Why is the US Dollar gaining strength during the London session today?

The US dollar is broadly advancing against its major peers, with USD/JPY up 0.59% and EUR/USD down 0.29% on the day. As context, the 10-year US Treasury yield stood at 5.29% at the close of September 30, up 3 basis points, which is a theme highlighted in recent newsflow as supporting the dollar.

What key US economic releases are scheduled for today's session?

Today's high-impact releases feature the US ISM Manufacturing PMI at 14:00 UTC, which carries an estimate of 55, up from the previous 54.6. This is accompanied by ISM Manufacturing Prices Paid, New Orders, and Employment data, as well as Initial Jobless Claims at 12:30 UTC.

How could ECB President Lagarde's speech impact the Euro today?

ECB President Lagarde is scheduled to deliver a high-impact speech at 13:30 UTC today. The euro is currently trading lower in the London session at 1.12956, and her remarks arrive alongside a broader schedule of ECB speakers including Nagel, Villeroy, Sleijpen, and Schnabel throughout the day.

Forex Market Update London Session: US Dollar Climbs Ahead of ISM Data

Session brief Bullish bias Oct 1, 2026, 10:05 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

The US dollar drives price action in the London session, advancing against the Euro and Sterling. Traders turn their focus to upcoming US ISM manufacturing data and multiple central bank speeches scheduled for today.

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.12956	-0.29%	1.13432	Down
Gold (XAU/USD)	4,161.73	+0.12%	4,174.48	Down
GBP/USD	1.32185	-0.33%	1.32648	Down
Bitcoin (BTC/USD)	83,641.12	+0.06%	84,031.95	Up
USD/JPY	158.319	+0.59%	157.087	Mixed
AUD/USD	0.69390	-0.05%	0.69591	Down
USD/CAD	1.42453	+0.11%	1.42065	Up
Ethereum (ETH/USD)	2,687.66	+0.13%	2,692.66	Up
Nasdaq 100 (US100)	30,601.2	+0.48%	30,441.0	Up
WTI Crude Oil (XTI/USD)	91.477	+2.29%	89.334	Mixed
Data as of 2026-10-01 09:15 UTC.

US Dollar Leads Major Currency Pairs in the London Session

The US dollar is showing broad strength during the London session, dictating the pace across the major currency pairs. WTI Crude Oil (XTI/USD) leads the wider instrument board, trading up 2.29% on the day at 91.477. Among the major currencies, USD/JPY stands out as the strongest performer, gaining 0.59% to trade at 158.319. Conversely, the British Pound and the Euro lag the field, with GBP/USD down 0.33% and EUR/USD sliding 0.29% on the day.

Major Assets at a Glance

Instrument	Last	Change %	Daily trend
EUR/USD	1.12956	-0.29	down
GBP/USD	1.32185	-0.33	down
USD/JPY	158.319	+0.59	mixed
USD/CAD	1.42453	+0.11	up
AUD/USD	0.6939	-0.05	down
Gold (XAU/USD)	4161.73	+0.12	down
WTI Crude Oil (XTI/USD)	91.477	+2.29	mixed
Nasdaq 100 (US100)	30601.2	+0.48	up
Bitcoin (BTC/USD)	83641.12	+0.06	up

Treasury Yield Context and Newsflow

As context for the current market environment, US Treasury yields at the daily close of September 30 showed the 10-year yield at 5.29%, up 3 basis points, and the 2-year yield at 4.88%, down 1 basis point. The 2s10s curve sits at 41 basis points. As reported by FX Street and FXEmpire, the broader newsflow themes highlight these rising US Treasury yields as a potential factor supporting the dollar, while European political spread widening may be weighing on the euro. Action Forex coverage points to the euro's approach toward new lows amid the current sell-off.

Technical Perspectives: EUR/USD and USD/JPY

Trading at 1.12956, EUR/USD shows a confirmed downward trajectory, with both the daily and H4 trends pointing lower. The intraday window marks a day high at 1.13361 and a day low at 1.12866. Over the 5-day period, the pair has declined by 0.75%. The pair currently trades below support at S1 at 1.13068; a recovery above this level would open the way toward the pivot at 1.13432. A continuation of the current weakness below S1 would invalidate any immediate bullish forex market analysis.

USD/JPY is trading at 158.319, exhibiting a mixed daily trend but an upward H4 trend. The session's price action shows a day low at 157.305 and a day high at 158.43. Plotted against a standard pivot point calculator, price sits above resistance at R1 at 157.817. Holding above R1 keeps the upward momentum in play, while a drop back below this mark would open the way to the pivot at 157.087.

GBP/USD currently sits at 1.32185 with a bearish alignment across both the daily and H4 trends. The day low is registered at 1.32081, and the day high is located at 1.32719. Over the 5-day window, Sterling has edged down 0.13% against the dollar. Support rests nearby at S1 at 1.32193, and resistance is positioned at R1 at 1.33078.

Economic Calendar: Major Data Releases Ahead Today

Today's economic calendar brings a dense schedule of central bank communications and tier-one US data. In the morning, US Challenger Job Cuts post at 09:30 UTC, followed by speeches from the ECB's Nagel and Villeroy at 10:35 UTC. The Bank of England's Mann is scheduled to speak at 12:00 UTC, leading into US Initial Jobless Claims at 12:30 UTC.

High-impact events take center stage starting at 13:30 UTC with a speech by ECB President Lagarde, accompanied by the Canadian S&P Global Manufacturing PMI. At 14:00 UTC, the market faces the critical US ISM Manufacturing PMI, carrying an estimate of 55 against a previous 54.6. This release arrives alongside ISM Manufacturing Prices Paid, New Orders, and Employment data, as well as speeches from the Fed's Waller and the ECB's Sleijpen. The ECB's Schnabel rounds out the central bank docket at 15:30 UTC.

Bottom Line

The US dollar holds a distinct advantage during the London session, pressing EUR/USD and GBP/USD lower while lifting USD/JPY. With the calendar packed heavily with high-impact US ISM figures and key addresses from ECB and Fed officials today, intraday volatility is poised to remain elevated as North American trading gets underway.