investingLive European FX news wrap: UK GDP misses, Gold extends gains

India's inflation rate increases to 0.71% in November, but the Rupee continues to bleedInterest rate expectations turn more hawkish for most major central banks except the FedGold extends gains after key technical breakout, putting all-time highs in sightNifty 50 recovers some losses on dovish Powell, but it's not out of the woods just yetThe British Pound falls on weaker than expected GDP data sealing the case for a rate cutFX option expiries for 12 December 10am New York cutWhat are the main events for today?It's been a very light session in terms of data releases and newsflow. The main highlight was the UK GDP which missed expectations and weighed on the pound. Traders added to BoE rate cuts bets, increasing the total easing by the end of 2026 from 57 bps to 61 bps.We also got the final CPI readings for Germany, France and Spain but there were no surprises there as the data came out in line with the preliminary figures.The most notable mover in the session was gold. The precious metal continues to rally after yesterday's key technical breakout, and it's now getting very close to the all-time high set in October. The fall in real yields following Powell's dovish tone is a good tailwind.In other markets, US equities continue to mostly range, while maintainig a bullish bias. The bear-steepening in US Treasuries has resumed after Powell's press conference, with the 10Y-2Y spread close to breaking the April 2025 highs.The US dollar recovered some of yesterday's losses, although it looks more like a technical pullback given the lack of catalysts today. We might even see some pullbacks before the NFP given the expected high volatility.In the American session, we don't have anything on the agenda other than a couple of Fed speakers. Wish you all a nice weekend!