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Published: 2025-10-02T19:44:14.000Z

North American Summary and Highlights 2 Oct

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Overview - The USD slipped in the European morning but ended slightly firmer after the North American session. 

North American session 

While there was no obvious reason in the absence of data, the USD strengthened with UST yields early in the session before correcting in the afternoon, finishing modestly higher. USD/JPY advanced to 147.15 from 146.65, erasing European losses. EUR/USD slipped modestly to 1.1725 from 1.1755. EUR/GBP was slightly firmer but EUR/CHF little changed. AUD/USD slipped to .66 and USD/CAD rose to 1.3960. Fed’s Logan was hawkish but her tone was little changed from comments made on Tuesday.  

European morning session 

Then USD weakened through the European morning, with the JPY once again leading the way. USD/JPY lost 50 pips to 146.65, while EUR/USD gained just 15 pips to 1.1755, while the commodity currencies were not much changed.  

Data was limited to Swiss September CPI, which was in line with consensus on a m/m basis at -0.2%, but a little weaker than expected on a y/y basis at +0.2%. EUR/CHF initially gained around 10 pips to trade above 0.9360 but dropped back to just above opening levels. JPY strength was helped by comments from BOJ Deputy Governor Uchida saying the BoJ would continue hiking rates if the economic outlook was supportive as suggested by the latest Tankan.  

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