London Session Forex Update: Dollar Pairs Mixed Ahead of US CPI

Session brief Neutral bias Oct 14, 2026, 07:35 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Dollar pairs are little changed in London trading as EUR/USD, GBP/USD and USD/JPY hold near their daily pivots while gold and oil lag, with US CPI and a run of ECB and Fed speeches still ahead.

Session Snapshot: Dollar Pairs Quiet, Commodities Lag

With London underway and New York set to join at 12:00 UTC, the clearest intraday gains sit outside the major dollar pairs: AUD/USD leads at up 0.35%, followed by ETH/USD up 0.26% and BTC/USD up 0.05%. GBP/USD and EUR/USD both trade up 0.04% on the day, while USD/JPY is down 0.03% and USD/CAD is down 0.05%. The laggards are in commodities, with gold (XAU/USD) down 0.38% and WTI crude down 0.3%, the two weakest readings of the session. A broader read across pairs is available on the currency strength meter.

US Treasury yields closed on October 13 with the 2-year at 4.79%, down 1 basis point, and the 10-year at 5.21%, down 3 basis points, context for the subdued tone across dollar pairs heading into today's data.

Three Setups to Watch

EUR/USD trades at 1.12014, between the daily pivot at 1.1184 and R1 at 1.12174, inside a day range of 1.11906 to 1.12108. The daily trend reads down while the four-hour trend is mixed, and the 14-day RSI at 30.3 sits close to oversold territory even as the five-day change stands at down 0.51%. As reported by FX Street, UOB views the pair's current rebound as testing a resistance band, a framing consistent with price sitting just under R1 without having cleared it; a push through R1 at 1.12174 would open the way higher, while a slip back under the pivot at 1.1184 would put S1 at 1.11639 back in view. The pivot point calculator and the guide to how pivot points work break down how these levels are derived.

AUD/USD is the session's standout, trading above R1 at 0.69959 and beyond the top of today's pivot ladder, up 0.35% on the day even though the daily trend is marked down against a four-hour trend that is up. Holding above R1 keeps the advance intact; a retreat back below 0.69959 would bring the pivot at 0.69704 into focus, with S1 at 0.69552 marking the lower boundary of today's ladder.

Gold is the weakest major instrument this session, down 0.38% at 4145.02 and positioned between S1 at 4138.27 and the daily pivot at 4169.33, with both the daily and four-hour trends pointed down. A reclaim of the pivot at 4169.33 would open a path toward R1 at 4191.89, while a break of S1 at 4138.27 would extend the current slide.

Newsflow and the Calendar Ahead

Newsflow into the session centers on the approaching US inflation report, with FXEmpire and Forex.com both weighing what the print could mean for an already stretched dollar, while FX Street's coverage of EUR/USD and USD/CAD keeps the focus on near-term resistance and support tests. Precious metals commentary from FX Street and FXEmpire leans toward caution in gold and silver ahead of the data, and ExchangeRates points to a steadier pound following an IMF upgrade.

The calendar is heavy today. ECB's Elderson speaks at 08:00 UTC, followed by ECB President Lagarde at 08:30 UTC and ECB's Escrivá at 09:20 UTC. Fed's Bowman speaks at 09:40 UTC and again at 14:55 UTC. US CPI data lands at 12:30 UTC, with the year-on-year estimate at 3.6% versus a previous 3.4%, the month-on-month estimate at 0.6% versus 0.4% previously, the core month-on-month estimate at 0.2% versus 0.3% previously, and the core year-on-year estimate at 2.5% versus 2.4% previously. ECB's Schnabel follows at 16:15 UTC, and the Fed's Beige Book and the Monthly Budget Statement (estimated at -29 billion versus -166.8 billion previously) are both due at 18:00 UTC. The guide to using an economic calendar covers how to read releases like these against estimates and prior readings.

Bottom Line

The dollar's picture is split rather than one-directional into the US inflation data: EUR/USD, GBP/USD and AUD/USD are all marked with a down daily trend yet all show small intraday gains, while USD/CAD carries an up daily trend with a small intraday loss and USD/JPY sits almost exactly on its pivot at 158.243. That mix keeps the broader dollar bias neutral for now, with gold and oil the clearer laggards of the session. EUR/USD's position between the pivot at 1.1184 and R1 at 1.12174, and gold's position between S1 at 4138.27 and the pivot at 4169.33, are the levels most worth following into the data and the run of ECB and Fed speeches ahead.