UK and Eurozone final CPI figures for October on the agenda today

The market paused for some breath in trading yesterday after the Monday vaccine optimism as the push and pull continues amid the contrasting narratives at the moment.

Major currencies are little changed on the new day, with the dollar's slight weakness yesterday not really leading to much key technical breakthroughs in the end.

EUR/USD is still keeping under 1.1900, USD/JPY just above 104.00, GBP/USD below 1.3300, USD/CAD holding above its 200-hour moving average @ 1.3069, AUD/USD failing to breach last week's high @ 0.7340, NZD/USD struggling for a firm push above 0.6900.

Bitcoin is continuing to make strides though as it takes out the $18,000 mark now after having powered past $17,000 ahead of North American trading yesterday.

You can pretty much use your imagination to describe where Bitcoin will be headed to but if you ask me, I'd argue that it'll breach the late 2017 high to hit above $20,000 and sucker in more FOMO buying before a major selloff takes place.

At the end of the day, you're at the mercy of the whales when 'trading' Bitcoin.

Looking ahead today, we'll have some inflation data from the UK and Eurozone but nothing to really change the narrative of what is going on in the market. The risk push and pull will still be the key focus at the moment.

0700 GMT - UK October CPI figures

0700 GMT - UK October PPI figures

Prior release can be found here. Inflation is expected to keep steady on the month, hinting at softer price pressures overall as we head towards the year-end. This shouldn't do much to change the narrative surrounding the BOE as such.

1000 GMT - Eurozone October final CPI figures

The preliminary report can be found here. As these are final figures, they aren't expected to have much, if any, impact whatsoever.

1200 GMT - US MBA mortgage applications w.e. 1 November

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. The focus will once again be on purchases as that has been one of the more bullish spots outlining that US economic conditions are not as dire as first suggested by the recent dip due to the coronavirus impact.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.