The highlight of the Asian session will be RBA Bullock's appearance before the Senate Economics Legislation Committee.Later in the day, the European Central Bank will announce its monetary policy decision, and the US will release critical economic data, including Q3 GDP and Jobless Claims. Here is what you need to know on Thursday, October 26: The US Dollar Index rose for the second consecutive day, rising above 106.50, the highest level since last Friday.
This development may lead to increased volatility in Yen's crosses over the following hours. USD/CAD jumped to its highest level since March, moving towards 1.3800, following the Bank of Canada meeting. The BoC kept its key rate unchanged at 5% but maintained a tightening bias. The Bank's inflation forecast indicates that it expects inflation to reach the 2% target by the end of 2025, slightly later than its previous projection of mid-2025.