Technical analysis
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Mexican Peso post gains as lower US yields revive the carry trade
The Mexican Peso stages a comeback against the US Dollar on Tuesday as the latter weakens amid profit-taking and lower US Treasury yields, with traders awaiting the release of the minutes of the Federal Reserve’s last meeting. The USD/MXN trades at 17.97, down 0.55%.
Christian Borjon Valencia
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October 6, 2026
The Japanese Yen flatlines through a BoJ speech that changed nothing
On Tuesday, Bank of Japan (BoJ) Governor Ueda gave his first major speech since the September 18 hike, and USD/JPY's whole range stayed inside Monday's. The pair trades just above 158.00, with futures still pricing about a 25% chance of a hike at the October 29-30 meeting.
The New Zealand Dollar edges off its low as the US Dollar slips
Traders give the Reserve Bank of New Zealand (RBNZ) about a 58% chance of raising its Official Cash Rate (OCR) to 3% on October 28, down from about 80% in late September, and NZD/USD has fallen with those odds.
The Euro wins back its slide to a fresh low as France files its budget
EUR/USD has won back all of Monday's drop to its lowest level since May 2025. The pair trades just above 1.1250, back at Monday's opening level, as French bonds steadied and the Dollar eased across the board.
The Pound climbs back to the top of its range as bond yields ease
Tuesday's rise in GBP/USD came from the Dollar side. The pair was flat through Bank of England (BoE) external member Mann's warning on inflation, then gained at the same two points in the session as EUR/USD, leaving EUR/GBP close to unchanged.
Chinese Yuan: Gradual upside within defined bands – UOB
United Overseas Bank strategists Quek Ser Leang and Lee Sue Ann expect USD/CNH to edge lower intraday while staying confined to a narrow 6.7000–6.7100 band. Over the coming one to three weeks, they maintain a range-trading view between 6.6950 and 6.7270. On a one to three month basis, they see USD/CNH continuing to drift lower as long as it remains below the cloud resistance near 6.7815.
Singapore Dollar: Range trade against US Dollar with MAS in focus – OCBC
OCBC strategists Sim Moh Siong and Christopher Wong observe USD/SGD consolidating near recent highs, with bullish daily momentum showing signs of fading and RSI near overbought.
Philippines: One more BSP hike expected in October - Standard Chartered
Standard Chartered Bank economists Jonathan Koh and Edward Lee now expect Bangko Sentral ng Pilipinas to raise its policy rate by 25bps to 5.25% in October, revising their previous call for a hold. They attribute the move to broader September inflation, higher Oil prices and Philippine Peso depreciation. The bank still anticipates easing from Q3-2027 once inflation returns to target.
Forex Today: The FOMC Minutes should shed further detail on the latest Fed decision
The US Dollar (USD) has come under fresh downside pressure on Tuesday, slipping back to the area of two-day lows as shrinking fiscal jitters in France appear to have lent some support to the broader risk-linked galaxy.
Fed's Schmid warns inflation fight has a “way to go”
Kansas City Fed President Jeffrey Schmid said on Tuesday that the labor market remains in a good place, and remains concerned about the high costs of living, as he said that “inflation is frustrating, must be fixed.”