London Open Briefing: Wednesday, October 28, 2026
The London session opens with significant price action following overnight data. NZDUSD has declined 1.32% since the reference point, driven by the Reserve Bank of New Zealand’s interest rate decision. The RBNZ set its rate at 2.75%, below the 3.00% consensus, a surprise of -8.3%, and its statement also changed from the previous one. This contributed to NZD being the weakest currency over 24 hours, down -1.24%, while the overall risk meter stands at -0.13, indicating a slight risk-off tone.
Australian CPI data also crossed, showing RBA Trimmed Mean CPI y/y at 3.6%, matching consensus, but q/q at 1%, above the 0.9% consensus. RBA Weighted Median CPI q/q was 0.9%, above the 0.8% consensus. Despite a significant miss in the headline CPI, AUD has been the strongest currency over 24 hours, up +0.60%. Traders also note a crowd flip on AUDJPY, with the book moving from 57% long to 51% short.
For the London session, key events include the UK’s Annual Budget Release (GBP) at 12:30 UTC. Later, the Bank of Canada will release its Rate Statement, Interest Rate Decision, and Monetary Policy Report at 13:45 UTC, with the consensus for the rate decision at 2.50%, up from the previous 2.25%. The BOC Press Conference follows at 14:30 UTC, alongside the EIA Crude Oil Stocks Change (USD), which has a consensus of -2.067M.
Looking ahead, the Fed Interest Rate Decision and FOMC Statement at 18:00 UTC are the day’s most anticipated events.
| At a glance | |
|---|---|
| Biggest moves since the previous session | NZDUSD -1.32%, USTEC +0.52%, US30 -0.30% |
| Currency strength, 24h | AUD strongest at +0.60%, NZD weakest at -1.24% |
| Risk meter | -0.13 (mildly risk-off) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 12:30 UTC | GBP | Annual Budget Release | High | – |
| 13:45 UTC | CAD | BoC Rate Statement | High | – |
| 13:45 UTC | CAD | BoC Interest Rate Decision | High | 2.50% |
| 13:45 UTC | CAD | BoC Monetary Policy Report | High | – |
| 14:30 UTC | USD | EIA Crude Oil Stocks Change | High | -2.067M |
| 14:30 UTC | CAD | BOC Press Conference | High | – |
| 18:00 UTC | USD | Fed Interest Rate Decision | High | 4.00% |
| 18:00 UTC | USD | FOMC Statement | High | – |
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.