Currency news / October 8, 2025

Dollar continues its advance

3 min read Thanim Islam

Thanim IslamOctober 8, 2025

• USD biggest benefactor on EUR & JPY losses

Yesterday's currency recap

We observed a familiar pattern yesterday -the USD showing strength early on in the day before relinquishing those advances once the US markets opened.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.06%	2.0393
GBPCAD	-0.33%	1.8739
GBPCHF	-0.02%	1.0717
GBPDKK	0.02%	8.5978
GBPEUR	0.02%	1.1515
GBPJPY	0.19%	203.161
GBPNOK	-0.08%	13.3756
GBPNZD	0.26%	2.314
GBPSEK	-0.16%	12.622
GBPUSD	-0.40%	1.344

*Daily move - against G10 rates as of 06:00 BST, 08.10.25
** Indicative rates - interbank rates as of 06:00 BST, 08.10.25

Key data points

Currency	Event	Period	Consensus	Previous
USD	Fed Minutes	Sep

What we think

We have opened with a weaker NZD following a 50bp rate cut by the RBNZ with the bank also leaving the door open for further rate cuts.

EUR remains weak as France’s political turmoil continues to weigh on sentiment.

JPY has weakened further after wage growth slowed further, adding to rate hike delays by the BoJ.

USD has continued to advance, benefitting from EUR and JPY weakness - the USD index is at a 2-month high now.

Fed/ FOMC minutes in the evening will hopefully add some volatility in what has been a lacklustre week in the FX space. With last month's Fed meeting showing signs of divergence amongst Fed members, we look for more colour on their respective opinions and what this means for future rate projections.

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