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2w ago

Dollar On Track for Best Week in Nearly a Year as Yen and Euro Weaken

A U.S. data blackout has traders keying off policy signals as political shocks in Japan and France pressure their currencies.

U.S. dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration
FILE - A sign outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Oct. 2, 2025. (AP Photo/Ahn Young-joon)
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Overview

  • Japan’s yen slid to roughly 153 per dollar after Sanae Takaichi’s ascent to lead the LDP boosted expectations for fiscal stimulus and a slower BOJ tightening path.
  • The euro stayed under pressure following the resignation of French Prime Minister Sébastien Lecornu, with President Emmanuel Macron set to appoint a new premier within about 48 hours.
  • Federal Reserve minutes highlighted rising job‑market risks even as officials warned about inflation, yet futures still price roughly mid‑90% odds of a 25 bp cut on Oct. 28–29.
  • The U.S. government shutdown reached day nine, delaying key economic releases and leaving markets to rely on speeches, earnings and technical signals.
  • Gold pulled back below $4,000 an ounce after a record peak, while strength in AI and semiconductor names continued to buoy equities despite mounting valuation worries.