# Oil plunge drives dollar lower, but USD/JPY holds firm in the 157 yen range: NY FX overview

> The dollar weakened in New York as crude oil dropped sharply on reports that Trump wanted to assess diplomacy before resuming strikes on Iran. Dollar-yen held in the high 157 yen range, while the euro and pound rebounded and analysts expect a Bank of England rate hike this week.

- Date: 2026-11-03 · published 2026-11-03T18:09:40.496Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/78110-oil-plunge-drives-dollar-lower-but-usd-jpy-holds-firm-in-the-157-yen-range-ny
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil-led swings in the dollar change the cost of dollar-priced commodities for non-US buyers, and a possible Iran deal would ease energy-driven inflation pressure on central banks. Forecasts for a stronger dollar and euro weakness also matter for feed import costs in Europe.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- EURUSD: bearish ▼
- GBPUSD: neutral
- USDJPY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2019-09-24 | [Rates In US Continue To Put Upwards Pressure On The US Dollar \| Exchange Rates UK](https://feedsoft.ai/events/57274-rates-in-us-continue-to-put-upwards-pressure-on-the-us-dollar-exchange-rates-uk.md) | -0.8% | +1.3% |
| EURUSD | 2017-11-02 | [Pound sterling (GBP) plunges against the dollar (USD) and euro (EUR) as Bank hikes interest rates](https://feedsoft.ai/events/68237-pound-sterling-gbp-plunges-against-the-dollar-usd-and-euro-eur-as-bank-hikes.md) | -0.2% | +2.5% |
| EURUSD | 2023-09-28 | [FX Daily: Perfect storm drives dollar stronger still \| articles \| ING THINK](https://feedsoft.ai/events/34306-fx-daily-perfect-storm-drives-dollar-stronger-still-articles-ing-think.md) | +0.1% | +0.2% |
| EURUSD | 2020-03-19 | [FOREX-Euro plunges to three-year lows as dollar demand jumps](https://feedsoft.ai/events/6270-forex-euro-plunges-to-three-year-lows-as-dollar-demand-jumps.md) | +0.0% | +0.7% |
| EURUSD | 2021-03-01 | [Euro to US Dollar Exchange Rate Dips on Concerns Over the EU’s Slow Covid-19 Vaccine Rollout \| Euro Exchange Rate News This is](https://feedsoft.ai/events/11423-euro-to-us-dollar-exchange-rate-dips-on-concerns-over-the-eu-s-slow-covid-19.md) | -1.5% | -2.4% |
| WTI | 2018-10-30 | [Poloz helped the Loonie, but a weak Crude Oil and a strong USD dollar index are not - OFX (US)](https://feedsoft.ai/events/62775-poloz-helped-the-loonie-but-a-weak-crude-oil-and-a-strong-usd-dollar-index-are.md) | -5.8% | -23.3% |
| WTI | 2020-03-10 | [Fear in the Market Drives Dow and Crude Oil Lower, Drags Ag Markets Along \| Hoosier Ag Today](https://feedsoft.ai/events/11271-fear-in-the-market-drives-dow-and-crude-oil-lower-drags-ag-markets-along.md) | -7.1% | -15.8% |
| WTI | 2018-10-23 | [Canadian dollar shakes off plunge in oil as investors brace for BoC rate hike - The Globe and Mail](https://feedsoft.ai/events/62779-canadian-dollar-shakes-off-plunge-in-oil-as-investors-brace-for-boc-rate-hike.md) | -3.2% | -17.6% |

## Sources

- finance.matsui.co.jp: https://finance.matsui.co.jp/news/633858/index

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.