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SNB's Schlegel: US pharma tariffs pose downside economic risks
Swiss National Bank (SNB) Chairman Martin Schlegel said in his prepared remarks on Wednesday that pharmaceutical tariffs imposed by the United States (US) would escalate downside risks to the economy.

EUR/USD: Downward momentum is building - UOB Group
Euro (EUR) could test 1.1580; a sustained drop below this level is unlikely. In the longer run, downward momentum is building; EUR is likely to trade with a downward bias, potentially retesting the 1.1540 level, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Unchanged policy message HUF-supportive - Commerzbank
Hungary's National Bank (MNB) maintained its base rate at 6.50% yesterday, as had been widely anticipated, defying government pressure for monetary easing.

Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

HUF: The shine is fading - ING
The National Bank of Hungary, as expected, left rates at 6.50%. Forward guidance remained hawkish and changed only in details.

Inflation report to offer clarity, not direction, for the Fed - Commerzbank
It seems that the US administration has at least recognized that inflation data for the third quarter is necessary to calculate social security benefits for the coming year.

USD: Further strength not so simple to sustain - ING
The US Dollar (USD) has continued to strengthen this week, as US credit market concerns appear to have now entirely left the FX market. The very large gold correction yesterday potentially added some support to the greenback, ING's FX analyst Francesco Pesole notes.

Dow Jones futures move little as traders await Tesla's results
Dow Jones futures remain steady near 47,100 during European hours, ahead of the opening of the United States (US) regular session on Wednesday. The S&P 500 futures are flat around 6,770, while Nasdaq 100 futures lose 0.15% to trade near 25,250 at the time of writing.

Canadian inflation provides further argument against interest rate cut next week - Commerzbank
Yesterday's Canadian inflation figures for September were slightly higher than expected, Commerzbank's FX analyst Michael Pfister notes.

USD/CHF consolidates above 0.7980 with markets looking for direction
The US Dollar consolidates Tuesday's gains and remains trading within a narrow range above 0.7950, after bouncing from the 0.7910 area on Tuesday. Investors, however, are showing a cautious mood, awaiting US CPI data later this week and next week's Fed monetary policy decision.

Precious metals sell-off - ING
Spot Gold prices came under significant pressure yesterday, with the market settling 5.3% lower on the day. This downward pressure has only continued in early morning trading in Asia today.

GBP: Dovish inflation print - ING
The September UK inflation reading released this morning is sending a dovish signal to the Bank of England and weighing on the pound.

US to buy Oil for strategic reserves - ING
Oil prices managed to settle higher yesterday, with Brent closing 0.51% up on the day. However, the scale of the surplus facing the market suggests that any upside is likely limited.

Japan: BoJ likely to hold the policy rate - Standard Chartered
BoJ is set to stay cautious and keep the policy rate on hold in October, prioritizing stability amid persistent inflation and uneven growth. December hike remains our base case, contingent on sustained core CPI near 3% and continued wage momentum through winter bonus rounds.

AUD/USD rises slightly above 0.6500 amid risk-on market mood
The AUD/USD pair gains slightly above 0.6500 during the European trading session on Wednesday. The Aussie pair attracts bids as the Australian Dollar (AUD) outperforms its peers amid an increase in the demand for risky assets.

EUR: Mixed signals on Ukraine - ING
EUR/USD is testing the 1.160 support, but as discussed above, we aren't very confident the dollar can rally much further from here without data inputs, ING's FX analyst Francesco Pesole notes.

Japan's Takaichi may raise defence spending target to 2% of GDP - Kyodo
Japan's newly elected Prime Minister (PM) Sanae Takaichi to say in policy speech the government plans to bring forward its target to raise defence spending to 2% of GDP from 2027-2028, Kyodo reported.

NZD/USD appreciates beyond 0.5750 as the US Dollar rally falters
The New Zealand Dollar bounced up from the support area above 0.5700 and has retraced Tuesday's losses to reach intraday highs right above 0.5750 in the early European trading session.

EU: Trade headwinds building - Standard Chartered
Sharp fall in exports to US may have further to run; exports to China remain weak. Net exports likely to be a drag on growth in H2 and potentially for much of 2026.

EUR/JPY Price Forecast: Targets 176.00 support near nine-day EMA
EUR/JPY dips slightly after posting strong gains in the previous session, trading around 176.10 during the European hours on Wednesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the currency cross remains within the ascending channel pattern.
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