Risk appetite soured on Friday 23 October. Investing.com's morning report linked a global equity sell-off to higher oil prices and AI-related concerns, with S&P 500 futures down about 0.3%, Dow futures about 0.6%, the DAX about 0.8% and the VIX up around 4% near 19.8.
The usual haven flows did not favour the dollar. The dollar index was near 101.63, up roughly 0.2%, while the yen gained about 0.5% to near 157.3 per dollar in a separate report and the Swiss franc also firmed. ING strategist Francesco Pesole said the moves confirmed the dollar is "far from the preferred safe haven at this stage." For background, see our explainer on the carry trade, which tends to unwind when risk sentiment turns.
Rates were part of the story. The US 10-year Treasury yield slipped back below 5.0% for the first time in a month, near 4.99% on the page ticker, and the two-year SOFR swap rate fell about 15 basis points to 4.50%. ING noted that the bar for pricing out a December Fed hike remains fairly high, with the Fed meeting on 27 to 28 October.
Commodity tickers on the same page showed Brent near $114.9 and WTI near $101.3, both higher on the day, while gold was lower near $4,037 and silver near $54. ING said calmer sentiment would let the dollar consolidate.
Market commentary for information only; not trading advice. Figures approximate, from published reports and quote tickers on 23 October 2026.