Forex Market Update London Session: EU CPI and US NFP Data

Session brief Neutral bias Oct 2, 2026, 07:25 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Eurozone inflation and US Nonfarm Payrolls feature on today's calendar. Major currency pairs face tight ranges during the London session, keeping the overarching bias neutral.

A Mixed Start for the London Session

Bitcoin leads the board early in the London session, advancing 1.52% on the day to 85883.13, while WTI Crude Oil lags with a 1.68% decline to 90.368. Across the major currency pairs, price action shows modest intraday counter-trend moves against established daily downtrends. This conflicting technical evidence keeps the broader directional bias neutral as the market prepares for a heavy macroeconomic slate.

EUR/USD Tests the Daily Pivot

EUR/USD trades at 1.12643, up 0.21% on the day, positioning just above the daily pivot point of 1.12638. Both the daily and four-hour trends point downward, reflecting a 1.01% drop over a five-day window, with the daily RSI sitting at 18.2. If buyers can sustain momentum above the pivot, a push toward R1 at 1.13134 becomes the primary bullish scenario. A reversal and clean break below 1.12638 would invalidate that view, opening the way for sellers to target S1 at 1.11916.

GBP/USD Consolidation and Key Levels

GBP/USD is posting a 0.15% gain to 1.32122, remaining pinned between the day low of 1.31807 and the day high of 1.32182. Similar to the euro, the pound faces downward trends on both the daily and four-hour timeframes, coupled with a daily RSI of 29.2. A break above resistance at R1 (1.32496) would challenge the immediate bearish structure. A move back below the 1.32148 pivot would invalidate that upward setup and expose support at S1 (1.31577).

Market Sentiment and the Macro Calendar

As reported by FX Street and ExchangeRates, market narratives are closely tracking the upcoming US labor data and underlying commodity strength supporting risk-sensitive pairs. In the background, US Treasury yields at the October 1 close saw the 2-year yield at 4.78%, down 10 basis points, and the 10-year yield at 5.24%.

Today's economic calendar offers major data releases on both sides of the Atlantic. At 09:00 UTC, the Eurozone releases its Harmonized Index of Consumer Prices (YoY), with consensus estimates looking for an increase to 3.6% from the previous 3.2%, alongside the Core HICP expected at 2.5%. Later, at 12:30 UTC, the US releases Nonfarm Payrolls data, where forecasts project a print of 90, down from 162 previously. This will be accompanied by the US Unemployment Rate, which is estimated to hold at 4.1%.

Bottom Line

Traders face an environment where established daily downtrends in European majors contrast with near-term intraday gains. With high-impact data scheduled throughout the session, the immediate technical boundaries defined by EUR/USD and GBP/USD pivots will be critical to monitor. For deeper coverage across all sessions, review our comprehensive market analysis.