The dollar index (DXY) climbed to a two-week high, trading at 102.49.

US API weekly refined product inventories +426k bbl in week to Oct. 23; expected -888k bbl; prior -2.577m bbl.

Standard Chartered strategists say a 30-year pattern shows the most supportive backdrop for risk-sensitive currencies is a simultaneous rise in US equities and US Treasury yields. They note yields are often low early in recoveries—reflecting policy easing and weak credit demand—but as growth optimism builds, equities, bond yields and risk-linked currencies such as CAD, AUD, NOK, MXN and NZD typically strengthen. They caution that if yield rises instead reflect a higher term premium or rising inflation risk, the correlation may not hold.