This week’s Fed and ECB decisions could provide fresh direction, with Germany’s Ifo figures offering an earlier reading on business confidence. The yen, by contrast, held near a five-week high around 156.7 per dollar after Japanese inflation reached 2.1%, strengthening the case for a possible BOJ rate hike in December.

The global AI spending boom is producing sharply different results across the Pacific. China’s economy grew 4.5% in the third quarter, while September exports surged 36.3% to $447.18 billion, helping the yuan reach its strongest level since June 2022.

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