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What is driving the US Dollar to multi-month highs against the Euro as PCE data approaches?
EUR/USD has dropped to its lowest level since mid-2025 as the US Dollar (USD) maintains broad-based momentum, propelled by elevated long-dated US Treasury yields and shifting expectations for Federal Reserve (Fed) monetary policy.
Fxstreet
Wed, Sep 30
Australian Dollar clings to early recovery near 0.6970, US data takes centre stage
The Australian Dollar (AUD) holds onto its early recovery move at around 0.6970 against the US Dollar (USD) during the European trading session on Wednesday. Still, the Aussie pair is down 0.19% to near 0.6970.
Fxstreet
Wed, Sep 30
USD/JPY: Intervention fears steer Yen strength – Societe Generale
Kit Juckes at Societe Generale highlights Japanese Yen outperformance in G10 as markets anticipate further USD/JPY intervention. He argues that strong intervention expectations are driving reluctance to be short Yen, with EUR/JPY likely sold on rallies. However, he cautions that another spike in Oil prices could quickly reverse recent improvements in risk sentiment, keeping overall caution warranted.
USD/JPY: Offered tone with key 155–158.20 range – Societe Generale
Societe Generale’s FX team reports USD/JPY trading between 156.38 and 157.52 overnight, with the pair mildly offered on dovish New York Federal Reserve President John Williams comments and fiscal half‑end repatriation flows.Fxstreet
Wed, Sep 30
EUR/USD: Range view holds as Dollar doubts grow – Deutsche Bank
Deutsche Bank argues EUR/USD is likely to hold within its 1.13–1.20 yearly range rather than break lower, pushing back against consensus Dollar bullishness. The bank cites resilient global growth, peak USD yield support and an energy shock that looks increasingly priced.Fxstreet
Wed, Sep 30
Euro: EUR/USD Bearish risks toward 1.10 – ING
ING’s Francesco Pesole reports EUR/USD has broken below its summer lows, trading near 1.1350 as Dollar strength dominates. He sees limited scope for another large break unless the Federal Reserve hikes in October and stays hawkish, in which case EUR/USD could extend losses toward 1.10.Fxstreet
Wed, Sep 30
USD/JPY: Yen carry risks build into Q4 – Rabobank
Rabobank’s Global Daily notes that FX markets were surprised by Dollar strength in Q3, with EUR/USD and GBP/USD relatively subdued while USD/JPY saw “huge action” higher. The report warns this move may spill over into the Yen Carry Trade if it continues. Emerging Market FX is also slipping against the Dollar again, except for CNY, which is treated as a separate case.Fxstreet
Wed, Sep 30
TRY: Inflation and easing threaten Lira – Commerzbank
Commerzbank’s Tatha Ghose notes USD/TRY has broken above 49.0, continuing a pattern of defended levels being breached in step-jumps. He downplays the broader systemic impact of a Turkish stock market scandal and instead highlights surging fuel-driven inflation and the prospect of CBT rate cuts. Ghose warns that an easing cycle in an inflation-vulnerable economy is the key risk for the Lira.
Fxstreet
Wed, Sep 30
New Zealand Dollar gains as US Dollar declines on easing Fed rate hike bets
NZD/USD gains ground after registering losses in the previous day, trading around 0.5650 during the European hours on Wednesday. The pair gains upward momentum as the US Dollar (USD) weakens following dovish remarks from Federal Reserve Bank of New York President John Williams.
Fxstreet
Wed, Sep 30
Japanese Yen trims part of intraday gains vs retreating USD as traders await US PCE data
The USD/JPY pair recovers a few pips from a one-and-a-half-week low, touched earlier this Wednesday, and trades just below the 157.00 mark during the first half of the European session, still down around 0.25% for the day.Fxstreet
Wed, Sep 30
Australian Dollar: RBA tailwind seen fading – Commerzbank
Commerzbank’s Volkmar Baur argues that market expectations for 1.5 further Reserve Bank of Australia hikes look excessive after softer August CPI data. While inflation remains above target, he highlights lagged effects of past tightening and weakness in the real estate sector. Baur concludes the RBA is likely to wait, leaving the Australian Dollar unlikely to gain additional support.Fxstreet
Wed, Sep 30
GBP/JPY Price Forecast: Bright UK data helps the Pound to extend its recovery
The British Pound (GBP) is bouncing strongly against the Japanese Yen (JPY) in Wednesday’s early London session, supported by the upward revision of the UK's Gross Domestic Product (GDP) and a positive surprise in the Current Account.
Fxstreet
Wed, Sep 30
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