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Published: 2025-09-09T10:11:07.000Z

Europe Summary and Highlights 9 September

byAdrian Schmidt

Senior FX Strategist
1

USD/JPY fell half a figure to below 146.50 through the European morning, helped by a report quoting BoJ sources as indicating that the October and December meetings were “live”, with the potential for a rate hike. 

European morning session

USD/JPY fell half a figure to below 146.50 through the European morning, helped by a report quoting BoJ sources as indicating that the October and December meetings were “live”, with the potential for a rate hike. The sources indicated that then US-Japan trade deal and progress towards the inflation target increased the chance of a move. Market still only price in around a 65% chance of a 25bp by year end, from around 50% yesterday, while the probability of an October hike is not seen as around 35%, up from 20% yesterday.

Otherwise, the USD was mixed, edging a little lower against the AUD and GBP but little changed against the EUR and slightly firmer against the CAD. EUR/NOK dropped 3 figures in early trade to 11.73. Data wise Norwegian PPI fell 3.0% y/y in August, while French industrial production fell 1.1% m/m in July, a slightly smaller decline than expected.

 

Asia session

Japan’s LDP has set October 4 for leadership vote, replacing Ishiba. Top candidates are former Internal Affairs Minister Takaichi and Agriculture Minister Koizumi. They seems to be posing a new angle from the LDP as one of them are more appealing to the younger crowd while the other are tilted towards more fiscal spending. USD/JPY is trading 0.18% lower at 147.20 while Nikkei retreats from historic high.

The slate of tier two Australian data arrived to be on the choppy side. Consumer sentiment worsens while business confidence and condition see moderation from previous month. U.S. three major equity indexes are in the green while regional equities are performing individually. AUD/USD is trading 0.16% higher at 0.6602, NZD/USD is trading 0.1% higher at 0.5946 while USD/CAD rises 0.02%. Else, EUR/USD is is up 0.07% and GBP/USD is up 0.18%.

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