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September 12, 2025

Preview: Due September 25 - U.S. Final (Third) Estimate Q2 GDP - Historical revisions due
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September 12, 2025 6:30 PM UTC

We do expect any significant revision in the third (final) estimate of Q2 GDP from the second (preliminary) estimate of 3.3%. However the data will include historical revisions, and here risk is on the downside, particularly for 2024.

Preview: Due September 23 - U.S. September S&P PMIs - Recent strength difficult to sustain
Paying Article

September 12, 2025 5:13 PM UTC

We expect September’s S and P PMIs to slip, manufacturing to 51.5 from 53.0 and services to 53.5 from 54.5. We expect slippage more because recent strength looks difficult to sustain rather than because of any clear signals for weakness. 

FX Weekly Strategy: Asia, Sep 15-19th
Paying Article

September 12, 2025 4:00 PM UTC

25bps Easing on Increased Labor Market Risk for FOMC 
Bank of Canada  justifies resumption of easing with Weak data
BoE Guilty on Gilts
BoJ will be on Hold

Chart USD/CAD Update: Cautious trade
Freemium Article

September 12, 2025 3:59 PM UTC

Little change, as prices extend cautious trade around 1.3850

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CBR Reduced its Key Rate to 17% as Inflation Softened, but Warned Inflation is Still High
Paying Article

September 12, 2025 3:48 PM UTC

Bottom Line: As we expected, Central Bank of Russia (CBR) reduced policy rate by 100 bps to 17% on September 12 taking into account that inflation continued to slow down in Q3 but still warned inflation remains high. CBR stated in its written statement it will maintain monetary conditions as tight

U.S. September Preliminary Michigan CSI - Lower as 5-10 year inflation expectations rebound
Paying Article

September 12, 2025 2:22 PM UTC

September’s preliminary Michigan CSI of 55.4 is down from 58.2 and weaker than expected, if still above April and May levels. Worries seem to be longer term, with expectations down by more than current conditions and longer term inflation expectations bouncing while the 1-year view is unchanged.

Preview: Due September 23 - U.S. Q2 Current Account - Correction from record pre-tariff deficit
Paying Article

September 12, 2025 1:22 PM UTC

We expect a Q2 US current account deficit of $256bn, down from the record $450.2bn in Q1, when imports surged in anticipation of tariffs, before correcting sharply lower in Q2. Q2’s deficit would then be the lowest since Q4 2023. As a proportion of GDP the deficit would be 3.4%, down from 6.0% in

Chart EUR/JPY Update: Limited tests higher
Paying Article

September 12, 2025 1:17 PM UTC

The anticipated break above 173.00 has reached 173.45

Chart USD/ZAR Update: Fresh 2025 year lows
Paying Article

September 12, 2025 11:24 AM UTC

Anticipated losses have posted a fresh 2025 year low around 17.3160

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Taiwan: Grey Warfare or Naval Quarantine?
Paying Article

September 12, 2025 11:15 AM UTC

  ·       The most likely option for China is to continue the air and naval grey warfare around Taiwan, combined with support for pro-China factions in Taiwan parliament to build pressure for reunification at some stage. With invasion being too high risk for President Xi (with the U.S. main

Chart EUR/CAD Update: Balanced beneath fresh 2025 year high
Paying Article

September 12, 2025 10:57 AM UTC

Cautious trade has posted a fresh 2025 year high around 1.6270

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FOMC Preview for September 17: 25bps Easing on Increased Labor Market Risk
Paying Article

September 12, 2025 10:30 AM UTC

The FOMC meets on September 17 and we expect a 25bps easing to a 4.0-4.25% Fed Funds target range. The FOMC will continue to see similar upside risks to inflation but increased downside risks to the Labor Market. The dots are likely to continue to expect only one more move in 2025, but three moves i

Chart EUR/CHF Update: Limited scope above 0.9350
Paying Article

September 12, 2025 10:13 AM UTC

Still little change

Psychology for major markets Sep 12
Paying Article

September 12, 2025 10:00 AM UTC

Mostly rangebound waiting Fed next week. 

This week's five highlights
Freemium Article

September 12, 2025 10:00 AM UTC

Japanese PM Ishiba Resigned Under Party Pressure
U.S. August CPI firmer than expected
U.S. March 2025 Non-Farm Payroll Benchmark Revised Down
And more political uncertainty in the U.S.
Steady ECB Council Meeting

FX Daily Strategy: N America, Sep 12th
Paying Article

September 12, 2025 9:55 AM UTC

More Uncertainty within the U.S. 
Could See Choppy USD

Chartbook: Chart GER 10 Year Yield: Scope for a minor pullback in broad range
Paying Article

September 12, 2025 9:53 AM UTC

Choppy trade above the 2.436% monthly low of 30 April has given way to a drift higher to 2.800%

Chart USD/CHF Update: Cautious trade
Paying Article

September 12, 2025 8:43 AM UTC

The test of congestion resistance at 0.8000 has given way to a pullback to 0.7950

Chart USD Index DXY Update: Range trade
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September 12, 2025 8:27 AM UTC

The test of congestion resistance at 98.00 has given way to a sharp pullback to congestion support at 97.50

Chart EUR/GBP Update: Limited tests higher
Paying Article

September 12, 2025 8:01 AM UTC

Little change, as choppy trade extends pressure on congestion resistance at 0.8650

Chart EUR/USD Update: Cautious trade
Paying Article

September 12, 2025 7:44 AM UTC

Choppy trade is extending the sharp bounce from the 1.1660 low of 11 September

Chart GBP/JPY Update: Pressuring 200.00/30 highs
Paying Article

September 12, 2025 7:35 AM UTC

Still little change, but pressure remains on the upside and see scope for break of the resistance at 200.00/30

Chart GBP/USD Update: Back at range highs - daily studies improving
Freemium Article

September 12, 2025 7:32 AM UTC

The anticipated break below congestion support at 1.3500 has not been seen

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UK GDP Review: Conflicting Signs
Freemium Article

September 12, 2025 6:52 AM UTC

Although we are pointed to a flat m/m GDP outcome for the July data, thereby matching the official outcome, the actual outcome was a small m/m fall (before rounding).  The three-month rate slowed a notch to 0.2% but we think this overstates what is very feeble momentum, which may actually be nearer

AUD/USD flows: Risk Upbeat
Paying Article

September 12, 2025 4:37 AM UTC

Risk mood upbeat on Friday