Monday’s FX levels: the dollar index at 101.64, and two different yen quotes

Two Monday morning files, 26 October 2026, and they should not be averaged. CNBC published a currencies piece at 12:10 a.m. Eastern. MUFG published an FX daily snapshot the same date. Where they agree, the level can be written once and sourced twice. Where they do not, the wire has to keep both.

The dollar and the Europeans, from CNBC#

CNBC said major currencies were in tight ranges at the start of a week of central-bank decisions and earnings. A pullback in oil prices and in Treasury yields was weighing on the dollar. The dollar index was a shade weaker at 101.64.

The euro was up 0.16% at $1.122. CNBC tied that to relief that France had been spared a Moody’s downgrade despite social unrest. Sterling was up 0.1% at $1.3385. The Australian dollar was at $0.7030, down 0.04%. The New Zealand dollar was at $0.572, up 0.06%. Dollar-yen was described as largely steady and last at 156.920.

Those six numbers are one article’s tape. Ray Attrill of National Australia Bank told CNBC the bond market looked like the driver of the dollar, because yield differentials against other G10 currencies were compressing. Brent, in the same piece, was down more than 1% at around $115 a barrel after a six-month high last week. CNBC attributed the oil move to a Reuters report that Qatari mediators were in Tehran on Sunday.

The same morning, from MUFG#

MUFG had the euro near $1.1220 early Monday, slightly up from Friday’s close. That is the same neighbourhood as CNBC’s $1.122, and it is still MUFG’s figure, not a fix. Dollar-yen, in MUFG’s account, had found support on Friday at a one-month low of 156.08 and had bounced to the 157.00 area, where it remained early Monday after a choppy Tokyo session. CNBC’s 156.920 and MUFG’s 157.00 area are not a discrepancy to be “resolved”. They are two clocks.

MUFG also had euro-sterling bouncing to near 0.8390 after support below 0.8360 on Friday, which it called a 17-month low. That cross is not in the CNBC dollar list. It matters because MUFG put Wednesday’s UK budget, from Chancellor Healey, on the calendar next to it. A sterling note that quotes only the $1.3385 cable rate has dropped the cross and the budget.

On France, MUFG said Moody’s left the rating at Aa3, one notch above S&P and Fitch. CNBC’s phrase was “spared a Moody’s downgrade”. The rating level is the MUFG sentence. The market reaction in the euro is the CNBC sentence. Both can be cited. Neither is Moody’s own press release, which is not the document this wire is using.

The week behind the levels is the same one everywhere else on this desk: New Zealand, Canada and the Fed on Wednesday, the ECB on Thursday, the Bank of Japan on Friday, in MUFG’s timetable. Levels on Monday are the starting print for that week. They are not the reaction to decisions that have not been published.

Oil is part of the dollar story only as CNBC told it. Brent was down more than 1% at around $115, and the article said that pullback, together with the pullback in Treasury yields, was weighing on the dollar. The 10-year in that file was 4.974%. Attrill’s point was the yield gap, not a barrel-for-basis-point rule. A later editor who writes “the dollar fell because Brent fell a dollar” has added a coefficient. MUFG’s separate oil line, that crude retreated on hopes of de-escalation with Iran while gold steadied, is the same direction without CNBC’s $115. Use $115 only with CNBC. Use the de-escalation hope only as the reason those notes gave, not as a fact this wire checked in Tehran.

This is a rates-and-FX wire note. It is not a forecast of any currency.