Week of 12 to 16 October 2026·Published
Week in Brief
EUR/USD spreads tightened from 0.889 to 0.834 pips this week, with GBP/USD and USD/JPY following the same pattern, both dropping sharply mid week on 14 October. XAU/USD, WTI/USD, US500, NAS100 and BTC/USD held flat all five days. IC Markets (Raw Spread account, commission extra) was cheapest across the majority of key instrument-days.
Called It / Missed It
Last week's To Watch, scored against this week's spreads.
- Missed it. UoM Consumer Sentiment drop, EUR/USD and GBP/USD spreadsBoth tightened this week, EUR/USD from 0.889 to 0.834 pips and GBP/USD from 1.08 to 1.007 pips, the opposite of the widening flagged.
- Called it. Core CPI moderation per TD Securities, USD/JPY and EUR/USD spreads around the releaseBoth tightened around mid week, USD/JPY from 0.954 to 0.902 pips on 14 October and EUR/USD from 0.889 to 0.834 pips the same day, consistent with a calmer data outcome.
- Missed it. Gold short covering, XAU/USD spreads for a reversal near 0.201 USDXAU/USD held flat at 0.203 USD all five days, no reversal in the spread.
- Missed it. WTI holding on US-Iran tension, WTI/USD spreads for widening if tensions escalateWTI/USD stayed flat at 4.633 points all week, no widening.
- Called it. Japan bond outflows per Commerzbank, USD/JPY spreads for a reactionUSD/JPY tightened from 0.954 to 0.902 pips mid week, a move but not described as a widening reaction.
Spread Movements by Instrument
EUR/USD
tightened- Week range
- 0.834 to 0.889 pips average across brokers
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.01 pips all week
- Notable
- Average dropped from 0.889 to 0.834 pips on 14 October and held there, with OANDA cutting its own quote from 1.4 to 0.96 pips over the week.
GBP/USD
tightened- Week range
- 1.007 to 1.08 pips average across brokers
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.04 pips all week
- Notable
- Average fell from 1.08 to 1.007 pips on 14 October, matching the same day EUR/USD moved, and OANDA tightened from 2.0 to 1.42 pips over the week.
USD/JPY
tightened- Week range
- 0.902 to 0.954 pips average across brokers
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.03 pips all week
- Notable
- Average dropped from 0.954 to 0.902 pips on 14 October, with OANDA cutting from 1.4 to 0.99 pips over the week.
XAU/USD
stable- Week range
- 0.203 USD average across brokers, unchanged all week
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 0.09 USD all week
- Notable
- Average held at 0.203 USD every day, with IG Group consistently dearest at 0.3 USD.
GER40
widened- Week range
- 2.494 to 2.78 points average across brokers
- Cheapest
- Pepperstone at 0.9 points all week
- Notable
- Average jumped from 2.494 to 2.78 points on 16 October, driven by BlackBull Markets moving from 5.5 to 7.5 points, a 36% increase.
WTI/USD
stable- Week range
- 4.633 points average across brokers, unchanged all week
- Cheapest
- Saxo Bank at 3 points all week
- Notable
- Average held flat at 4.633 points all five days despite the widest spread at easyMarkets sitting at 7 points throughout.
US500
stable- Week range
- 0.599 points average across brokers, unchanged all week
- Cheapest
- IG Group at 0.4 points all week
- Notable
- Average held at 0.599 points all week with IG Group consistently cheapest at 0.4 points.
BTC/USD
stable- Week range
- 21.802 to 22.002 price-points average across brokers
- Cheapest
- IC Markets (Raw Spread account, commission extra) at 12.01 price-points all week
- Notable
- Average dipped to 21.802 on 15 October before returning to 22.002 the next day.
Broker Spotlight
IC Markets (Raw Spread account, commission extra) was the tightest quote on 25 of 45 key instrument-days, holding 0.01 pips on EUR/USD, 0.04 pips on GBP/USD and 0.03 pips on USD/JPY all week, though its commission of about $3.50 per lot per side is charged on top. The widest outlier was BlackBull Markets on GER40, moving from 5.5 to 7.5 points over the week, a 36% increase and the largest single move of any broker this week.
Market Context
- XAU/USD, WTI/USD, US500 and BTC/USD spreads stayed flat across the week with no notable broker-level moves.
To Watch Next Week
- XAU/USD spreads for any move off the 0.203 USD level that has held for five straight days