Ukrainian strikes on Russian oil infrastructure added to the pressure, threatening Moscow’s plans to expand diesel exports. Higher oil prices revived inflation fears, pushing gold toward $4,100 despite geopolitical uncertainty. The Fed, ECB and BOJ are expected to hold rates steady next week, although a December Fed hike remains possible.

EUR/USD edged higher to 1.1235, but widespread protests and mounting fiscal concerns in France kept the currency’s recovery fragile. Expectations of an ECB rate hike next week remain low, with policymaker Fabio Panetta’s upcoming remarks offering another indication of the bank’s policy direction. The yen also struggled near 158 per dollar, despite BOJ officials signaling that inflation approaching 2% could justify further tightening.

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