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Asian Session Summary

The overnight session delivered a clear risk-on tone that left the dollar on the back foot across the board. DXY slipped to 99.84, still trapped below the psychological 100 handle, while gold exploded higher — up 3.15% to $4,225 — signalling persistent demand for non-USD stores of value. Commodity currencies led the charge: AUD/USD rallied 0.75% to 0.7050, dragging AUD/JPY up 0.84% to 111.15 as copper futures firmed 0.58%. EUR/USD and GBP/USD both ground higher through the Asian session, printing fresh session highs near 1.1549 and 1.347 respectively. The yen was the odd one out — USD/JPY edged up to 157.72 despite broad dollar weakness, suggesting carry demand remains intact even in a softer-dollar environment. Scandis caught a bid, with USD/SEK dropping 0.49% and USD/NOK off 0.25%.

Key Pairs for London

EUR/USD — 1.1543
Up 0.31% on the session and trading just 6 pips off the high at 1.1549. The pair has been grinding higher all through Asia with no meaningful pullback. The 1.1550 level is the immediate test for London — a clean break opens the door toward 1.1600 round-number resistance. Downside, the session low at 1.1530 is the near-term floor. The softer-inflation narrative flagged by Deutsche Bank research is giving EUR bulls room to run.

GBP/USD — 1.3470
Cable matching EUR/USD’s grind higher, up 0.32% and sitting at the session high. The range was tight — 1.3445 to 1.3470 — which means London gets a clean chart. A push through 1.3470 puts 1.3500 in play, a level that will attract option-related flow and offers. EUR/GBP is flat at 0.8567, so sterling isn’t outperforming the euro — it’s riding the same USD-weakness tide.

AUD/USD — 0.7050
The standout mover overnight. A 0.75% gain puts AUD/USD back above 0.7050 with a session high of 0.7058. Copper’s 0.58% gain and the broader equity risk-on (global stocks returning to record highs) are doing the heavy lifting. The 0.7000 round number is now support after serving as resistance for weeks. Watch 0.7058 — a London break above opens a run at 0.7100.

USD/CHF — 0.8090
The franc is firming alongside gold, with USD/CHF slipping 0.17% to 0.8090. The session low at 0.8074 is the level to watch — a break below drags the pair toward 0.8050 and potentially the 0.8000 handle. Gold’s $4,225 print is doing the work here: when gold runs this hard, CHF typically catches a safe-haven bid regardless of broader risk tone.

GBP/JPY — 212.43
The biggest G10 cross move at +0.43%, reflecting the combination of GBP strength and yen softness. The pair is printing at the session high of 212.45. Carry traders are comfortable here — the BoJ-BoE rate differential remains wide. The 212.50 figure is the immediate hurdle; the session low at 211.69 marks the pullback zone if risk sentiment wobbles into European trade.

London Calendar Watch

Wednesday’s London session lands mid-week with no tier-one UK data on the docket, but the macro backdrop is doing the talking. The Deutsche Bank headline flagging softer global inflation keeps the “central banks can ease” narrative front and centre — any ECB speaker commentary today will be parsed for dovish signals. RBI just delivered its policy decision (the rupee gave back gains post-announcement), and any spillover into EM FX positioning could ripple into G10 via risk proxies. With equities at record highs and gold surging, London desks will be watching whether the European open confirms or fades the overnight risk-on move.

Bias Going In

EUR/USD and GBP/USD both enter London at session highs with momentum — the bias is for a continuation test of 1.1550 and 1.3500 respectively, provided the European equity open doesn’t gap lower. AUD/USD has the strongest overnight tailwind of any G10 pair: copper, oil (Brent +1.03%), and equity risk-on are all aligned, and a London follow-through toward 0.7100 is plausible if commodity futures hold. The dollar tone is weak — DXY below 100 with gold at $4,225 is not a USD-friendly combination, and until that dynamic breaks, rallies in the greenback are likely to be sold.

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