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September 22, 2026
U.S. Outlook: Growth Overly Dependent on AI
September 22, 2026 1:34 PM UTC
• The US economy is currently showing signs of acceleration with business investment strong led by AI and consumer spending outperforming real disposable income, in part because of AI-assisted strength in equities. We expect continued strength in business investment though a modest slowing
DM ex U.S.: Weathering Higher Energy Prices
September 22, 2026 1:22 PM UTC
· EZ. We expect the Eurozone economy to remain resilient in coming quarters despite the ongoing energy shock. Household consumption growth should strengthen into 2027, supported by a recovery in real wage growth and by favourable employment increases. Increased defence and infrastructur
Preview: Due September 30 - U.S. September ADP Employment - Signs of improvement
September 22, 2026 1:14 PM UTC
We expect an 85k increase in September’s ADP estimate for private sector employment. The 4 week average from ADP’s weekly report for the week to September 5, the week before the monthly survey, was 20k and picking up. This implies a monthly increase slightly stronger than 80k.
EUR/SEK, NOK/SEK flows: Brent speeds up on $100 break, watching headlines
September 22, 2026 11:24 AM UTC
$100 break picks up some speed as the market hedges towards possible Iran progress at UN 'window of opportunity'
NOK/SEK the stereotypically responsive cross, while wider mkt also influenced via impact on rate expectations and risk sentiment
Enough deja vu not to be counting chickens, while adjustin
FX Daily Strategy: N America, Sep 22
September 22, 2026 9:14 AM UTC
USD/JPY trading in the 157-158 band, while keeping ear out for the MoF during Japan holiday
Key focal point remains word on diplomatic efforts and US plan at UN meeting. Oil sitting at key $100~ Brent range threshold support prior
Outcome will be pivotal in setting this week's tone for risk, dollar, b
EUR/USD, USD/JPY flows: Trump talks to set the tone, along with central bank speakers
September 22, 2026 6:41 AM UTC
Flurry of Trump meetings to set the tone, focus on Middle East talks
Brent holds above $100 support into those
NZD manages a bounce after steep drop out of RBNZ comments
Various CB speakers from ECB and Fed today
FX Daily Strategy: Europe, Sep 22
September 22, 2026 6:33 AM UTC
USD/JPY nudging up in the 157-158 band, while keeping ear out for the MoF during Japan holiday
Key focal point remains word on diplomatic efforts and US plan at UN meeting. Oil sitting at key $100~ Brent range threshold support prior
Outcome will be pivotal in setting this week's tone for risk, dollar
September 21, 2026
Preview: Due October 2 - U.S. September Employment (Non-Farm Payrolls) - Healthy if less strong than August
September 21, 2026 6:29 PM UTC
We expect September’s non-farm payroll to rise by 100k both overall and in the private sector, slower than in August but still maintaining a healthy trend. We expect a 4.1% unemployment rate for a third straight month but a slightly slower 0.2% rise in average hourly earnings and a stable workweek
Preview: Due October 2 - U.S. September Employment (Non-Farm Payrolls) - Healthy if less strong than August
September 21, 2026 6:28 PM UTC
We expect September’s non-farm payroll to rise by 100k both overall and in the private sector, slower than in August but still maintaining a healthy trend. We expect a 4.1% unemployment rate for a third straight month but a slightly slower 0.2% rise in average hourly earnings and a stable workweek
FX Daily Strategy: Asia, Sep 22
September 21, 2026 3:26 PM UTC
USD/JPY nudging up in the 157-158 band, while keeping ear out for the MoF during Japan holiday
Key focal point remains word on diplomatic efforts and US plan at UN meeting. Oil sitting at key $100~ Brent range threshold support prior
Outcome will be pivotal in setting this week's tone for risk, dollar