Equities Rally on Dip-Buying; Markets Pivot to CPI

Ultima Markets Daily Market Insights – 10 November 2026

Global markets witnessed their most broad-based relief rally since April on Monday, as aggressive dip-buying pushed all three major U.S. indices up by over 2%. However, the tech sector saw a notable divergence: Nvidia (NVDA) bucked the broader market uptrend, closing roughly 4% lower following the announcement of an independent board investigation into CEO Jensen Huang.

• Meanwhile, the U.S. Dollar experienced a moderate pullback, surrendering some of the gains accumulated after last Friday’s Non-Farm Payrolls (NFP) report.
• In the commodities space, Gold demonstrated formidable resilience, holding steady above the psychological $4,100 mark and trading near $4,122.
• Conversely, Crude Oil prices suffered a massive plunge, driven by tangible progress in U.S.-Iran nuclear negotiations that significantly deflated the geopolitical risk premium in energy markets.

Today’s Focus: U.S. CPI & The Fed’s December Rate Path

With Monday’s relief rally in the books, all eyes now turn to today’s critical macroeconomic catalyst: the U.S. Consumer Price Index (CPI) report.

The CPI Impact & Consensus: Markets are heavily anticipating today’s inflation print to provide clarity on the Federal Reserve’s next policy move.

• Consensus estimates project a slight uptick in the annualized figures, with headline CPI expected around 3.9% YoY (vs. prior 3.7%), though the monthly reading is expected to cool to 0.3% MoM from 0.6% due to easing energy prices.
• Meanwhile, core CPI consensus sits at 2.8% YoY (prior 2.6%) and 0.2% MoM (prior 0.3%).

The outcome of this report will directly influence market pricing for the Fed’s December meeting.

• A “hot” inflation print (exceeding expectations) will likely solidify bets for a December rate hike, providing the U.S. Dollar with a fresh bullish catalyst.
• On the other hand, a “cool” print could ease December hike expectations, extending the Dollar’s current pullback and offering further support to equities and Gold.

Ultimately, today’s CPI data will dictate the Dollar’s next major directional move.

Insights & Technical Analysis: U.S. Dollar Index, EUR/USD & Gold

USDX: Range Bound Ahead of Inflation Data

Following a strong post-NFP surge last Friday, the Greenback entered a corrective phase on Monday. It retreated as traders adjusted positions and booked profits ahead of the CPI report, with the Dollar Index extending its consolidation move within the 101.00 – 102.00 zone.

USDX, H4 Chart | Ultima Markets MT5

The Dollar Index is currently digesting its recent gains. If today’s CPI prints hotter than expected, the USDX is likely to find strong support and resume its upward trajectory as December hike bets firm up. Conversely, a weaker-than-expected inflation reading could accelerate the current pullback, pushing the index toward lower structural support zones.

Technically, traders should watch the prolonged consolidation zone in the U.S. Dollar that we have covered recently. A clear breakout here, with the CPI acting as the primary catalyst, will determine the next major wave.

EUR/USD: Capitalizing on the Dollar’s Retreat

The Euro caught a bid on Monday, moving inversely to the U.S. Dollar’s pullback and recovering some lost ground. EUR/USD is currently probing higher resistance levels as it rides the Dollar’s pre-CPI weakness. The pair’s near-term fate hinges entirely on the U.S. inflation data.

EURUSD, H4 Chart | Ultima Markets MT5

Technically, EUR/USD is trapped near the 1.1200 key level area. A potential solid base has formed here, and holding tight above the 1.1200 level still provides the bulls with the defense they need.

A soft CPI print could propel the Euro through immediate overhead resistance, confirming a bullish extension. However, if U.S. inflation remains sticky, the pair will likely face intense selling pressure, potentially forcing a bearish reversal back toward its recent lows.

Gold (XAUUSD): Defending the $4,100 Support Floor

Gold showed immense relative strength, ignoring the broader shifts in risk sentiment and firmly defending the $4,100 psychological level. The precious metal is trading comfortably near $4,122, demonstrating a robust bullish posture.

XAUUSD, H4 Chart | Ultima Markets MT5

The $4,100 level now serves as a critical structural support floor, with the next major support level at $4,030 where we saw a rebound earlier. As long as buyers continue to defend this area, Gold remains well-positioned for further upside. A “cool” CPI print today could provide the fundamental tailwind needed to push prices toward higher resistance zones.

Key levels to watch remain at the imminent support of $4,100, while the $4,000 – $4,030 zone serves as a structural support base. On the upside, resistance is eyed at $4,150, with the next target at $4,200 should Gold gain momentum on a weaker Dollar.

Market Summary & Key Highlights Today

Global markets enter Tuesday riding the momentum of a massive dip-buying rally across U.S. equities, though Nvidia’s stark underperformance remains a lingering concern for the tech sector. Meanwhile, energy markets have aggressively repriced geopolitical risks, sending crude oil plunging amid advancing U.S.-Iran nuclear talks.

However, all prior price action is merely a prologue to today’s ultimate macro test: the U.S. CPI report. This inflation data will serve as the definitive catalyst for the Federal Reserve’s December interest rate decision, determining whether the U.S. Dollar breaks out of its current consolidation or extends its pullback, and setting the tone for Gold and major currency pairs.

What to Watch Today:

• U.S. CPI Report: The marquee event of the day. Watch for a “hot” or “cool” print against the 3.9% YoY headline consensus to drive immediate, heavy volatility across all asset classes and cement Fed December hike expectations.
• USDX 101.00 – 102.00 Range: Monitor whether the Dollar Index breaks out of this prolonged consolidation zone post-CPI to confirm its next major directional wave.
• EUR/USD at 1.1200: Watch if the Euro can utilize this critical level as a springboard for a bullish extension on soft inflation data, or if sticky CPI forces a breakdown.
• Gold Support at $4,100: A sustained hold above this psychological floor opens the door for a push toward $4,150 and $4,200 if inflation data triggers Dollar weakness.

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.