London Open Briefing: Monday, October 5, 2026
London opens on Monday, October 5, 2026, with European currencies showing weakness against the dollar and yen. EURUSD is down 0.59% and EURJPY is down 0.61% since the reference point. NZDUSD is also lower by 0.50%. The broader market sentiment is slightly risk-off, with the risk meter at -0.11, as traders assess early Asian data and look ahead to European and US releases.
Early session data saw Sweden’s Silf/Swedbank Composite PMI at 57.6, while the Services PMI came in at 57.4, missing consensus by 0.7%. Japan’s Consumer Confidence Index registered 35.4, below the 37 consensus. Singapore’s Retail Sales showed a significant miss, with y/y at 0.7% against a 1.6% consensus, and m/m at -1% versus -0.5% consensus. Conversely, New Zealand’s ANZ Commodity Price Index m/m surprised positively at 0.6%, exceeding the 0.2% consensus.
The European session will see a series of S&P Global Services PMI releases, starting with Italy at 07:45 UTC, with a consensus of 54.1. France, Germany, and the broader Eurozone will follow shortly after. Positioning data indicates a 9pt shift toward long in EURAUD among the crowd. Retail books show notable disagreement on GBPJPY by 24 points, USDCHF by 35 points, and USDJPY by 25 points.
Traders will closely monitor the upcoming US S&P Global Services PMI and ISM Non-Manufacturing data later in the session.
| At a glance | |
|---|---|
| Biggest moves since the previous session | EURJPY -0.61%, EURUSD -0.59%, NZDUSD -0.50% |
| Currency strength, 24h | JPY strongest at +0.31%, EUR weakest at -0.43% |
| Risk meter | -0.11 (mildly risk-off) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 07:45 UTC | EUR | Italy S&P Global Services PMI | Medium | 54.1 |
| 07:50 UTC | EUR | France S&P Global Services PMI | Medium | – |
| 07:55 UTC | EUR | Germany S&P Global Services PMI | Medium | – |
| 08:00 UTC | EUR | S&P Global Services PMI | Medium | – |
| 08:00 UTC | EUR | S&P Global Composite PMI | Medium | – |
| 13:45 UTC | USD | S&P Global Services PMI | High | 58 |
| 14:00 UTC | USD | ISM Non-Manufacturing PMI | High | 54.7 |
| 14:00 UTC | USD | ISM Non-Manufacturing Prices Paid | High | 76.9 |
Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.