The US Dollar remains resilient against major currencies at the start of the week as markets reassess the likelihood of a Federal Reserve rate cut in December. Attention will focus on speeches from policymakers at major central banks later in the day, alongside Canada’s October inflation report.

The USD Index edges higher toward 99.50 in the European morning. Hawkish Fed comments have scaled back expectations for a December rate cut. According to the CME FedWatch Tool, markets now price in roughly a 56% probability that the Fed will leave rates unchanged, up from 37% a week ago. Traders are also awaiting the US Nonfarm Payrolls report for September, scheduled for release on Thursday.

Among other major currencies, USD/JPY remains stable around 154.70 following Japan’s preliminary Q3 GDP report, which showed a 1.8% annual contraction, better than the expected 2.5% decline. Bank of Japan Governor Kazuo Ueda reaffirmed the continuation of accommodative policy as inflation remains below target. EUR/USD consolidates slightly above 1.1600, while GBP/USD trades sideways above 1.3150 after closing the previous week largely unchanged.

In commodities, Gold (XAU/USD) stabilizes near $4,070 after a sharp correction erased much of last week’s gains. USD/CAD remains in a narrow range above 1.4000, following a modestly lower close last week.

Market participants continue to monitor global macro developments, Fed signals, and key economic releases for further guidance on currency and commodity movements in the week ahead.