The USD softens amid risk appetite, crude oil rebounds on supply concerns, equities edge higher on improved sentiment, and U.S. bond yields ease as markets price in slower Fed tightening. Markets focus on September Producer Price Index for inflation cue — other headline data remain muted amid the government shutdown. Uesterday’s Fed speeches leaned dovish — Miran pushed for deeper cuts, Waller flagged downside risks tied to labor, and Schmid’s tone echoed caution on over-aggressive easing. U.S. and China traded sharp words over rare-earth export controls — Washington warned of forced “decoupling,” while Beijing defended its measures and pledged to “fight to the end. Bitcoin drifts lower amid broader market declines and ongoing profit-taking by long-term holders. Geopolitical tensions and regulatory uncertainties continue to weigh on cryptocurrency sentiment. Trump says Modi pledged to halt Russian oil imports, though India’s confirmation is pending and implementation may be gradual.
In the news. Trump warns Israel could resume Gaza operations if Hamas fails to fully honor the hostage deal, while the fragile ceasefire holds amid partial returns of deceased hostages. Trump pivots from Gaza to ending the Ukraine war, signaling tougher pressure on Putin and readiness to provide Kyiv with long-range weapons, as Zelenskiy heads to the White House seeking stronger U.S. support amid escalating conflict and stalled diplomacy. Trump authorizes the CIA to operate in Venezuela to target drug smuggling and illegal migration, stopping short of seeking Maduro’s removal. Venezuela condemns the move as a violation of international law and a policy of aggression, calling for peace instead of conflict.
In currency markets. AUD/USD weakens on rising Australian unemployment and speculation of RBA rate cuts. NZD/USD holds near recent lows as U.S. dollar softness is offset by domestic economic concerns and a dovish RBNZ stance. Asian currencies showed mixed but generally stable performance amid global economic uncertainties. The JPY and CNY held steady, reflecting cautious investor sentiment and external pressures. The ringgit and baht remained stable, supported by regional economic resilience. Nordic currencies remained generally stable amid global economic uncertainties, including cautious risk sentiment and moderating inflation pressures. MXN and ZAR showed resilience, supported by steady domestic economic indicators, investor confidence, and in ZAR’s case, strength from rising commodity prices and dovish Fed signals. PLN and CZK experienced moderate volatility, influenced by regional economic trends, eurozone developments, and sensitivity to global market uncertainties.
In commodity markets showed mixed movements amid geopolitical tensions, global supply concerns, and market sentiment. Crude oil gained support following India’s pledge to reduce Russian imports, while natural gas prices rose on steady demand and strong LNG flows. Gold surged as investors sought safe-haven assets, whereas silver eased amid profit-taking. Copper fluctuated amid U.S.-China trade tensions, coffee softened on favorable Brazilian weather, soybeans edged higher on steady demand expectations, and wheat fell due to ample global supply and trade uncertainties.
USD/CAD edges lower on modest dollar pullback, supported by U.S. economic resilience and market focus on September Producer Price Index data. Canadian dollar remains influenced by global oil price movements amid ongoing market volatility.
EURCAD edges higher on euro strength amid softer U.S. dollar sentiment. Canadian dollar remains pressured by volatile global oil prices and external economic factors.
EURUSD climbs as a softer U.S. dollar, weighed down by trade tensions with China and dovish Fed signals, boosts euro demand. The euro is further supported by ECB commentary suggesting the rate-cutting cycle may be ending, reflecting eurozone economic resilience.
GBPEUR GBP/EUR rises as a softer U.S. dollar, and trade tensions boost risk appetite for the pound. The euro faces support from ECB signals, keeping the pair buoyed amid eurozone economic resilience.
GBP gains as easing trade tensions and dovish Fed signals boost market sentiment. UK economic data showing signs of growth further supports the pound against the dollar.
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