Fed's Musalem said the best thing the Fed can do now is restore price stability.

In Friday Asia trade the dollar weakened broadly and USD/CAD fell for a third straight day as weak tech earnings revived concerns that rising AI spending may not deliver adequate returns, prompting flows into safe‑haven sovereign bonds. Traders remain largely convinced of a December Fed rate hike after Thursday’s US data showed resilient activity and persistent price pressures; elevated oil prices add inflation risk and bolster Fed‑tightening expectations. The Bank of Canada unexpectedly hiked on Wednesday — its first increase since July 2023 — signalling a sudden shift to tightening, which limits CAD downside and caps USD/CAD upside. BOC’s surprise hawkish pivot reduces the case for a material rebound in USD/CAD.

On Oct. 30 the PLA Southern Theater deployed naval and air units for readiness patrols in the territorial waters, airspace and adjacent sea/air areas around Huangyan Island (Scarborough Shoal). The operation was described as a necessary countermeasure to Philippine infringement and provocation. The theater said it has stepped up maritime and air patrols around Huangyan Island since October, tightened control of the relevant sea and airspace, and will continue measures to respond to infringements and defend China’s sovereignty and security while maintaining stability in the South China Sea.