.Barclays says the risk lies in the asymmetric nature of the market: while demand risks are well understood, upside supply shocks—particularly disruptions to Russian shipments from sanctions or logistical constraints—are not adequately priced in. A meaningful drop in Russian flows would quickly drain inventories and could trigger a sharp rally in Brent, the bank says.Barclays acknowledges uncertainty around timing and probability, but argues the scenario is credible enough to warrant attention from traders and policymakers, especially given the potential inflationary impact of a prolonged price spike. This article was written by Eamonn Sheridan at investinglive.com.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%. The previous close was 7.1075.PBOC injects 407.5bn yuan at 1.40% via 7-day reverse reposafter maturities today the net injection is 3.5bn yuan This article was written by Eamonn Sheridan at investinglive.com.

China has released initial price guidance for its latest euro-denominated sovereign bond issuance, with a term sheet showing plans to raise €4 billion across two maturities. Investors were guided to a 4-year tranche at mid-swaps +28 bps and a 7-year tranche at mid-swaps +38 bps, according to documents reviewed by Reuters.This marks Beijing’s continued use of offshore euro funding—a strategy China has pursued for several years to diversify its investor base, deepen financial ties with Europe, and avoid over-reliance on U.S. dollar markets at a time of heightened geopolitical and currency sensitivity. Euro bonds also help China tap demand from European institutions seeking high-grade sovereign credit with modest yield pick-up over core markets.Such issuance has become a recurring part of China’s annual funding plan, showcasing its commitment to maintaining a presence in global capital markets and signalling confidence in its credit standing. This article was written by Eamonn Sheridan at investinglive.com.

Japan’s Economy Minister Kiuchi said there has been no change in the government’s assessment that the economy is “improving moderately,” even after the release of the latest third-quarter GDP figures. He reiterated that long-term interest rates are ultimately determined by the market and stressed that authorities are monitoring financial conditions closely, including movements in longer-dated government bond yields.His comments came as the 30-year JGB yield rose 2.5 basis points to 3.28%, extending recent upward pressure across the long end of the curve. The government’s messaging suggests continued confidence in the recovery narrative, while acknowledging the need to watch market dynamics carefully as yields drift higher. ---Rising yields are a concern. I've posted a couple of recent pieces on this. Japan’s government bond yields surge to highest in years, signalling regime shiftJapan’s JGB yield rise sparks alarm, but fears of a global liquidity shock are overblown This article was written by Eamonn Sheridan at investinglive.com.

The Reserve Bank of Australia signalled a more balanced policy stance in the minutes of its November 3–4 meeting, saying it could keep the cash rate unchanged for longer if incoming data proves stronger than expected, even as it still sees scenarios where further easing may be required. The board judged the current 3.6% cash rate as “slightly restrictive,” but noted that might no longer be the case given the recent rebound in housing credit and firmer consumer demand.While the RBA has delivered three rate cuts this year, it opted to hold policy steady in November due to higher inflation, signs of demand resilience and a revitalised housing market. Members said they can afford to be patient while assessing new data on spare capacity, the labour market and the degree of policy restrictiveness. The minutes also flagged “a little more” underlying inflationary pressure than previously assessed, and now see inflation hovering above the 2–3% band until mid-2026.The bank’s tone on the labour market has shifted after October employment surged and the jobless rate fell back to 4.3%, helping markets scale back expectations for further cuts. Still, the board acknowledged that if growth disappoints or the labour market weakens materially, more easing may be needed. The RBA noted the Australian dollar remains near its estimated fair value and said global downside risks have eased, even as global growth is expected to slow in the second half of 2025.---The minutes from the November 3-4 meeting. From the day:investingLive Asia-Pacific FX news wrap: RBA holds. USD dollar firmer, but yen recoversRBA governor Bullock: We are not moved by outside commentary on policyRBA governor Bullock: We did not considering cutting rates This article was written by Eamonn Sheridan at investinglive.com.

People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%. How the process works:Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day's trading.The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.Intervention: If the yuan's value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency's value. This article was written by Eamonn Sheridan at investinglive.com.

Japan’s Finance Minister Katayama is "alarmed" over FX moves.Japan’s Finance Minister Katayama said the government’s stimulus package has grown sizable, though she would not reveal its scale, and argued that negative GDP growth justifies additional fiscal support. On currencies, struck a more pointed tone, is "alarmed" about recent forex movesrecently seeing one-sided, rapid moves in forexThe use of such words (bolded by me) is an escalation of verbal intervention. emphasising that it is important for exchange rates to move in a stable manner consistent with fundamentalsadded that the government is watching markets closely as it finalises its fiscal stance. This article was written by Eamonn Sheridan at investinglive.com.

Japan’s Finance Minister Katayama said the government’s upcoming economic stimulus package has become “sizable,” but declined to disclose its exact scale. His comments suggest the package has expanded as ministries finalise measures aimed at supporting households and sustaining the recovery. However, Katayama signalled the government is not yet ready to commit publicly to a figure, likely reflecting ongoing negotiations over funding, fiscal discipline and political sensitivities around Japan’s already strained public finances. This article was written by Eamonn Sheridan at investinglive.com.

Morgan Stanley expects the U.S. dollar to weaken through the first half of 2026 before stabilising later in the year, according to its latest year-ahead FX outlook. The bank forecasts the DXY dollar index to drop from around 99.45 today to 94.00 by mid-2026, reflecting a period of elevated risk premium tied to concerns over U.S. labour-market softness and uncertainty surrounding the Federal Reserve’s rate-cut trajectory.Strategists say that as clarity around growth and policy improves in the second half of 2026, that risk premium should unwind, allowing the DXY to recover to 99.00 by year-end. With that expected pattern of weakness followed by normalisation, Morgan Stanley has dropped its recommendation that investors hedge U.S. assets against a falling dollar.The bank concludes that the dollar is unlikely to meaningfully distort global portfolio returns next year: it won’t be a major tailwind for U.S.-based investors, but it also won’t be a significant drag. This article was written by Eamonn Sheridan at investinglive.com.

JPMorgan says global wait times for Apple’s iPhone 17 lineup remain significantly longer than normal, signalling that demand continues to outpace supply well into the product cycle. In its latest weekly tracker, the bank notes that average lead times in Week 10 are around seven days, compared with just two days at the same stage last year.The base iPhone 17 remains the most supply-constrained model for the second consecutive week. The mid-range iPhone Air recorded a slight uptick in wait times, while the premium Pro and Pro Max models held steady. That contrasts with last year’s cycle, when Pro-tier wait times were already shortening by this point, suggesting firmer underlying demand for Apple’s higher-end devices this year. This article was written by Eamonn Sheridan at investinglive.com.

Markets have been struggling across virtually every major asset class since mid-October, according to Deutsche Bank, with both risk assets and traditional safe havens caught in a broad-based pullback. Bitcoin is down 24% from its recent peak, and the S&P 500 has notched its longest stretch without a record high since the “Liberation Day” turbulence earlier this year. Gold has slipped about 6% from its October high, while the 10-year U.S. Treasury yield has risen 18 basis points since late October.Deutsche Bank argues the simultaneous selloff has two clear catalysts. First, the Federal Reserve’s recent hawkish shift has reintroduced a familiar pattern: in past episodes, 2015–16, 2018 and 2022, a tougher Fed has consistently triggered multi-asset drawdowns. Second, markets had rallied at a pace that was historically difficult to sustain. Six-month rolling gains for the S&P 500 into end-October were the strongest since the post-Covid recovery. Concerns over public finances, which have periodically unsettled several asset classes, have added another layer of pressure.Even so, the bank says the broader backdrop remains resilient. The S&P 500 is still just a little more than 2% below its all-time high. The U.S. has delivered the fastest sequence of rate cuts outside a recession since the 1980s, an environment that has typically been very supportive for risk assets. The U.S.–China trade truce has reduced geopolitical tension, and financial-stress indicators such as the VIX and high-yield credit spreads remain well below their October highs. Deutsche Bank concludes that the classic warning signs that precede larger market corrections—renewed Fed hikes, marked economic deterioration or recession signals—are not yet in place. This article was written by Eamonn Sheridan at investinglive.com.

China’s Premier Li Qiang met Russian Prime Minister Mikhail Mishustin in Moscow on Monday, with both sides signalling a push to deepen economic and cultural ties. According to Xinhua, Li said China is ready to expand cooperation with Russia across investment, energy and agriculture, and invited greater volumes of high-quality Russian agricultural and food products into the Chinese market.Li also urged Moscow to offer more support and operational convenience for Chinese firms investing and operating in Russia. Beyond the economic agenda, the two premiers called for broader exchanges and deeper collaboration in culture, education and film, underscoring efforts to strengthen the social and people-to-people dimension of bilateral relations. This article was written by Eamonn Sheridan at investinglive.com.

Global equities may look expensive, but Goldman Sachs expects returns to remain resilient over the next decade, driven primarily by earnings growth and steady shareholder payouts. In a new outlook, Peter Oppenheimer, Goldman’s chief global equity strategist, forecasts 7.7% annualised USD returns worldwide, underpinned by nominal GDP growth, profitability and distributions.Goldman breaks out expected 10-year returns by region, highlighting a clear leadership shift toward Asia and emerging markets. The U.S. is projected to deliver +6.5% annually, powered almost entirely by earnings and modest dividends, with buybacks helping offset valuation drag. Europe is expected to return +7.1%, split evenly between earnings growth and shareholder payouts.Japan is seen outperforming at +8.2%, supported by 6% EPS growth and policy-driven improvements to corporate payouts. Asia ex-Japan stands out with +10.3% expected returns, fuelled by strong ~9% EPS growth and a 2.7% dividend yield, though partly tempered by valuation compression. Broader emerging markets top the table at +10.9%, led by robust earnings growth in China and India.Oppenheimer argues investors should diversify beyond the U.S., citing higher nominal GDP growth in emerging markets, the broad and global nature of AI’s long-run benefits, and the potential tailwind of a weaker USD, which would further enhance non-U.S. returns This article was written by Eamonn Sheridan at investinglive.com.