London Open Briefing: Thursday, October 1, 2026
London traders begin the session following a mixed Asian handover, with the JP225 up 2.67% and the USTEC gaining 0.91%, while the UK100 declined 0.94%. Gold, XAUUSD, saw a 0.61% increase, and the yen weakened, with GBPJPY and USDJPY both rising 0.54%. The overall risk sentiment is slightly positive, indicated by the risk meter at +0.33, with the Japanese Yen showing the most weakness over the past 24 hours, down 0.56%.
The European session opens with several regional manufacturing PMI releases. Traders will be watching the Italy S&P Global Manufacturing PMI, with a consensus of 51.1 against a previous 49.6, followed by releases from France and Germany. Shortly after, BoE Governor Bailey is scheduled to speak at 08:00 UTC, an event marked as high impact for GBP. The British Pound has been the strongest currency over the last 24 hours, up 0.44%, with the US Dollar also showing strength at +0.37%.
Retail positioning data indicates a notable shift on GBPCHF, where the book moved from 52% long to 79% short in 24 hours. On XAUUSD, the book shifted 8pt toward long, while USDJPY saw a 9pt move toward short. Retail books show a 20-point disagreement on EURJPY positioning.
Later in the day, attention will turn to the S&P Global Manufacturing PMI (USD) at 13:45 UTC, with a consensus of 52.6.
| At a glance | |
|---|---|
| Biggest moves since the previous session | JP225 +2.67%, UK100 -0.94%, USTEC +0.91% |
| Currency strength, 24h | GBP strongest at +0.44%, JPY weakest at -0.56% |
| Risk meter | +0.33 (risk-on) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 07:45 UTC | EUR | Italy S&P Global Manufacturing PMI | Medium | 51.1 |
| 07:50 UTC | EUR | France S&P Global Manufacturing PMI | Medium | – |
| 07:55 UTC | EUR | Germany S&P Global Manufacturing PMI | Medium | – |
| 08:00 UTC | GBP | BoE Governor Bailey Speech | High | – |
| 08:00 UTC | GBP | BOE Gov Bailey Speaks | Medium | – |
| 13:45 UTC | USD | S&P Global Manufacturing PMI | High | 52.6 |
| 13:45 UTC | EUR | ECB President Lagarde Speech | High | – |
| 14:00 UTC | USD | ISM Manufacturing Prices Paid | High | 76.3 |
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.