Dollar ends October higher as Fed's Logan keeps rate hikes in play
The dollar closed October with a monthly gain as Fed speakers kept hikes in play, while Canada's GDP stalled and the BoE and RBA decisions loom next week.
Live chart · DXY, USDCAD, GBPUSD, USDJPY · TradingView
The dollar finished October with a monthly gain, according to Investing.com, as rate hike bets stayed elevated and the euro and yen slipped over the month. Late on Friday, Fed speakers kept further hikes on the table, with Fed's Logan saying at least two more quarter-point increases are needed, investingLive reports.
That hawkish tone came at the end of a rough session for risk. investingLive says the Nasdaq suffered its worst month since March 2025 as worries about AI costs hit technology stocks. Investing.com reports that US Treasuries rallied in October by the most since 2024.
What moved and why
Friday's daily picture differed from the monthly one. The ECB reference rates for 30 October showed the dollar weaker against most majors, in line with the European session that investingLive described as one where the dollar fell alongside yields and gold. The Swiss franc and yen led the gains, a pattern our sister site explains in this guide to safe-haven currencies.
The Mexican peso was the clear laggard, with USD/MXN up 0.86% on the fixing. The pack gives no specific driver for that move.
The majors
ECB fixing of 30 October 2026, compared with the 29 October fixing. These are official reference rates, not live quotes.
| Pair | Fixing 30 Oct | Fixing 29 Oct | Change |
|---|---|---|---|
| EUR/USD | 1.1172 | 1.1130 | +0.38% |
| GBP/USD | 1.3399 | 1.3317 | +0.62% |
| USD/JPY | 157.25 | 158.06 | -0.51% |
| USD/CHF | 0.8229 | 0.8286 | -0.68% |
| AUD/USD | 0.7024 | 0.7025 | -0.01% |
| USD/CAD | 1.3969 | 1.3996 | -0.19% |
| NZD/USD | 0.5636 | 0.5616 | +0.35% |
| USD/MXN | 18.908 | 18.747 | +0.86% |
Over five fixings, EUR/USD was down 0.19% and NZD/USD down 0.9%, while GBP/USD was up 0.23%. Chart: GBP/USD on TradingView.
Central banks and data in the news
United States
The Q3 employment cost index rose 0.8%, matching expectations, investingLive reports. Wages and salaries rose 0.7%, down from 0.9% in the prior quarter. Benefits rose 0.9%.
Canada
Canada's August GDP was flat at 0.0%, below the 0.2% estimate, according to investingLive. The September advance estimate points to a 0.1% contraction, and the Q3 preliminary indication is +0.3% quarter on quarter. Separately, PM Carney said Canada and the EU are working toward the "deepest possible partnership, short of accession," investingLive reports. USD/CAD still fixed 0.19% lower. Chart: USD/CAD on TradingView.
United Kingdom
Sterling was the strongest major on the fixing. Fitch said the UK budget shows broad policy continuity but leaves a sizeable delivery challenge, and it still expects significant slippage against spending plans, per investingLive. Investing.com reports that UBS sees scope for further sterling gains because short positioning creates upside.
Japan
BoJ Governor Ueda said the bank will stick to its rate hike path, according to investingLive's European wrap.
What to watch next
investingLive's week-ahead preview lists a busy calendar:
- US congressional elections, which bring political uncertainty.
- Reserve Bank of Australia decision, where a rate hike is expected.
- Bank of England decision, also expected to raise rates.
- US and Canada employment reports on Friday.
- Earnings from Apple, Palantir and AMD, which investingLive frames as a test of confidence in tech.
The central question, investingLive says, is whether growth, inflation and jobs data support a more restrictive policy outlook.
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.