Dollar Firms in New York Session Ahead of FOMC Minutes

Session brief Bullish bias Oct 7, 2026, 12:49 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

The dollar is broadly firmer in the New York session, with EUR/USD, GBP/USD and AUD/USD below their S1 levels and USD/CAD above R1, while gold and crypto lead the day's losses ahead of today's FOMC Minutes.

Dollar Strength Defines the New York Session

Trading through the London and New York overlap shows the dollar firmer against most of the board. USD/CAD leads the dollar's gainers, up 0.47% on the day, with USD/JPY also higher by 0.10%. On the other side, ETH/USD is the session's biggest loser at down 4.81%, followed by BTC/USD down 2.49% and gold down 2.17%. Among the majors, EUR/USD is off 0.77%, GBP/USD down 0.57% and AUD/USD down 0.49%, while the Nasdaq 100 (US100) is lower by 0.82% and WTI crude is higher by 0.37%. For a broader, real-time read on how the dollar stacks up against each major, the currency strength meter tracks that balance pair by pair.

Every pair above apart from USD/JPY, USD/CAD and WTI crude is printing a loss on the day, and several names here are trading beyond the bottom of their daily pivot ladder, below S1. USD/CAD is the mirror image, trading above its R1 level.

EUR/USD and Gold Lead the Retreat

EUR/USD at 1.11723 is down 0.77% on the day and has broken beneath S1 at 1.12151, putting it beyond the bottom of its pivot ladder after a five-day slide of 1.47%. The day low at 1.11640 sits just below the current price, and the 14-day RSI on the daily chart reads 27, with both the daily and four-hour trends pointing lower. A recovery back above S1 at 1.12151 would turn focus toward the daily pivot at 1.12456, while a fresh move under the day low at 1.11640 would extend today's break.

Gold is the session's sharpest major mover outside of crypto, down 2.17% to 4073.44 and also beyond its S1 level at 4117.22, extending a five-day decline of 2.59%. The day low at 4071.18 is barely below the current price, leaving little room before the metal is into fresh intraday lows. Reclaiming S1 at 4117.22 would open the way back toward the daily pivot at 4150.71; a break under the day low at 4071.18 would mark a new low for the session. The pivot point calculator can map these levels against any position size.

USD/CAD Breaks Higher as Commodity Currencies Lag

USD/CAD stands out as the clearest dollar gainer, up 0.47% to 1.42726 and trading above its R1 level at 1.42584, putting the pair beyond the top of its pivot ladder on a five-day gain of 0.59%. The day high at 1.42745 sits just above the current price, while R1 at 1.42584 and the daily pivot at 1.42319 now sit below as the nearest reference points on any pullback. AUD/USD, by contrast, is down 0.49% and sits below its own S1 at 0.69635, with GBP/USD also beneath its S1 at 1.32209 — both pairs showing lower daily and four-hour trends.

Newsflow and the FOMC Minutes on the Calendar

Coverage through the session leans toward precious-metals weakness set against a firmer-dollar narrative, with FX Street and FXEmpire both framing gold's slide alongside rebuilding Treasury yields and positioning ahead of the Federal Reserve's minutes, while Orbex's daily notes track the euro, sterling and yen separately. US Treasury yields at the October 6 close showed the 2-year at 4.79%, down 5 basis points, and the 10-year at 5.27%, down 4 basis points, versus October 5, offering some backdrop for the dollar's tone into today's session.

The calendar turns busier later today: an ECB's Vujčić speech, flagged medium impact, is due at 17:30 UTC, followed by the high-impact FOMC Minutes at 18:00 UTC. Japan's Current Account figure follows at 23:50 UTC, where the estimate of 3194.6 compares with a previous reading of 2988. Tomorrow brings Australia's Consumer Inflation Expectations print, with the prior reading at 4.9. The economic calendar guide walks through how to weigh releases like these against existing positions.

Bottom Line

The New York session shows a broadly firmer dollar against the euro, pound and Australian dollar, with gold and crypto under even sharper pressure. EUR/USD, GBP/USD and AUD/USD are all beneath their S1 levels while USD/CAD trades above R1, a lineup that keeps today's lean tilted toward dollar strength heading into the FOMC Minutes at 18:00 UTC. London closes at 16:00 UTC, two hours ahead of that release, leaving the current overlap as the last stretch of liquidity before the minutes land.