London Session: Dollar Holds Firm Ahead of Eurozone Data

Session brief Bullish bias Oct 6, 2026, 07:41 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

The dollar holds a broadly firm tone into the London session, with EUR/USD, AUD/USD and USD/CAD all leaning the greenback's way while gold and crude slip. Eurozone retail sales and a run of central bank speakers are due through the session.

London Session Opening: USD Maintains Ground While Commodities Dip

Heading into the London session at 07:30 UTC, the dollar is broadly firm against the majors. EUR/USD is down 0.06% on the day at 1.12139, AUD/USD is down 0.05% at 0.69658 and USD/CAD is up 0.15% at 1.4279, all consistent with dollar strength. USD/JPY is up 0.17% at 158.15 while GBP/USD is essentially flat, up 0.02% at 1.32222 even though its daily trend reads down.

Commodities and crypto are softer this morning. Gold (XAU/USD) is down 0.13% at 4134.99, WTI crude is down 0.62% at 87.887, and Bitcoin is down 0.58% at 85278.05. Ethereum bucks the group slightly, down a smaller 0.48% at 2696.93.

Eurozone Retail Data and ECB Speakers Take Center Stage

Eurozone retail sales, both the year-on-year and month-on-month readings, are due at 09:00 UTC today, with the year-on-year estimate at 1% against a previous reading of 0.6%, and the month-on-month estimate at 0.2% against a previous -0.6%. BoE's Mann speaks earlier at 08:40 UTC, and ECB's Cipollone and Elderson both speak at 13:00 UTC today, giving the session a heavy central bank slate before New York joins at 12:00 UTC.

Sterling Eyes BoE Commentary Amid Consolidation

GBP/USD sits between the daily pivot at 1.32194 and R1 at 1.32496, with S1 down at 1.31894. The pair's daily and four-hour trends both read down even with price marginally higher on the day, a sign of consolidation ahead of Mann's remarks. A move through R1 at 1.32496 would open the way higher, while a slide back below S1 at 1.31894 would undercut that case. The currency strength meter offers a live cross-pair view of how sterling is holding up through the session.

Technical Outlook: Key Trading Ranges for Major Pairs

EUR/USD is sitting right at its daily pivot of 1.12139, with R1 at 1.12675 above and S1 at 1.11674 below; a push through the pivot and on to R1 would mark a shift in tone, while a drop back under S1 would point the other way. USD/JPY trades between its daily pivot at 157.856 and R1 at 158.295, tracking an up trend on the four-hour chart even as the daily trend reads mixed, with S1 at 157.437 as the level that would challenge that four-hour momentum. USD/CAD, the day's clearest trend mover, holds between its pivot at 1.42624 and R1 at 1.42883, with both daily and four-hour trends pointing up. Readers working out position sizing around these levels can use the pivot point calculator alongside the risk and reward calculator.

Cross-Asset Picture: Gold and Crude Oil Under Pressure

Gold is trading between S1 at 4118.85 and the daily pivot at 4144.54, with both the daily and four-hour trends down. WTI crude sits between S1 at 87.387 and its daily pivot at 89.106; its daily trend reads mixed while the four-hour trend is down. Coverage from outlets including FX Street and ExchangeRates frames the dollar's broad firmness as weighing on EUR/USD and AUD/USD, while sterling-focused pieces point to today's run of central bank speakers as a factor for GBP/USD's path. Separately, FXEmpire's gold coverage links the metal's pressure to a pullback in bond markets, a theme that sits alongside the dollar's steadier tone this morning; none of this confirms why gold or oil are lower, only what the newsflow is discussing. US Treasury yields closed on October 5 with the 10-year at 5.31%, up 3 basis points versus October 2, and the 2-year at 4.84%, up 1 basis point, a backdrop rather than a stated cause for today's moves.

The Session Ahead: US Data and Fed Speakers to Watch

Later in the session, US ADP Employment Change four-week average data is due at 12:15 UTC today, followed by Fed's Williams at 13:05 UTC and Fed's Bowman at 14:45 UTC. Canada's Ivey PMI, both seasonally adjusted and headline readings, lands at 14:00 UTC, with the seasonally adjusted estimate at 65.2 against a previous 64.3. New York joins the session at 12:00 UTC, adding liquidity around the ADP release and the Fed speakers. For a refresher on how to read this kind of lineup, see the guide to using an economic calendar.

Bottom Line

The dollar holds a broadly firm tone into London hours, with EUR/USD, AUD/USD and USD/CAD all leaning its way while USD/JPY and GBP/USD sit closer to flat. Eurozone retail sales, a dense central bank speaker slate and the early US data releases ahead give the session plenty of scheduled catalysts to test the ranges outlined above; full coverage of other pairs and assets is available in the market analysis section.