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View the daily news commentary to obtain insight on the financial markets.

EUR/USD steadies as Fed divide offsets shutdown drag

October 3, 2025, 9:12:15 PM UTC
EUR/USD consolidates on Friday amid a quiet trading session due to the lack of a fresh catalyst, sponsored by a US government shutdown that seems poised to extend beyond the current week. The pair trades at 1.1738, up 0.28%, at the time of writing.
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Dow Jones Industrial Average climbs 250 points as rate cut hopes continue

October 3, 2025, 8:01:06 PM UTC
The Dow Jones Industrial Average (DJIA) caught a firm bid on Friday, rising 482 points, or 1.04%, bottom-to-top. The Dow briefly pierced the 47,000 major price handle for the first time ever, before easing back to a more sedate +250 points (0.55%) on the day.
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Fed's Miran insists Fed has room for more cuts

October 3, 2025, 7:59:29 PM UTC
Federal Reserve (Fed) Board of Governors plant Stephen Miran doubled down on his belief that the Fed has a lot more room to cut its way to neutral interest rates.
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Fed's Jefferson nods to risks on both sides of the Fed's mandate

October 3, 2025, 6:56:01 PM UTC
Federal Reserve (Fed) Vice President and Board of Governors member Phillip Jefferson acknowledged that ongoing risks to both sides of the Fed's policy mandates are seeing growing risks.
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Gold climbs as shutdown fuels haven demand, eyes record high

October 3, 2025, 6:54:43 PM UTC
Gold price advances during the North American session on Friday, up by 0.70% for the day as the US government shutdown extends to three days, poised to end the week positively for the seventh straight week. At the time of writing, XAU/USD trades at $3,882 after hitting a daily low of $3,838.
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Fed's Logan warns inflation pressures persist, could be made worse

October 3, 2025, 6:49:53 PM UTC
Federal Reserve (Fed) Bank of Dallas President Lorie Logan struck a nervous tone on Friday, warning that despite a rapidly-weakening labor market, a lot of potential policy moves could accidentally spark another round of renewed inflationary pressures.
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AUD/USD holds near 0.6600 as Greenback weakens on US shutdown and soft PMI data

October 3, 2025, 6:23:44 PM UTC
The Australian Dollar (AUD) holds modest gains versus the US Dollar (USD) on Friday, supported by a weaker Greenback as the United States (US) government shutdown drags on and the ISM Services Purchasing Managers Index (PMI) softens.
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United States Baker Hughes US Oil Rig Count fell from previous 424 to 422

October 3, 2025, 5:02:59 PM UTC
United States Baker Hughes US Oil Rig Count fell from previous 424 to 422
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EUR/USD holds modest bid amid US shutdown and mixed PMI readings

October 3, 2025, 3:38:39 PM UTC
The Euro (EUR) trades with a modest bid against the US Dollar (USD) on Friday, with EUR/USD stuck within this week’s range of 1.1750-1.1700.
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GBP/USD rises as US shutdown prolongs, Fed data gap grows

October 3, 2025, 3:36:49 PM UTC
The Pound Sterling (GBP) advances some 0.26% against the US Dollar (USD) on Friday as the US government began its third day of shutdown and skipped the release of Nonfarm Payroll figures for September.
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Gold trades below record highs as US shutdown drags on; ISM Services PMI softens

October 3, 2025, 2:40:36 PM UTC
Gold (XAU/USD) gains ground above $3,850 on Friday, trading around $3,875 during the American session, up nearly 0.50% on the day. The metal has recovered from an intraday low near $3,838, finding fresh bids as the US Dollar (USD) eases following Thursday’s modest rebound.
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EUR/JPY rebounds as Yen pressured by political uncertainty and soft jobs data

October 3, 2025, 2:08:56 PM UTC
The Euro (EUR) gains traction against the Japanese Yen (JPY) on Friday, recovering after briefly slipping to its lowest level since September 9 on Thursday. At the time of writing, EUR/JPY trades near 173.00, staging a modest rebound from recent lows.
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Breaking: US ISM Services PMI declines to 50 in September vs 51.7 forecast

October 3, 2025, 2:06:22 PM UTC
The business activity in the US service sector stagnated in September, with the Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) declining to 50 from 52 in August. This reading came in below the market expectation of 51.7.
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United States ISM Services PMI below expectations (51.7) in September: Actual (50)

October 3, 2025, 2:00:34 PM UTC
United States ISM Services PMI below expectations (51.7) in September: Actual (50)
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United States ISM Services Employment Index: 47.2 (September) vs 46.5

October 3, 2025, 2:00:03 PM UTC
United States ISM Services Employment Index: 47.2 (September) vs 46.5
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United States ISM Services New Orders Index down to 50.4 in September from previous 56

October 3, 2025, 2:00:02 PM UTC
United States ISM Services New Orders Index down to 50.4 in September from previous 56
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United States ISM Services Prices Paid increased to 69.4 in September from previous 69.2

October 3, 2025, 2:00:02 PM UTC
United States ISM Services Prices Paid increased to 69.4 in September from previous 69.2
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Fed's Miran: Inflation expectations are reasonably well anchored

October 3, 2025, 1:54:30 PM UTC
Fed policymaker Stephen Miran stressed the importance of forward-looking analysis in shaping monetary policy.
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United States S&P Global Composite PMI came in at 53.9, above expectations (53.6) in September

October 3, 2025, 1:45:04 PM UTC
United States S&P Global Composite PMI came in at 53.9, above expectations (53.6) in September
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United States S&P Global Services PMI above expectations (53.9) in September: Actual (54.2)

October 3, 2025, 1:45:04 PM UTC
United States S&P Global Services PMI above expectations (53.9) in September: Actual (54.2)
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GBP/JPY steadies near 198.00 as Yen weakens, UK PMI signals slowdown

October 3, 2025, 1:16:58 PM UTC
The GBP/JPY steadies on Friday, snapping a four-day losing streak after sliding to its lowest level since August 7 on Thursday. At the time of writing, the cross is holding firm near the 198.00 handle, easing back from an intraday high around 198.55.
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Fed's Goolsbee: The labour market remains pretty stable

October 3, 2025, 12:45:06 PM UTC
Chicago Fed President Austan Goolsbee struck a cautious but steady tone in fresh remarks. He pointed to resilience in the labor market, played down tariff effects on services inflation, and warned against moving too aggressively on rate cuts.
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Brazil Industrial Output (YoY) came in at -0.7%, above forecasts (-0.8%) in August

October 3, 2025, 12:00:42 PM UTC
Brazil Industrial Output (YoY) came in at -0.7%, above forecasts (-0.8%) in August
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Brazil Industrial Output (MoM) above forecasts (0.3%) in August: Actual (0.8%)

October 3, 2025, 12:00:36 PM UTC
Brazil Industrial Output (MoM) above forecasts (0.3%) in August: Actual (0.8%)
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JPY holds defensive ahead of LDP vote – BNY

October 3, 2025, 11:55:59 AM UTC
The Japanese Yen (JPY) has taken a relatively defensive stance ahead of tomorrow’s LDP leadership vote.
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Pound Sterling flattens against US Dollar on absence of US key economic data releases

October 3, 2025, 11:52:37 AM UTC
The Pound Sterling (GBP) trades in a tight range around 1.3440 against the US Dollar (USD) during the European trading session on Friday.
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USD/CAD trades firmly near 1.3970 ahead of US ISM Services PMI data

October 3, 2025, 11:48:39 AM UTC
The USD/CAD pair demonstrates strength near a four-month high around 1.3970 during the European trading session on Friday.
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JPY soft and underperforming G10 – Scotiabank

October 3, 2025, 11:42:01 AM UTC
The Japanese Yen (JPY) is down a marginal 0.1% against the US Dollar (ISD) and underperforming all of the G10 currencies in an environment broad-based USD weakness.
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GBP up marginally and soft – Scotiabank

October 3, 2025, 11:38:28 AM UTC
The Pound Sterling (GBP) is up a marginal 0.1% against the US Dollar (USD) as it underperforms on the crosses heading into Friday’s NA open, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
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EUR/USD remains bid, US Dollar weakens with US services data on tap

October 3, 2025, 11:37:23 AM UTC
EUR/USD is posting moderate gains on Friday, trading at the 1.1735 area at the time of writing, after bouncing from 1.1685 lows on Thursday.
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