October 5, 2026
United States:
Dollar Nears Strongest Level This Year as Cracks Emerge in Rally
The dollar neared its strongest levels this year as fiscal strains and renewed political uncertainty in Europe boosted its haven appeal, even as its run of gains stoked concerns the rally is becoming overstretched.
The Bloomberg Dollar Spot Index climbed as much as 0.4% as the euro weakened. That extended a three-week run of gains ahead of a slew of US economic data in coming days that may determine the duration of the rally.
Europe:
UK Job Slump Longer Than During Financial Crisis, PMI Says
Britain’s jobs market is stuck in its longest downturn since the early 2000s, according to a closely-watched survey, surpassing the decline during the financial crisis.
S&P Global’s UK purchasing managers’ index said employers cut back on staff for a 24th consecutive month.
Asia:
BOJ’s Deputy Chief Flags AI’s Possible Impact on Neutral Rate
Artificial intelligence is causing a surge in demand that is fueling inflationary pressure and long-term interest rates, with an impact that may affect the neutral rate of interest, according to Bank of Japan Deputy Governor Shinichi Uchida.
“First, it is a big positive demand shock, which has put upward pressure on the economy and prices. Second, it could affect the supply side, perhaps positively by raising productivity and enhancing capital stock accumulations, which might in turn affect r-star,” Uchida said in a speech Monday.
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