Week of 5 to 9 October 2026·Published
Week in Brief
EUR/USD spreads moved from a 0.879 pip average to 0.890 on the final day, the only key instrument to shift its average this week. GER40 was the most active mover, tightening from 2.52 to 2.395 points with a mid-week low of 2.27 on Thursday. All other key instruments, GBP/USD, USD/JPY, XAU/USD, WTI/USD, US500, NAS100 and BTC/USD, held flat across the week.
Called It / Missed It
Last week's To Watch, scored against this week's spreads.
- Missed it. FOMC minutes, EUR/USD GBP/USD USD/JPY wideningEUR/USD average rose from 0.879 to 0.890 pips on the last day but GBP/USD and USD/JPY averages stayed flat at 1.049 and 0.959 all week, so widening was not broad.
- Missed it. Fading Fed pricing, EUR/USD GBP/USD narrowingNeither pair narrowed this week, EUR/USD firmed to 0.890 and GBP/USD stayed at 1.049 throughout.
- Missed it. Gold widening vs 0.249 USD referenceXAU/USD averages stayed flat at 0.201 USD all week with no reversal and no widening, holding below the 0.249 reference cited.
Spread Movements by Instrument
EUR/USD
stable- Week range
- 0.879 to 0.890 pips average across brokers
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.01 pips
- Notable
- The average held at 0.879 pips from Monday through Thursday, then rose to 0.890 on Friday as the Euro struggled against a firm US Dollar.
GBP/USD
stable- Week range
- 1.049 pips average across brokers, no movement
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.04 pips
- Notable
- The 1.049 pip average and the IC Markets to XM spread of 0.04 to 2.4 pips were unchanged every day this week.
USD/JPY
stable- Week range
- 0.959 pips average across brokers, no movement
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.03 pips
- Notable
- Average held at 0.959 pips all five days despite Commerzbank flagging Japan bond outflows reshaping global yields.
XAU/USD
stable- Week range
- 0.201 USD average across brokers, no movement
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.09 USD
- Notable
- The dearest quote swung between Swissquote at 0.635 and IG Group at 0.3 USD across the week while the average stayed at 0.201.
GER40
tightened- Week range
- 2.27 to 2.77 points average across brokers
- Cheapest
- ThinkMarkets at 0.7 points
- Notable
- Average widened to 2.77 on Tuesday then tightened to a weekly low of 2.27 on Thursday before ticking back to 2.395 Friday, driven by BlackBull Markets swinging between 5.5 and 9.5 points.
WTI/USD
stable- Week range
- 4.257 points average across brokers, no movement
- Cheapest
- ThinkMarkets at 2 points
- Notable
- Average held flat at 4.257 points all week even as WTI held steady amid US-Iran tension headlines.
US500
stable- Week range
- 0.574 points average across brokers, no movement
- Cheapest
- IG Group at 0.4 points
- Notable
- Average unchanged at 0.574 points all five days with IG Group consistently cheapest at 0.4.
NAS100
stable- Week range
- 1.202 points average across brokers, no movement
- Cheapest
- ThinkMarkets at 0.8 points
- Notable
- Average held at 1.202 points all week, with the dearest quote alternating between Swissquote and IC Markets (Raw Spread account, commission extra).
BTC/USD
stable- Week range
- 23.335 points average across brokers, no movement
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 12.01
- Notable
- Average held at 23.335 all week with XM consistently dearest at 40.
Broker Spotlight
IC Markets (Raw Spread account, commission extra) was the tightest broker this week, winning the cheapest slot on 25 of 45 key instrument-days, including EUR/USD at 0.01 pips, GBP/USD at 0.04 pips, USD/JPY at 0.03 pips, XAU/USD at 0.09 USD and BTC/USD at 12.01, all unchanged across the five days. BlackBull Markets was the widest outlier on GER40, swinging from 7.5 to 9.5 points on Tuesday before easing to 5.5 on Thursday.
Market Context
- Euro struggled this week as French fiscal concerns and a firm US Dollar dominated, coinciding with the EUR/USD average rising from 0.879 to 0.890 pips on Friday.
To Watch Next Week
- UoM Consumer Sentiment dropped to 46.3 in October, watch EUR/USD and GBP/USD spreads for any follow-through widening next week.
- Core CPI trend seen moderating per TD Securities, watch USD/JPY and EUR/USD spreads around the data release.
- Gold short covering flagged by TD Securities as signaling renewed bullish momentum, watch XAU/USD spreads for a reversal after five weeks near 0.201 USD.
- WTI holding steady on US-Iran tension and supply risk headlines, watch WTI/USD spreads for any widening if tensions escalate.
- Japan bond outflows reshaping global yields per Commerzbank, watch USD/JPY spreads for any reaction.