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Forex Today: Weekly Claims and Fedspeak on top of the agenda
The US Dollar (USD) has resumed its uptrend, advancing to two-day highs while rapidly forgetting Tuesday’s hiccup. The extra gains in the Greenback have come in tandem with the equally decent advance in US Treasury yields on the belly and the long end of the curve.
Fxstreet
Wed, Oct 7
British Pound buckles as 30-year Gilts tops 6%, US yields soar
The Pound Sterling dives over 0.48% against the US Dollar as US Treasury yields hit a 24-year high, boosting the Greenback’s appeal, while traders await the release of the Federal Reserve’s last meeting minutes. The GBP/USD trades at 1.3210 after peaking near 1.3276.Fxstreet
Wed, Oct 7
USD/JPY Price Forecast: Pair consolidates below key moving averages
USD/JPY trades in a narrow range on Wednesday, with the Japanese Yen (JPY) holding a slight advantage over the US Dollar (USD) as traders assess hawkish Bank of Japan (BoJ) signals. Intervention risks near the 160.00 level also keep traders cautious.
Fxstreet
Wed, Oct 7
Euro struggles as French fiscal risks, strong US Dollar weigh ahead of Fed Minutes
EUR/USD extends its decline on Wednesday as the Euro (EUR) remains under broad selling pressure, while the US Dollar (USD) strengthens alongside surging US Treasury yields. At the time of writing, the pair trades around 1.1195, down 0.57% on the day, hovering near its lowest level in 17 months.Fxstreet
Wed, Oct 7
Canadian Dollar: Political risks weigh against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note USD/CAD around 1.4227 with the Canadian Dollar (CAD) flat versus the US Dollar (USD) but outperforming most G10 peers. CAD retains much of Tuesday’s 0.4% gain, helped by a stronger August trade balance.
Fxstreet
Wed, Oct 7
Canadian Dollar loses ground ahead of Fed Minutes
USD/CAD rebounds sharply on Wednesday, rising nearly 0.45% as the US Dollar (USD) remains firmly bid across the board, supported by surging US Treasury yields. Attention now turns to the minutes of the Federal Reserve’s (Fed) September monetary policy meeting, due at 18:00 GMT.Fxstreet
Wed, Oct 7
Euro: Recovery holds as currency softens – BNY
BNY’s Geoff Yu argues that the Eurozone recovery remains intact even as the Euro (EUR) weakens. Manufacturing PMIs and business surveys in Germany and across Europe point to strengthening demand, while fiscal stress and a softer European Central Bank (ECB) stance weigh on the currency.Fxstreet
Wed, Oct 7
Japanese Yen: Funding appeal eroded by BoJ hikes – Rabobank
Rabobank’s Senior FX Strategist Jane Foley reviews the sharp USD/JPY declines in July and September, initially driven by joint Ministry of Finance (MoF)–US Treasury intervention and later without official action. The report notes that the Bank of Japan’s gradual rate hikes are eroding the Japanese Yen’s appeal as a funding currency for carry trades, even though recent price action has reduced urgency around finding alternatives.Fxstreet
Wed, Oct 7
Euro: OAT repricing keeps downside bias against US Dollar – MUFG
Halpenny argues that last week’s sharp widening of the OAT/Bund spread to 150 bps looked overdone, with French bonds now retracing from oversold levels as global fixed income selling eases. He sees Marine Le Pen’s aggressive consolidation plan as unlikely to materially change OAT risk ahead of next year’s election. MUFG expects EUR/USD downside risks to prevail.Fxstreet
Wed, Oct 7
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