
• USD biggest benefactor on EUR & JPY losses
We observed a familiar pattern yesterday -the USD showing strength early on in the day before relinquishing those advances once the US markets opened.
*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
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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