Standard Chartered’s Edward Lee expects the Monetary Authority of Singapore (MAS) to deliver another very slight tightening in October, raising the SGD NEER slope to 1.5% from 1.25% while keeping the band parameters unchanged.

United Overseas Bank (UOB) strategist Quek Ser Leang reports USD/CNH slipped to 6.7008 before closing at 6.7041, with intraday price action expected to stay between 6.7000 and 6.7105. For the coming 1–3 weeks, he continues to see the pair confined to a 6.6950–6.7270 range.

Traders have taken about one quarter-point hike out of their European Central Bank (ECB) forecasts since mid-September, betting the ECB will stop raising rates because of a French debt selloff.

ING’s report by Coco Zhang and Ewa Manthey explains how the United States is enhancing domestic Rare earth production. Federal support now includes grants, loans, equity stakes, purchase agreements and price floors for key products like NdPr oxide and magnets.

Christopher Wong at OCBC expects the Indonesian Rupiah (IDR) to see some near-term relief from softer United States (US) payrolls and a wider trade surplus, with policymakers emphasizing IDR stability.

United Overseas Bank (UOB) strategist Quek Ser Leang notes USD/SGD slipped to 1.2781 on Friday, with the SGD NEER staying well above its midpoint. For the intraday session, he expects the pair to hold within 1.2768–1.2832, aligning with technical levels at 1.2775/1.2815. On a 1–3 week and 1–3 month horizon, he still sees scope for a recovery toward 1.2835 while 1.2765 acts as strong support.

United States S&P Global Services PMI came in at 58.8, above expectations (58.7) in September

United States S&P Global Composite PMI meets forecasts (58.4) in September

MUFG’s Lee Hardman notes that unwanted tightening in Euro-zone financial conditions is prompting markets to pare back expectations for further ECB rate hikes.

United Overseas Bank (UOB) strategist Quek Ser Leang reports AUD/USD closed at 0.6951 after a brief spike to 0.6976, with intraday price action expected to stay between 0.6930 and 0.6975.

United Overseas Bank (UOB) strategist Quek Ser Leang notes USD/CHF reversed sharply from 0.8382 to close at 0.8286, with intraday price action expected to edge lower toward 0.8245 while staying above 0.8225.

Societe Generale strategists expect a hawkish hold from Poland’s National Bank of Poland (NBP) at 3.75% and no change from Romania’s central bank NBR at 6.50%, as inflation and political uncertainty constrain policy flexibility.

European Central Bank (ECB) policymaker and Bundesbank President Joachim Nagel said in a speech in Sorrento, Italy during the European trading session on Monday that the impact of energy shock-driven inflation has yet not fed into wage growth.

Rabobank's Senior FX Strategist Jane Foley discusses EUR/GBP in light of divergent fiscal and political risks in Europe and the United Kingdom (UK).

On Monday, we’ll get the latest read on the US services sector when the Institute for Supply Management (ISM) publishes its September gauge. Consensus points to a marginal uptick to 55.7 from August’s 55.4.

United Kingdom S&P Global Services PMI above expectations (51.7) in September: Actual (52.1)

United Kingdom S&P Global Composite PMI came in at 52, above forecasts (51.7) in September

European Central Bank (ECB) Chief Economist Philip Lane warns of moderate economic growth due to higher long-term rates. Regarding inflation, Lane said that medium-term inflation expectations are still de-anchored.

Italy Public Deficit/GDP above forecasts (0%) in 2Q: Actual (2%)

ING’s Frantisek Taborsky expects higher September inflation across Czech Republic and Hungary, with Czech data seen backing a November rate hike. He forecasts unchanged policy in Poland and Romania, maintains a bearish regional FX bias, and favours the Czech koruna, which he sees as less tied to global narratives and likely to outperform more dovish CEE currencies.

USD/IDR gains ground after posting modest losses in the previous day, trading around 17,950 during the early European hours on Monday.

Danske Research Team reports that global equities ended last week only 0.5% lower despite a rapid rise in yields, with tech and cyclicals outperforming. Over the past two weeks, equities are up 0.4%, while volatility has been largely confined to bonds. The team argues strong earnings growth explains equities’ resilience versus the rates shock.

United Overseas Bank (UOB) strategist Quek Ser Leang notes GBP/USD recovered to 1.3238 after failing to extend Thursday’s decline, but intraday gains are expected to stay within 1.3215–1.3265.

The EUR/GBP cross attracts some sellers to around 0.8475 during the early European trading hours on Monday. The Euro (EUR) softens against the British Pound (GBP) as fiscal concerns in France in the wake of a steep bond market rout stoke contagion fears in the Eurozone.

Japanese Prime Minister Takaichi Sanae said on Monday that the government will control the annual debt issuance amount appropriately while scrutinising the economy, prices, tax revenues, interest rates, debt-servicing costs, and market developments. 

Gold prices fell in India on Monday, according to data compiled by FXStreet.

The EUR/USD pair comes under intense selling pressure on Monday, breaking below the 1.1200 mark and hitting a fresh low since May 2025 during the Asian session.

Japanese Chief Cabinet Secretary Minoru Kihara said in a news conference in the Asian trade on Monday that there are no plans for a fresh release of crude oil from national reserves as the country had already released crude supplies, despite a G7 agreement to release 100 million barrels of diesel an

Munoz and Nir expect a relatively quiet US data calendar, with ISM Services likely slipping to 54.0 versus 55.0 consensus, modestly higher Jobless Claims, and a small decline in UMich Sentiment to 47.5. They note September payrolls moderated mainly on seasonal factors, while underlying labor-market strength and rising participation support a still-resilient backdrop.

NBC Economics and Strategy highlights that U.S. nonfarm payrolls rose just 29K in September versus a 90K consensus, while the household survey showed a 406K employment surge and a 4.2% unemployment rate. Q2 real GDP was revised up to 2.2% annualized. The headline PCE deflator stayed at 3.4% and core at 3.0%, both below expectations due partly to methodology changes.