The US dollar started the trading week with the stronger hand on Monday, October 12, gaining ground against all seven major currencies as oil advanced, precious metals retreated and US stocks closed mixed, according to investingLive's Americas FX news wrap. EURUSD fell to a fresh low for 2026, while USDJPY moved above its 200-day moving average and held there.

The session came with an important caveat: the US cash Treasury market was closed for the holiday. As a result, there was no fresh bond-market reaction to either the higher oil price or the hawkish comments from Cleveland Fed President Beth Hammack. That reaction will have to wait until Tuesday.

Dollar Higher Across the Board

In investingLive's late-session snapshot, the dollar recorded gains against all seven major currencies. Its largest advance came against the Swiss franc, while its smallest was against the Canadian dollar. The closing levels and percentage changes were:

• EURUSD: 1.1155, −0.41%
• USDJPY: 158.64, +0.21%
• GBPUSD: 1.3203, −0.21%
• USDCHF: 0.8345, +0.53%
• USDCAD: 1.4280, +0.18%
• AUDUSD: 0.6955, −0.39%
• NZDUSD: 0.5584, −0.34%

Because the dollar is the pricing currency for commodities such as oil and gold and the dominant invoicing currency for international trade, a broad advance of this kind tends to reach beyond the FX market into other asset classes.

On EURUSD, the most heavily traded currency pair in the world and a common barometer of relative US and euro-area conditions, the pair broke below last week's low at 1.11603. Buyers had their opportunity earlier in the session, when the rally reached 1.1217 near the falling 100-hour moving average, but they could not clear that ceiling and sellers pushed the pair to fresh lows. The next downside target identified in the report is 1.11296, the 50% midpoint of the rally from January 2025 to January 2026. Holding below the 100-hour moving average near 1.12056 keeps sellers in control.

For USDJPY, the 200-day moving average at 158.54, one of the most widely followed long-term trend measures in technical analysis, is the nearby barometer. As long as the pair stays above that level, the bias remains more bullish; a move back below would strip Monday's break of some of its strength. The question into the new trading day is whether buyers can keep the momentum going.

Treasury Market Closed

Friday's closing yields were carried into Monday's holiday session, the Columbus Day break, which closes the US cash Treasury market even as equity and foreign-exchange trading continue:

• 2-year: 4.7911%
• 5-year: 5.0211%
• 10-year: 5.2421%
• 30-year: 5.6001%

There was no cash-market basis-point change to report for Monday. Elevated borrowing costs remain part of the backdrop, but Tuesday will deliver the first fresh Treasury-market response to the day's developments, including the rise in oil and Hammack's remarks.

US Stocks Close Mixed

The Dow industrial average advanced while the broader indices finished lower, with the Nasdaq 100 leading the declines:

• Dow industrial average: 51,856.18, +196.00 points, +0.38%
• S&P 500: 7,807.24, −4.30 points, −0.06%
• Nasdaq Composite: 27,245.90, −120.27 points, −0.44%
• Russell 2000: 2,794.48, −12.50 points, −0.45%
• Nasdaq 100: 30,664.70, −218.45 points, −0.71%

The divergence points to an uneven market heading into earnings season. Large Nasdaq-listed shares lagged, although the index snapshot alone does not establish which sectors or individual companies drove the move. Splits between industrials and technology-heavy indices are the kind traders monitor for shifts in risk appetite, though a single session a limited sample.

European Stocks Finish Higher

European equities enjoyed a firmer start to the week, led by Spain:

• Germany's DAX: 25,277.69, +0.76%
• France's CAC 40: 7,832.89, +0.38%
• UK's FTSE 100: 10,656.28, +0.99%
• Spain's Ibex 35: 19,285.79, +1.33%
• Italy's FTSE MIB: 50,034.99, +0.58%

Hammack Keeps the Inflation Debate Alive

With no major US economic releases on the calendar, Cleveland Fed President Beth Hammack supplied the day's main policy headline. investingLive's coverage of her remarks was headlined: “Fed's Hammack: Treasury rates are modest by historical standards.”

Her message leaned hawkish. She sees a need for additional restraint and is concerned about early signs that inflation expectations could become less anchored. In her view, a higher neutral rate would also imply that current interest rates may restrain activity less than their level alone suggests.

Her remarks arrive two days ahead of Wednesday's CPI release, the next scheduled datapoint in the inflation debate she described.

At the same time, Hammack acknowledged the pressure on lower-income households and the risks to employment. The debate she outlined centers on the pace of further tightening, with the employment side of the Federal Reserve's mandate still part of the balancing act.

Oil Rises; Metals and Bitcoin Retreat

The late-session snapshot showed:

• WTI crude futures (CL1!): $93.21, +$1.36, +1.48%
• Gold (XAUUSD): $4,169.99, −$24.655, −0.59%
• Silver: $60.2222, −$0.5568, −0.92%
• Bitcoin: $82,969, −$710, −0.85%

Oil remained sensitive to Middle East tensions. investingLive's afternoon coverage reported renewed tension in the region accompanying crude's push to fresh highs. Crude, which is priced in dollars, advanced even as the greenback strengthened on the day. Higher energy prices keep inflation risk in focus, although the closed Treasury market prevented any assessment of a same-day cash-yield response.

Gold's decline was consistent with the stronger dollar, and investingLive's technical coverage noted the metal falling toward its hourly moving averages. Silver also fell. Bitcoin, meanwhile, retreated in line with the weaker Nasdaq and small-cap indices; investingLive's crypto coverage observed that buyers had their shot above the 200-hour moving average and missed. The direction of the moves was similar for the session, without establishing a lasting relationship.

A Busier Week Starts Tuesday

The earnings calendar for October 12–16 puts big banks in the spotlight from Tuesday, alongside ASML and TSMC. Bank results are traditionally treated as an early read on credit conditions and consumer health. On the data front, US CPI is due Wednesday, followed by PPI and retail sales on Thursday. The CPI print will land against the backdrop of Hammack's remarks and this week's climb in crude, both of which speak to the inflation concerns she outlined. Together, the reports will test inflation pressures, consumer spending and corporate performance.

For the next session, the report flags three watch points: whether EURUSD sellers can extend the move toward 1.11296, whether USDJPY buyers can hold the pair above 158.54, and how Treasury yields respond once cash trading resumes. The dollar has momentum. Now comes the test of whether it can keep it.