Morning Briefing — Friday, October 23, 2026
The yen rose 0.87% against the dollar on Thursday, 5.2 times its typical day, as US Treasury yields fell 16 to 17 basis points, while silver fell 5.99% and bitcoin 4.02%.
Markets
| Instrument | Last | Change | 20-day range |
|---|---|---|---|
| Currencies | |||
| EUR/USD | 1.12121.1188 –1.1256 | -0.03% | 33% |
| GBP/USD | 1.33941.3355 –1.3419 | -0.04% | 91% |
| USD/JPY | 157.03156.69 –158.25 | +0.17% | 25% |
| USD/CHF | 0.82130.8191 –0.8246 | +0.12% | 11% |
| AUD/USD | 0.70140.6994 –0.7036 | -0.06% | 81% |
| NZD/USD | 0.56950.5667 –0.5710 | +0.23% | 90% |
| USD/CAD | 1.40081.4003 –1.4049 | 0.00% | 2% |
| USD/CNH | 6.67206.6715 –6.6756 | -0.01% | 1% |
| Dollar index | 101.50 | +0.05% | — |
| Precious metals | |||
| Gold | 4,017.644,020.91 –4,145.64 | -0.15% | Below range |
| Silver | 54.0554.46 –57.96 | -0.79% | Below range |
| Crypto | |||
| Bitcoin | 81,74380,940 –84,847 | -1.23% | 26% |
| Ether | 2,406.402,360.32 –2,501.77 | -1.32% | 19% |
Change since the previous close; crypto over 24 hours. Under each price: yesterday's low and high to the New York close. The 20-day gauge places the latest price between its 20-day low (left) and high (right). Indicative prices, 04:34 UK. Breadth: 5 of 12 instruments moved more than twice their typical day (USD/JPY 5.2x, Silver 3.8x, Bitcoin 3.8x and 2 others). 2 of 3 release times still had their pair at least 3x a normal move ten minutes on (releases in one currency at the same minute count once).
Rates and risk
| Instrument | Last | Change |
|---|---|---|
| Government bonds | ||
| US 2-year | 4.650% | -16 bp |
| US 10-year | 4.960% | -17 bp |
| German 10-year | 3.420% | -2 bp |
| UK 10-year | 5.340% | n/a |
| Equities, oil and VIX | ||
| S&P 500 | 7,653 | -0.15% |
| Nikkei 225 | 61,779 | -1.98% |
| Brent | 113.56 | +0.34% |
| VIX | 19.33 | +0.78% |
Yields in percent, with the day's change in basis points, each the publisher's latest daily figure. Index, oil and VIX rows are tradable instruments, so outside exchange hours they show the futures-implied level; change since that market's previous close.
Overview
Thursday was a risk-off session that split markets rather than moving them as one: on the Currency Compass, one common dollar move explained only 34% of the day's price action, against a six-month norm of 53% (Figure 2). The yen and the Swiss franc gained as Treasury yields fell, while metals and crypto fell alongside a slide in US technology shares that media reports tied to renewed doubts over AI spending, with Brent near a five-month high after further Houthi attacks on Saudi Arabia. Five of the 12 markets we measure moved more than twice their typical day. Today's calendar is light, with UK retail sales at 07:00 UK the only item above Tier 4.
