Fed cut signals are getting stronger, and the market's already pricing in 80% odds of a 25bp rate cut come December. The dollar's taking a hit—DXY down 0.35% today on weaker-than-expected retail sales (+0.2% vs +0.4% expected) and softer core PPI readings. Bond yields dropping (10-year T-note hit 4.002%, a 3.5-week low) isn't helping the greenback either.

Eur/USD up 0.50% as the euro catches a bid from the weaker dollar. Yen's climbing too (USD/JPY down 0.57%) with talk that Japan might step in to defend the currency. Meanwhile, gold's on a tear—up +0.77% to hit 1-week highs as investors rotate into safe havens ahead of potential rate cuts. Silver following suit, up +0.90%. Consumer confidence just tanked to a 7-month low (88.7 vs 93.3 expected), which is basically the Fed's green light to loosen up. Plus, central banks keep stacking gold—China's PBOC hit 74.09M oz in October, their 12th straight month of buying.