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USD is firmer but range-bound as global yields ease – BBH
By FXStreet Insights Team
Date Published: 21 Oct 2025 | Date Modified: 21 Oct 2025
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The US Dollar (USD) is modestly stronger against most major currencies but remains comfortably within the range established since June, as narrowing U.S.–G6 rate differentials curb the potential for further rallies.
The US Dollar (USD) is modestly stronger against most major currencies but remains comfortably within the range established since June, as narrowing U.S.–G6 rate differentials curb the potential for further rallies. Global bond yields continue to ease, supported by falling oil prices and resilient risk appetite, BBH FX analysts report.
Risk assets lifted by earnings and trade hopes
"USD is up against most major currencies but remains well within its range dating back to June. Narrowing US-G6 rate differentials limit the scope for USD relief rallies. Global bond yields are drifting lower, driven in part by the ongoing decline in crude oil prices."
"The MSCI All Country World Index rallied yesterday, just shy of its recent record high, underpinned by solid earnings (85% of US companies have so far beaten Q3 profit estimates) and cooling US-China trade tensions."
"The Philly Fed non-manufacturing activity index is the data highlight (1:30pm London, 8:30am New York). ECB President Christine Lagarde gives the keynote address at the Norges Bank Climate Conference (12:00pm London, 7:00am New York)."
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