Asian Session Summary

The dollar got sold across the board overnight. DXY dipped to 98.76, down modestly on the session but the damage is in the crosses — USD/CHF broke below the 0.80 handle for the first time, printing as low as 0.7969. The catalyst is straightforward: the US Treasury announced increased long-term bond purchases, capping yields and pulling the floor from under the greenback. Gold responded, pushing through $4,546 with a 1.27% gain. Brent crude added 1.55% to $93.04, giving commodity-linked currencies a tailwind. The Antipodeans led the charge — NZD/USD jumped 1.4% after the RBNZ struck a hawkish tone, while AUD/USD pushed toward the 0.7150 level that UOB flagged as the upside pivot.

Key Pairs for London

EUR/USD — 1.1696
Up a full percent on the day and sitting just 4 pips below the session high. The 1.1700 round number is the obvious target for London bulls. A clean break opens the door toward 1.1750, a level that hasn’t traded since early 2022. Support sits at today’s low of 1.1674. The pair is riding broad USD weakness rather than EUR-specific strength, which means any uptick in US yields could stall the move. Watch for profit-taking into the figure.

USD/CHF — 0.7985
The session’s standout mover, down 1.7%. Sub-0.80 is new territory and the franc is absorbing safe-haven flows alongside gold. Today’s low at 0.7969 is the immediate support; a failure to reclaim 0.8000 during London would confirm the breakdown. EUR/CHF sliding 0.7% to 0.9335 tells you this is CHF strength, not just USD weakness — the franc is bid against everything.

GBP/USD — 1.3625
Cable gained 0.65%, trading in a tight 36-pip range between 1.3595 and 1.3631. The pair is pressing up against resistance at the session high. London traders will either drive it through 1.3650 or fade it back toward 1.3595. EUR/GBP creeping higher to 0.8582 suggests sterling is underperforming the euro on this USD leg lower — if that cross keeps climbing, cable’s upside may be limited relative to EUR/USD.

NZD/USD — 0.5957
The biggest G10 gainer at 1.43%, driven by the RBNZ’s hawkish hold. The pair cleared 0.5930 resistance cleanly and is now eyeing 0.5960. NZD/JPY at 94.36 (+0.7%) confirms the move has carry support. Today’s low at 0.5930 becomes the pullback level. This is a momentum trade — London may see follow-through if risk appetite holds.

AUD/USD — 0.7126
Up 0.63% and testing the 0.7150 resistance that UOB identified as the upside trigger. Today’s high at 0.7131 stopped just short. A break above 0.7150 during London would be a fresh signal. Copper’s 0.35% decline is a mild headwind, but Brent crude’s 1.55% rally offsets it. AUD/NZD is compressing as both Antipodeans rally — the kiwi is outpacing for now.

London Calendar Watch

Thursday London sessions typically bring mid-week flow adjustments. No marquee UK data release is flagged in today’s headlines, which means EUR/USD and GBP/USD will likely take their cues from the overnight USD move and any ECB commentary that surfaces during European morning hours. The Treasury’s bond-purchase announcement is fresh enough that London desks may still be repositioning around it. Keep an eye on eurozone current account data and any scheduled ECB speaker appearances — in a week where yields are the main story, central bank rhetoric on rates will move the tape.

Bias Going In

The tone is risk-on and anti-dollar. EUR/USD has momentum toward 1.17 and GBP/USD should hold above 1.3600 unless US yields snap back. The commodity bloc has room to extend — Brent crude’s 1.55% overnight gain hasn’t fully filtered into CAD and AUD yet, and both pairs have clean technical levels overhead (AUD/USD at 0.7150, USD/CAD support at 1.3770). DXY at 98.76 is drifting lower with no obvious catalyst to reverse it near-term; the path of least resistance is down until US data or Fed commentary provides a floor.

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