New York Session Forex Update: Dollar Gains Ahead of Fed Beige Book

Session brief Bullish bias Oct 14, 2026, 13:46 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

The US dollar exhibits broad strength during the London and New York overlap, pressing EUR/USD and gold lower. Traders are watching for the upcoming Fed Beige Book release.

Current Price Action Across Major Pairs

The London and New York overlap shows broad US dollar strength across the major pairs. WTI Crude Oil leads the commodity gainers, rising 0.57 percent, while USD/CAD advances 0.45 percent and USD/JPY adds 0.37 percent. Conversely, Gold stands as the market's primary laggard, dropping 1.72 percent, followed by declines in Bitcoin by 0.86 percent and EUR/USD by 0.7 percent.

Impact of Today's Fed Speeches and Beige Book

Financial media coverage from outlets like FX Street, Forexcom, and FXEmpire centers on market caution leading into upcoming US consumer price index releases. A prominent theme across the newsflow is the potential influence of inflation figures and central bank commentary on rate expectations, alongside ongoing downward pressure on precious metals.

Today's economic calendar features a speech by the Fed's Bowman at 14:55 UTC, followed by the ECB's Schnabel at 16:15 UTC. Later in the session at 18:00 UTC, the Federal Reserve releases the Beige Book alongside the US Monthly Budget Statement, which has an estimate of -29 after a previous print of -166.8. For context, as of October 13, the US 10-year yield stood at 5.21 percent, down 3 basis points.

Gold's Decline and Correlation to US Data

Gold (XAU/USD) trades at 4089.29, down 1.72 percent on the day. Both the daily and four-hour trends align to the downside. Price action has pushed below S1 at 4138.27, leaving the instrument beyond the bottom of the pivot ladder. The day high reached 4170.27, and the low sits at 4082.96. Over the five-day window, the metal has recorded a 1.79 percent decline.

Key Levels to Watch for Session Break

In EUR/USD, price action trades at 1.11193, sitting below S1 at 1.11639. If the pair crosses back above S1 at 1.11639, it brings the daily pivot at 1.1184 into view as resistance. Conversely, a rejection at S1 maintains the current downward structure.

For USD/JPY, the pair rests at 158.871, above R1 at 158.673. If price action holds above R1 at 158.673, the current upward structure remains intact. A drop back below this level shifts focus toward the daily pivot at 158.243. Traders can reference a pivot point calculator to monitor intraday support and resistance levels.

Risk Sentiment and Crypto Overnight

Risk assets show broad weakness in the current session. Bitcoin trades at 82621.51, down 0.86 percent, situated between S1 at 81486.39 and the daily pivot at 82774.3. The daily trend is mixed, while the four-hour trend points down. Ethereum follows a similar pattern, dropping 0.83 percent to 2475.43, and sitting between S1 at 2422.76 and the daily pivot at 2479.03. In equities, the Nasdaq 100 is down 0.71 percent at 30344, positioned below S1 at 30391.9, beyond the bottom of the pivot ladder.

Tomorrow's Key Releases

Looking ahead to tomorrow, the IMF Meeting is scheduled for 00:00 UTC. At 00:30 UTC, Australian data includes Employment Change s.a. with an estimate of 20 and a previous 39.5, Full-Time Employment showing a previous -6.3, and Part-Time Employment at a previous 45.8. The Unemployment Rate s.a. carries an estimate of 4.6 against a previous 4.6, and the Participation Rate has an estimate of 67 following a previous 67.1. National Australia Bank's Business Confidence also releases at 00:30 UTC with a previous print of -19. Later, the BoJ's Koeda speaks at 01:30 UTC. Reviewing an economic calendar helps map out these scheduled events.

The bottom line features broad US dollar strength against major currencies, with notable weakness across precious metals and risk equities as the market looks toward the Fed Beige Book. Trading continues until the London close at 16:00 UTC.