Forex Market Update Asia Session: Markets Await ISM Services PMI

Session brief Neutral bias Oct 5, 2026, 00:37 UTC

Daniel TanAsia-Pacific Market Analyst · ForexR analyst

Forex markets trade with mixed momentum during the Asia session, with cryptocurrencies leading gains while major pairs hold near their daily pivots ahead of the US ISM Services PMI.

Asia Session Market Overview

As the Asia session unfolds, Ethereum leads the market with a 1.2% gain on the day, while WTI Crude Oil lags with a 0.8% decline. Major currency pairs display mixed momentum ahead of upcoming economic data. In the bond market, as of the October 2 close, the 2-year US Treasury yield stood at 4.83%, up 5 basis points, and the 10-year yield marked 5.28%, rising 4 basis points.

Technical Setups

EUR/USD trades at 1.1247, positioned between S1 at 1.12203 and the daily pivot at 1.12525. With the daily and four-hour trends pointing down, a break below S1 at 1.12203 targets further downside movement. A move back above the daily pivot at 1.12525 would invalidate the bearish view and open the way toward R1 at 1.12849. The pair posted a day high at 1.12604 and a day low at 1.1244.

USD/JPY changes hands at 157.678, located between the daily pivot at 157.656 and R1 at 158.383, with both the daily and four-hour trends showing mixed signals. The pair established a day high of 157.945 and a day low of 157.473. A definitive push above R1 at 158.383 paves the way for extended gains, while a drop below the daily pivot at 157.656 invalidates any bullish attempt and shifts focus toward S1 at 157.114.

Gold (XAU/USD) rests at 4154.68, positioned between S1 at 4100.74 and the daily pivot at 4163.62. Trend indicators on the daily and four-hour charts align to the downside, and the asset recorded a day high of 4158.04 alongside a day low of 4132.78. A slide past S1 at 4100.74 creates room for a deeper move lower. If price lifts above the daily pivot at 4163.62, the bearish setup falls away, exposing R1 at 4202.17.

Market News and Scheduled Data

Recent media coverage from FX Street, ExchangeRates, and FXEmpire focuses on long-term forecasts for the euro and examines recent movements in precious metals. The newsflow also highlights the potential impact of oil prices and food costs on emerging market central banks, alongside discussions regarding the South African Rand and Indian Rupee.

Looking ahead on the economic calendar, London opens at 07:00 UTC. Today's European schedule begins with the Spanish HCOB Services PMI at 07:15 UTC, following a previous print of 57.8. The ECB's Nagel is scheduled to speak at 07:45 UTC. At 07:55 UTC, the German HCOB Services PMI arrives with an estimate of 52.9, matching the previous figure, alongside the German HCOB Composite PMI carrying an estimate of 53.8.

At 08:00 UTC, the EMU HCOB Composite PMI is estimated at 53.1 against a previous 53.1, coinciding with a speech from the ECB's Lane. The Sentix Investor Confidence releases at 08:30 UTC, compared to a previous 5.1. At 09:00 UTC, the EMU Producer Price Index month-over-month carries an estimate of 1.9 against a previous 1.6, alongside the year-over-year figure which previously printed at 5.8. The ECB's Schnabel also speaks at 09:00 UTC.

Later today, the US session features the S&P Global Composite PMI at 13:45 UTC with an estimate of 58.4. The high-impact US ISM Services PMI arrives at 14:00 UTC, carrying an estimate of 55.7 against a previous 55.4. This releases concurrently with the ISM Services Prices Paid, which printed a previous 72.6, and the ISM Services New Orders Index, following a previous 60.9.

Bottom Line

With mixed technical trends across major currency pairs, markets sit near their key levels during the Asia session. Traders await the upcoming European services data and the US ISM Services PMI, which may influence price action in the sessions ahead.