UOB strategists Quek Ser Leang and Lee Sue Ann describe USD/CNH as holding largely unchanged, but with a slight increase in downward momentum. Intraday, they see the bias tilted lower toward 6.6950, with resistance at 6.7055 and 6.7100 and a clear break below 6.6950 deemed unlikely. Over 1–3 weeks, they expect USD/CNH to trade between 6.6950 and 6.7270, while over 1–3 months they anticipate gradual downside as long as it stays below the cloud near 6.7815.
The Mexican Peso (MXN) depreciates about 0.91% against the US Dollar (USD) on Thursday amid positive US data, while Bank of Mexico (Banxico) minutes from last meeting indicated inflation edging higher, a trend confirmed by the September print.
ING’s Lynn Song highlights Taiwan’s record trade performance, with the September surplus hitting US$23.6bn on a 60.9% year-on-year export surge, largely driven by tech-related machinery and electrical equipment. Despite strong exports, equities and foreign inflows, the Taiwan Dollar has remained relatively subdued, reflecting outward corporate investment, capital outflows due to yield differentials, and active FX stability measures by Taiwan’s central bank.
A sudden bout of selling pressure has weighed on the US Dollar (USD) on Thursday, motivating it to abandon the area of recent tops, all in response to comments from President Donald Trump and the subsequent pullback in crude Oil prices.
MUFG’s Lloyd Chan previews Malaysia’s Budget 2027, highlighting that prior fiscal reforms and subsidy rationalization provide a buffer against higher Oil prices.
St. Louis Federal Reserve (Fed) President Alberto Musalem said on Thursday that inflation is elevated and that to bring it back to the 2% goal, “more monetary policy firming will be required.”
USD/JPY edges lower on Thursday as a pullback in US Treasury yields pauses the Greenback’s advance, giving the Japanese Yen (JPY) some breathing room. Traders assess fresh Middle East developments and central bank signals. At the time of writing, the pair trades around 157.71, down 0.24% on the day.
UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/SGD rebounded to 1.2810 before closing at 1.2797. While upward momentum is rebuilding, it remains insufficient to signal a sustained advance. The pair could edge above 1.2810, but the major resistance at 1.2835 is unlikely to be reached.
US President Donald Trump posted on his Truth Social account that discussions with Iran continue and that the US will not attack Iran at any time prior to the midterm elections, held on November 3.
102.50 has stopped the Dollar Index on Monday, Wednesday and Thursday, and a call for more rate hikes from Fed Governor Waller on Thursday didn't get it any further. The index trades near 102.30, inside the range it has held since October 1.
Gulf Crude Oil exports got back to their pre-war level in September by two routes, a tanker shuttle across the Strait of Hormuz and a detour around it, and both have come under attack since September. Crude Oil trades just above $92.00, on track for its biggest one-day rise since September 10.
The Bank of Mexico (Banxico) released its September meeting minutes on Thursday, which showed the central bank holding rates unchanged at 6.50% while acknowledging that inflation risks are tilted to the upside.
AUD/USD extends its decline for the second consecutive day on Thursday, trading around 0.6950, down 0.20% on the day at the time of writing.
The Pound Sterling (GBP) advances about 0.14% on Thursday as the US Dollar (USD) weakens despite positive US jobs data, but dovish comments by Federal Reserve (Fed) Governor Christopher Waller weighed on the Greenback. At the time of writing, GBP/USD trades at 1.3230 after bottoming at 1.3184.
Silver (XAG/USD) remains under pressure on Thursday even as the US Dollar (USD) and US Treasury yields ease. Sellers remain in control after a break below the $60 psychological mark, with the Relative Strength Index (RSI) drifting toward oversold territory.
Societe Generale analysts report USD/MXN has extended its rebound after reclaiming the 200-day moving average near 17.40 and posting an interim high around 18.43. A brief pullback is underway, with attention on whether a base forms for a more durable reversal. First support at 17.68 and the 200-DMA at 17.40 are key downside levels to monitor.
EUR/USD rebounds during American trading hours on Thursday as a pullback in US Treasury yields tempers the US Dollar’s (USD) momentum. However, France’s fiscal concerns and broader US Dollar strength keep the Euro (EUR) pinned near the 17-month low touched earlier this week.
Deutsche Bank Research’s Germany Blog analyses August hard data, highlighting volatile one-offs in construction and manufacturing but more encouraging fundamentals.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight that USD/CAD around 1.4269 shows signs of consolidation after a sharp Canadian Dollar (CAD) weakening since early September. Price action is closely tracking the 2-year US–Canada spread, with Oil offering some support to CAD.
Nordea’s Chief Analyst Jan von Gerich interprets the ECB’s September monetary policy account as supporting further rate hikes, likely in December and March. The Governing Council remains focused on upside inflation risks, especially from persistent energy shocks and resilient growth.
UOB’s Alvin Liew analyzes the September 2026 FOMC minutes, highlighting unanimous support for a 25bp hike to 3.75–4.00% as inflation stays elevated and growth remains solid.
Bank of England (BoE) Governor Andrew Bailey said on Thursday that financial markets need to be better prepared for future shocks and monetary policy must stay focused on bringing inflation back to target.
Chris Turner at ING highlights that EUR/USD remains fragile as French sovereign debt volatility drives the pair. A report suggesting the French Treasury may shorten issuance duration unsettled investors, who fear reduced pressure on politicians to deliver fiscal consolidation. ING continues to favor a dip in EUR/USD towards the 1.1100/1.1120 area, where stronger technical support may emerge, with French fiscal debates only starting mid-October.
The European Central Bank (ECB) is expected to leave interest rates unchanged in October before delivering another increase in December, according to a Reuters poll conducted October 5-8.
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance decreased to 197K for the week ending October 3.
Rabobank’s RaboResearch Global Economics & Markets team underscores renewed pressure in European sovereign yields and rising political-economic tensions with China. The report notes sharp moves in French, Italian and Greek bonds and discusses Europe’s struggle with Chinese hybrid vehicle imports.
EUR/GBP struggles to attract buyers and edges lower on Thursday, remaining on the back foot for a tenth consecutive day as France’s political and budget concerns keep the Euro (EUR) under pressure against major currencies. Traders also assess central bank remarks from both sides of the Channel.
The Canadian Dollar (CAD) posts marginal losses on Thursday with the safe-haven US Dollar (USD) favoured by the risk-averse mood, as tensions in the Middle East boost Crude prices and the global bond selloff extends.
Deutsche Bank Research, led by Chief UK Economist Sanjay Raja and economist Maui Brennan, nowcasts UK GDP flat in August 2026 after a strong July. They expect services to rise slightly, with declines in production and construction.
Gold (XAU/USD) holds modest gains on Thursday as a retreat in US Treasury yields tempers the US Dollar’s (USD) strength, helping the metal regain some ground. However, Gold lacks bullish conviction and remains in a bearish consolidation phase near two-month lows.
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