Overnight Summary

The dollar bulldozed through G10 overnight, pushing DXY back above 100.8 with a 0.72% gain that left no major currency unscathed. Gold’s 3% collapse to $4,228 removed one of the key counterweights to dollar strength, while WTI crude sliding 1.65% to $75.52 and copper dropping 1.59% piled pressure on commodity-linked currencies. Every G10 pair moved in the dollar’s favour. The standout casualties were the Scandinavian currencies — USD/NOK ripped 2.6% higher and USD/SEK gained 2.3% — but sterling, the euro, and the commodity bloc all took heavy hits. The yen was the relative outperformer, giving up just 0.59% against the greenback while strengthening on most crosses.

Key Pair Breakdown

USD/NOK (+2.60% to 9.7155) — The biggest mover of the session. Norwegian krone bore the double burden of broad dollar demand and WTI crude falling to $75.52. A move of this size in a single session is unusual for USD/NOK and puts the pair within range of the 9.75–9.80 resistance zone.

USD/SEK (+2.27% to 9.5701) — The Swedish krona tracked NOK lower in a classic Scandi sell-off. SEK has no direct oil linkage, so this move is pure dollar momentum and regional contagion. The 9.60 level is the next overhead target.

GBP/USD (−1.66% to 1.3204) — Sterling’s worst session in weeks. Cable sliced through 1.33 and settled just above 1.32. The gold crash and broad risk repricing suggest this was dollar-driven rather than UK-specific, but 1.3200 is a round-number magnet that will get tested in Asia.

USD/CHF (+1.35% to 0.8039) — The franc weakened despite gold’s collapse, which would normally support safe-haven demand. The dollar simply overwhelmed everything. USD/CHF reclaiming 0.80 is notable — this level capped rallies earlier in June.

NZD/USD (−1.31% to 0.5755) — Kiwi fell hard, weighed by copper’s 1.59% drop and the general commodity-FX unwind. The 0.5750 area is near-term support; a break opens up 0.5700.

EUR/USD (−1.27% to 1.1463) — Euro gave back over a full cent. The 1.15 handle is gone and the pair is eyeing 1.1400 if dollar bids persist. EUR/CHF barely moved (+0.11%), confirming this was a dollar story, not a euro-specific one.

GBP/JPY (−1.09% to 213.02) — Sterling weakness plus yen resilience produced a clean downside break. GBP/JPY falling while USD/JPY rose tells you the yen was the second-strongest currency overnight behind the dollar.

GBP/AUD (−1.03% to 1.8805) — Sterling underperformed even the Aussie, which itself lost 0.69% against the dollar. GBP/AUD below 1.88 puts the pair at a multi-week low.

USD/CAD (+0.97% to 1.4131) — Loonie weakened on crude’s slide. USD/CAD pushing above 1.41 reverses the recent drift lower and sets up a test of 1.42.

NZD/JPY (−0.76% to 92.81) — Risk-off cross: commodity-linked NZD sold, defensive JPY bid. The 92.50 level is the next support shelf.

EUR/JPY (−0.72% to 184.89) — Mirroring the EUR/USD decline but cushioned by USD/JPY’s modest rise. The 184.00 handle is the level to watch if the yen bid continues into Asia.

AUD/USD (−0.69% to 0.7017) — Aussie held up better than kiwi despite copper’s 1.59% drop. The 0.70 round number held on the session low — defending that level matters for near-term sentiment.

USD/JPY (+0.59% to 161.37) — The mildest dollar gain across G10. Yen’s relative strength is visible in the crosses — GBP/JPY, EUR/JPY, NZD/JPY, and CAD/JPY all fell. The 161.50–162.00 zone remains overhead resistance, and intervention jawboning risk caps upside on any aggressive push.

Asian Session Setup

Sydney and Tokyo open into a market that just repriced the entire G10 complex in the dollar’s favour. AUD/USD defending 0.7000 will be the first test — copper’s weakness and the risk tone argue for a break, but the round number tends to attract bids on first contact. USD/JPY at 161.37 puts it back in the zone where Japanese officials have previously voiced discomfort, so verbal intervention risk is elevated heading into Tokyo trade. The DXY move above 100.8 is a headwind for all Asia-Pacific currencies. NZD/USD at 0.5755 is the most stretched G10 pair on a single-session basis and could see some short-covering, but the path of least resistance is lower while copper stays offered.

Bottom Line

Overnight was a one-way dollar freight train with gold’s 3% crash and crude weakness amplifying the bid across every G10 pair. The pair most likely to generate headlines in the next 12 hours is USD/JPY — at 161.37 it’s pressing the boundary where Tokyo’s tolerance gets tested, and any official commentary will ripple through every yen cross.

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