JPY extending Friday’s bullish reversal – Scotiabank

The Japanese Yen (JPY) is up 0.3% against the US Dollar (USD) and a relative performer among the G10, extending Friday’s bullish outside reversal with an impressive recovery from its 8 month lows, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY is supported by softer Fed outlook as BoJ outlook remains steady

"Yield spreads are narrowing and offering the JPY fundamental support, however this largely reflects a dovish repricing of the Fed as BoJ expectations remain soft in the aftermath of the recent LDP vote. Correlation studies highlight the dominance of sentiment at the moment, with notable strength in the JPY/risk reversal relationship and relative weakness in JPY/spread correlations."

Oct 15, 2025

GBP a mid-performer on broader USD – Scotiabank

The Pound Sterling (GBP) is up 0.2% against the US Dollar (USD) and a mid-performer among the G10, its gains reflecting a weaker USD rather than any improvement in the UK’s domestic situation, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Fed Watch: Frontloaded easing increases inflation risks – ABN AMRO

Yesterday, Federal Reserve Chair Powell spoke at the National Association for Business Economics annual meeting. He stated that the economic outlook appeared unchanged since the FOMC last met in September.