The USD held a stable range as economic data offered few surprises, with oil prices softening, equities showing limited movement, and bond yields drifting slightly lower. Upcoming U.S. CPI, manufacturing data, and Fed speeches will shape market tone — stronger readings may boost the USD and yields, while softer data could support equities and bonds amid a data-dependent Fed stance. Japan’s new PM Sanae Takaichi will meet Donald Trump in Tokyo next week, presenting a U.S. purchase package including pickups, soybeans, and gas, while stressing defence quality over spending targets. U.S.–China trade talks remain tense but ongoing. Trump seeks a “fantastic deal” with Xi, warning of 100% tariffs if no progress occurs, while China has reshuffled top negotiators and imposed export controls. Both sides have agreed to resume negotiations, amid WTO warnings about global economic risks. Bitcoin is consolidating near $108,000, with upcoming economic data and technical indicators likely to determine its short-term direction.
In the news. Trump put his planned meeting with Putin on hold, citing concerns it might be a “waste of time,” after a call between Secretary Rubio and Russian Foreign Minister Lavrov, who publicly rejected an immediate ceasefire. Russian overnight strikes killed six, including two children, and caused nationwide power outages in Ukraine. Ukrainian President Zelenskiy and Swedish PM Kristersson will visit Saab in Sweden to discuss potential defence exports, including the Gripen fighter jet. North Korea launched several short-range ballistic missiles on Wednesday, a week before Trump’s visit to South Korea for the APEC summit, Seoul’s military reported. Vice President JD Vance visited Israel to support Trump’s ceasefire plan with Hamas, calling the peace “durable” and warning that violations could lead to Hamas being “obliterated.”
In currency markets. The CNY and THB remained stable, supported by China’s economic adjustments and Thailand’s export and tourism recovery, while the JPY showed resilience amid global uncertainty. The MYR saw modest fluctuations influenced by regional trade and domestic policies. The AUD and NZD showed modest fluctuations amid regional trade dynamics and domestic economic conditions, with upcoming New Zealand business confidence and building permit data potentially influencing near-term currency movements. The MXN and PLN strengthened slightly against the USD, while the ZAR and CZK saw modest gains amid stable regional economic conditions.
In commodity markets. Gold fell 6.3% to around $4,081 per ounce, while silver dropped over 8% to $48.41, marking sharp one-day declines for both metals. The sell-off was driven by profit-taking after recent rallies, a stronger U.S. dollar, and reduced safe-haven demand amid easing market tensions, highlighting continued volatility in precious metals markets. Crude oil rose 1.6% and copper gained 1.0%, while natural gas fell 0.5%, reflecting shifting supply-demand dynamics and market sentiment across energy and industrial metals. In the agricultural commodities, wheat fell 0.26%, soybeans rose 0.24%, and coffee gained 1.87%, reflecting shifting supply-demand dynamics and market sentiment across key agricultural commodities.
USD/CAD The CAD strengthened against the USD following hotter-than-expected September inflation, driven by rising food costs and smaller declines in gasoline prices. Despite this, markets still largely expect a 25-basis-point rate cut by the Bank of Canada at its October 29 meeting.
EUR/CAD exchange rate declined , influenced by a stronger Canadian dollar following robust inflation data
EUR/USD exchange rate declined, influenced by a stronger U.S. dollar amid global economic uncertainties. The euro faced downward pressure as European Central Bank officials maintained a cautious tone on interest rates, while the U.S. dollar benefited from renewed yen weakness and expectations of potential Federal Reserve actions.
GBPEUR fell as UK inflation data came in softer than expected, with both headline and core figures showing slight easing.
GBPUSD weakened as UK inflation came in softer than expected, while the U.S. dollar gained support from easing concerns over the U.S. credit market.
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