**Dollar Surges as Yen Gets Hammered**

The greenback is having a solid day—DXY up 0.39% to a 1.5-week high, riding on yen weakness. What's dragging the yen down? Japanese officials hinting the BOJ won't hike before March, plus talk of a massive 20 trillion yen stimulus package that'll balloon Japan's debt. That's got everyone spooked.

US trade numbers helped too. August deficit shrank to -$59.6B (vs -$78.2B in July), beating expectations. Meanwhile, mortgage apps are cooling off—down 5.2% last week, and that 30-year fixed rate ticked up to 6.37%.

The Fed rate cut odds? Markets now pricing just 47% chance of a 25bp cut on Dec 9-10, down from earlier optimism.

**Currency moves**: EUR/USD sliding -0.23% as dollar strength weighs. USD/JPY pumping +0.68% on yen woes.

**Gold & silver catching a bid**: Both up big today (+1.55% and +3.03% respectively), benefiting from safe-haven flows amid rate cut uncertainty and geopolitical jitters. China's central bank keeps stacking bullion too—PBOC reserves hit 74.09M oz in October, their 12th consecutive month of buying.