🌅 Morning Market Update (03.11.2025) 🇯🇵 Markets in Japan are closed today for Culture Day, while major FX pairs trade in narrow ranges. Traders are eyeing today’s PMI & ISM data and tomorrow’s RBA decision. 🛢️ Oil: OPEC confirmed its planned +137K bpd production hike but announced a pause in increases for Q1 2026 due to winter oversupply risks — a surprise move that lifted prices early this week. 💬 Fed: Governor Waller backed another rate cut in December, noting soft labour data and easing inflation despite uncertainty from the U.S. government shutdown. He also said he’d accept a nomination for Fed Chair. 🌏 Geopolitics: Trump ruled out sending Tomahawk missiles to Ukraine, teased “secret plans” for Venezuela, and hinted U.S. troops could be deployed in Nigeria. He also said he meets regularly with Nvidia’s Jensen Huang and won’t share Blackwell chips abroad. 🇦🇺 Australia: Melbourne Institute inflation held high at 3.1% y/y, household spending rose +0.2%, building permits surged +12%, while ANZ job ads fell −2.2% for the 4th month in a row. RBA is widely expected to keep rates unchanged tomorrow. 🏭 PMI: Manufacturing weakened again — the headline index slipped from 50.7 to 49.4, and private PMI eased from 51.2 to 50.6 as exports slowed under tariff uncertainty. 📊 Markets remain cautious at the start of the week — all eyes on tomorrow’s RBA and upcoming U.S. data releases. 👉 Stay tuned with NordFX for fresh updates and trading insights!