Futures Firm Into Weekend as USD/JPY Holds Near 158
As of 2026-10-09 17:00 SGT
Key points
- USD/JPY held firm in the upper 157s to low 158s (158.14, +0.22%), while the Nikkei 225 closed little changed at 69,031 (-0.02%), a third straight loss.
- Hong Kong's Hang Seng rebounded for the first time in three sessions to close at 24,211.
- Wall Street futures firmed across the board (Dow +0.22%, S&P 500 +0.45%, Nasdaq 100 +0.92%) after Oct 8's chip-stock rout tied to a report that pegged OpenAI's revenue at roughly $20 billion below prior expectations.
- WTI crude eased to $90.24 (-1.37%), giving back part of Oct 8's spike after President Trump said the U.S. will not strike Iran before the midterm elections; gold futures extended their advance to $4,213.30 (+1.35%).
- Tonight's calendar brings Canadian employment data and the University of Michigan sentiment survey; U.S. cash bond markets will be closed Oct 12 for Columbus Day.
Market snapshot
| Instrument | Level | Change |
|---|---|---|
| USD/JPY | 158.14 | +0.22% |
| EUR/USD | 1.1221 | +0.04% |
| Nikkei 225 (close) | 69,031 | -0.02% |
| Hang Seng (close) | 24,211 | +0.34% |
| Dow futures | 51,604 | +0.22% |
| S&P 500 futures | 7,851.75 | +0.45% |
| Nasdaq 100 futures | 31,256 | +0.92% |
| Gold futures | 4,213.30 | +1.35% |
| WTI crude | 90.24 | -1.37% |
| Bitcoin | 82,595 | +1.11% |
| US 10-yr yield | 5.231% | -4.6bp |
Foreign exchange — Dollar firm, consolidating into the weekend
USD/JPY is holding firm in the upper-157s to low-158s, last at 158.14 (+0.22%) as of 18:00 JST, staying inside the prior session's 158.42-157.75 range. A CNBC feature noted that even after BOJ rate hikes and intervention-style yen buying, durably strengthening the currency remains difficult. The onshore yuan, by contrast, extended its advance, with the official 16:30 Beijing fix coming in at 6.6921 per dollar — a second straight session of gains and its strongest level in roughly four years and three months. Into next week's Tokyo open, USD/JPY should carry forward tonight's dollar tone after the Michigan sentiment read and Canadian jobs data, with the pair likely to keep consolidating in the upper 157s to low 158s.
Equities — Asia mixed, Wall Street futures bounce back
The Nikkei 225 closed at 69,031 (-0.02%), down 11 points for a third straight session, after tech-led U.S. weakness spilled over and pressured the index at the open; buying returned to semiconductor names in the afternoon to pare the loss. Hong Kong's Hang Seng snapped a two-session slide to close at 24,211. After the New York open, the focus shifts to whether equity futures can extend today's bounce now that Oct 8's OpenAI-driven shock has started to fade.
Macro — Fed policy and the OpenAI aftershock in focus
The macro narrative centers on Fed policy and the OpenAI aftershock. Ray Dalio warned that the stock market's cushion against rising bond yields is shrinking, even as the 10-year Treasury yield eased to 5.231% (-4.6bp) on the day. Oct 8's session saw a sharp tech sell-off after a report pegged OpenAI's revenue at roughly $20 billion below prior expectations, with the Nasdaq down more than 1% and chipmakers leading the slide. Tonight's Michigan sentiment print and Canadian jobs data should sharpen the dollar's direction heading into the weekend.
Commodities — Gold firm, crude gives back its spike
Gold futures extended their advance to $4,213.30 (+1.35%), supported by lingering Middle East risk hedging and the pullback in long-end Treasury yields. WTI crude eased to $90.24 (-1.37%), giving back part of Oct 8's spike after President Trump said the U.S. would not strike Iran before the midterm elections. Heading into tonight's U.S. data, both gold and crude look set to stay range-bound rather than commit to a clear direction.
Geopolitics — Iran risk eases modestly
President Trump said the U.S. will not attack Iran before the November 3 midterm elections, and the Treasury Department added sanctions on 17 more tankers tied to Iran's so-called shadow fleet. WTI crude gave back Oct 8's spike on the news as geopolitical anxiety eased modestly. Into next week's Tokyo open, markets will be watching for any follow-through on Iran before testing a broader return of risk appetite.
Upcoming events
| Time (SGT) | Region | Event | Focus |
|---|---|---|---|
| 10/09 20:30 | CA | Employment Change (forecast 6.1K) | An upside print would support CAD |
| 10/09 20:30 | CA | Unemployment Rate (forecast 6.5%) | A lower print adds to BoC hawkish bets |
| 10/09 22:00 | US | UoM Consumer Sentiment (forecast 47.5) | Last read on consumer mood before the weekend |
| 10/09 22:00 | US | UoM Inflation Expectations | Watch for divergence from the flash reading |