DXY drifts -0.06% into the London handover with EUR bid across the board, GBP the clear session laggard, and AUD softening on a dovish RBA repricing — a mixed-USD tape that hands European desks a euro-led, sterling-pressured open.

Asian Session Summary

The Asian session traded a soft-dollar tape with sharp divergence underneath. DXY printed 99.09, down a quiet 0.06%, but the cross-currents were anything but quiet. EUR was the standout bid — EUR/USD held 1.1630 support and tagged a fresh 1.1655 high, with the strength rippling through every euro cross: EUR/GBP +0.45%, EUR/AUD +0.46%, EUR/CHF +0.35%, EUR/JPY +0.30%. GBP took the other side of that flow, with GBP/USD shedding 0.39% to sit on its 1.3443 session low. AUD/USD was the second-weakest major, off 0.41% to 0.71408 after Commerzbank flagged softer Australian CPI backing an RBA pause. Commodities split — Gold held +0.24% at 4511, but Brent cratered -5.00% and WTI dropped -2.65% as US-Iran headlines softened the risk premium.

Key Pairs for London

EUR/USD — 1.1644: Up 0.06% with Asian range 1.1632-1.1655. Euro broad strength is doing the work here, not USD weakness. First resistance is the 1.1655 session high; reclaim opens the round 1.1700 figure. Downside pivot is 1.1630, then the prior consolidation shelf. (Luna3 Stellar monitors this pair)

GBP/USD — 1.3443: Down 0.39% and sitting on the session low — the weakest major against the dollar today. Asian range 1.3443-1.3459 is tight and the close at the low favours a London-open extension. A clean break of 1.3443 puts 1.3400 in play; recovery needs 1.3460 reclaim to neutralise.

AUD/USD — 0.71408: Down 0.41% to the session low after softer CPI and RBA pause repricing. Range 0.71408-0.71818 — losing the figure exposes 0.7100. The pair also tagged the Asian low at the print, so London has a momentum setup either way. (Luna3 Stellar monitors this pair)

EUR/AUD — 1.6306: The session’s biggest G10 cross move at +0.46%, range 1.6208-1.6313. Euro bid plus Aussie soft is a clean directional pair-trade and the close near highs argues for follow-through into Europe. 1.6313 break targets the next handle.

USD/CHF — 0.78565: Up 0.34% with range 0.78457-0.78580. Quiet bid in dollar-Swiss alongside a firmer EUR/CHF (+0.35%) — CHF is the soft side, not USD strong. Watch 0.7858 high; through there, 0.7900 is the next round level. (Luna3 Stellar monitors this pair)

London Calendar Watch

European desks open with the Australian CPI print already digested through AUD weakness — the cross-asset read-through is whether soft DM inflation prints carry into European pricing. UK data and BoE commentary are the obvious sterling catalysts given GBP/USD is already pinned at session lows; any hawkish surprise could trigger a sharp short-cover reversal off 1.3443, while soft prints accelerate the break.

ECB speaker flow is the second watch — euro is bid across every cross today, and any ECB commentary that leans hawkish would extend the move rather than fade it. The third focus is energy — Brent’s -5.00% slide on US-Iran de-escalation headlines is a CAD and NOK story for European hours, with USD/NOK already up 0.45% and USD/CAD firming 0.17%.

Bias Going In

EUR/USD bias is constructive into London — euro is bid against everything and DXY is offered, so dips toward 1.1630 are buyable until the 1.1655 high breaks or fails decisively. GBP/USD bias is defensive; closing on session lows ahead of European hours rarely resolves higher without a catalyst, so the path of least resistance is a test of 1.3400. On commodity-linked pairs, the Brent collapse argues for continued USD/NOK and USD/CAD upside, while AUD/USD remains the cleanest short on RBA repricing — Stellar is positioned in AUD/USD and EUR/USD into the European open, with the EUR/CHF and USD/CHF book watching for Swiss-franc softness to extend. USD tone is mixed-to-soft on DXY but the dollar is winning against AUD, GBP, JPY, CHF, CAD, and NOK — the weakness is entirely a euro story.