The GBP/USD pair extended its gains, reaching 1.3189, as investors await details of the UK budget, to be presented today, 26 November.

Despite half the Federal Reserve’s best efforts to take away the December rate cut, the bond market is signaling from top to bottom, back to front, it doesn’t care one bit.

The US Dollar is on the back foot, and hotter Australian inflation data released earlier has pushed up the Aussie as markets see a more hawkish rate path.

Markets are navigating shifting policy signals as the UK lifts wages, U.S. rate-cut bets rise, Japan inches toward a BOJ hike, and China’s yuan strengthens despite bond-market strain.