Sydney Open Briefing: Wednesday, November 4, 2026

Markets hand off to Sydney with a soft tone in indices and metals. UK100 is down 1.15% since the reference point, with DE40 at -0.62% and US30 at -0.41%. NZDUSD has lost 0.73% and XAUUSD is off 0.70%, while USDJPY is up 0.40%. The risk meter reads +0.16 on the -1 to +1 scale, a marginally risk-on reading despite the index declines. Over 24 hours, GBP (+0.32%), EUR (+0.30%) and USD (+0.26%) lead currency strength, while NZD (-0.36%), AUD and JPY (both -0.27%) trail.

Positioning has shifted on GBPJPY, where the book went from 50% long to 55% short in 24 hours. On tone, a Bank of Canada speech scores +0.55, on the hawkish side. CAD strength is +0.06% over the same window.

The data calendar is concentrated in the euro area. At 08:00 UTC, Spain Unemployment Change is due with consensus at 27.971K against a previous 23.587K. FIPE CPI m/m from Brazil is also due at 08:00 UTC, with consensus at 0.28% versus 0.51% previously.

At 10:00 UTC the euro area inflation cluster lands. The Euro Area CPI Flash Estimate y/y has consensus at 4.0% against a previous 3.8%. The Core CPI Flash Estimate y/y is expected at 2.5%, unchanged from the previous reading. Other EUR CPI lines in the same release carry differing consensus figures: CPI y/y at 3.4% (previous 3.8%), CPI m/m at 2.9% (previous 0.6%) and Core CPI y/y at 2.5%. The Core CPI index level has a previous of 103.31.

The single most important item ahead is the Euro Area CPI Flash Estimate y/y at 10:00 UTC.

Scheduled this session (High and Medium impact)

Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.