First Light News: It's Fed Day!.In addition to the BoC update at 2:45 pm GMT – which is likely to be a dud – today's focus is squarely on the Fed rate decision at 7:00 pm GMT.

USD/JPY Pauses as Yen Resists Downward Pressure.The USD/JPY pair is consolidating near 156.57 on Wednesday, pausing after three consecutive days of gains. This stability comes despite a notable shift in rhetoric from Bank of Japan (BoJ) Governor Kazuo Ueda, who stated the central bank is drawing closer to sustainably achieving its 2% inflation target – a strong signal that a policy tightening move could be imminent.

Pound Sterling gains ahead of BoE Bailey's speech, Fed decision.Pound Sterling gains ahead of BoE Bailey's speech, Fed decision

Italy Industrial Output s.a. (MoM) came in at -1% below forecasts (-0.3%) in October.Italy Industrial Output s.a. (MoM) came in at -1% below forecasts (-0.3%) in October

Italy Industrial Output w.d.a (YoY) came in at -0.3% below forecasts (0.2%) in October.Italy Industrial Output w.d.a (YoY) came in at -0.3% below forecasts (0.2%) in October

Crude Oil –10.12.2025.  Oil managed to pass above the first resistance of 59.00 as prices still face a downtrend resistance around 60.10. As we see over the chart and as long as the market holds below the above levels, another drop toward 57.60-80 could hit the market.

USD/JPY –10.12.2025.USDJPY now has the chance to sustian this advance wave as long as the market holds the supports. As we see over the chart, the market is facing supports at 156.40 and 155.50-60, where each one could push for an advance towards 158.80.

Markets Stand Still Ahead of Fed; Trump's Chair Search Adds Intrigue.The forex market was subdued through Asian session, mirroring the quiet tone in regional equities. With a major event risk just hours away, traders showed little appetite to adjust positioning, opting instead to wait for tonight's high-profile FOMC rate decision.

Austria Industrial Production (YoY): 3.3% (September) vs -1.7%.Austria Industrial Production (YoY): 3.3% (September) vs -1.7%

Fed to Proceed With Another Precautionary Rate Cut Despite Highly Divided MPC..Monday's ECB Schnabel driven rally in EMU yields ran into resistance yesterday. Investors in some way embraced her message that the next ECB move, after a period of rate stability, will likely be a rate hike.

Fed Preview: If March cut odds fall tonight, Santa rally is done.FOMC rate decision is the clear centerpiece of today's sessions, with markets fully convinced the Fed will deliver a 25bps cut to 3.50–3.75%. The probability of anything else is effectively zero, and policymakers have little incentive to risk unsettling sentiment by defying expectations at this stage of the cycle.

All Eyes on Fed Decision – Rate Cut Priced in, 2026 Outlook Uncertain.In the US, today's main event will be the FOMC's rate decision. We expect a 25bp cut to the policy rate target, in line with consensus and market pricing.

China CPI hits 21-month high, but weak demand keeps PPI in deep negative.China's November inflation data paint a picture of an economy showing modest signs of surface-level improvement while still grappling with entrenched deflationary pressures.

US Curve Outlook: Why US Treasury Yields Surging Before Fed.We will now turn to a more technical look into the US curve, a 10-Year Bond chart to see what's going on behind the pricing for tomorrow's meeting, and provide a few more scenarios depending on the rate cut path.

US President Donald Trump plans final round of Fed Chair interviews in coming days — WSJ.US President Donald Trump plans final round of Fed Chair interviews in coming days — WSJ

Natural Gas and Oil Forecast: Crude Stabilizes at $58 as Traders Brace for Fed Rate Cut Boost.Natural gas and oil prices stabilize as oversupply pressures rise. WTI holds $58 while traders await IEA, OPEC signals and a Fed rate cut that could shape demand outlooks.

Morning Bid: Dazed yen hogs limelight before Fed.A look at the day ahead in European and global markets from Rae Wee

AUD/JPY Price Forecast: Softens to near 104.00 as overbought RSI caps upside potential.AUD/JPY Price Forecast: Softens to near 104.00 as overbought RSI caps upside potential

Japanese Yen recovers from two-week low vs USD amid divergent BoJ-Fed expectations.Japanese Yen recovers from two-week low vs USD amid divergent BoJ-Fed expectations

Japan's Takaichi says closely watching market moves.Japan's Takaichi says closely watching market moves

Rupee may hover near 90, track subdued Asian FX as Fed decision looms.The Indian rupee may open slightly weaker on Wednesday, tracking subdued regional peers as investors await the U.S. Federal Reserve's policy decision and equity outflows temper recovery hopes for the unit.

Asia shares ease as Fed cut priced, guidance uncertain.Asian shares and Wall Street futures gave ground on Wednesday as crunch time neared for a divided Federal Reserve policy board, and earnings results threatened to test sky-high valuations in the AI space.

WTI declines below $58.50 as US Dollar gains on job data, Iraq oilfield resumes.WTI declines below $58.50 as US Dollar gains on job data, Iraq oilfield resumes

China Consumer Price Index (YoY) meets expectations (0.7%) in November.China Consumer Price Index (YoY) meets expectations (0.7%) in November

China Producer Price Index (YoY) came in at -2.2%, below expectations (-2%) in November.China Producer Price Index (YoY) came in at -2.2%, below expectations (-2%) in November

Yen weak, dollar steady in countdown to Fed.The yen looked punch-drunk on Wednesday after a sudden spill overnight, pressured by wide interest rate differentials between Japan and the rest of the world even as its central bank is widely expected to tighten policy next week.

Japanese Yen Forecast: USD/JPY Steadies Ahead of Key Fed Projections.Japanese producer prices lift BoJ hike expectations and pressure USD/JPY, with the Fed's rate cut outlook and dot plot now driving the pair's short-term direction.

Japan Producer Price Index (MoM) in line with expectations (0.3%) in November.Japan Producer Price Index (MoM) in line with expectations (0.3%) in November

Japan Producer Price Index (YoY) in line with expectations (2.7%) in November.Japan Producer Price Index (YoY) in line with expectations (2.7%) in November

USD/JPY rises to two-week highs near 157.00 on robust US jobs data, Fed rate decision in focus.USD/JPY rises to two-week highs near 157.00 on robust US jobs data, Fed rate decision in focus