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ECB Council Meeting Preview (Sep 11): No Change and Little Guidance
Freemium Article

September 3, 2025 9:20 AM UTC

A second successive stable policy decision is very likely at next week’s ECB Council meeting resulting in the first consecutive pause in the current easing cycle, with the discount rate left at 2.0%.  We see the ECB offering little in terms of policy guidance; after all, in July the Council sugge

FX Weekly Strategy: August 25th-29th
Paying Article

August 22, 2025 3:11 PM UTC

 Powell comments put the USD on the back foot
JPY still has the most potential for long term gains…
…but gains on the crosses are unlikely until risk premia rise
USD/CAD now looks likely to meet selling above 1.39.

U.S. Initial Claims show last week's bounce was erratic, September Philly Fed surprisingly strong
Paying Article

September 18, 2025 12:55 PM UTC

Weekly initial claims at 231k have returned to trend after last week’s surprisingly high 264k which appears to have been influenced by Labor Day seasonal adjustments. September’s 23.2 Philly Fed manufacturing index is also surprisingly strong, contrasting weaker Empire State data.

FX Daily Strategy: N America, August 29th
Paying Article

August 29, 2025 8:47 AM UTC

JPY upside risks as Japan Core-Core CPI stubborn
European CPI unlikely to have much impact
US trade data could undermine the USD
CAD vulnerable to decline in GDP

FX Daily Strategy: Asia Sep 19th
Paying Article

September 18, 2025 9:00 PM UTC

Japanese CPI unlikely to have much impact, but JPY weakness is extreme
GBP risks on the downside longer term but EUR/GBP range to hold for now
CAD may see further weakness

North American Summary and Highlights 18 Sep
Freemium Article

September 18, 2025 7:54 PM UTC

Overview - The USD was weaker in Europe but rebounded on stronger than expected US data. The GBP was slightly weaker after the BoE announcement. 

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SARB Holds Rate Stable at 7.0% to Bring the Inflation Down to New 3% Anchor and Assess Impacts of Earlier Cuts
Paying Article

September 18, 2025 6:36 PM UTC

Bottom Line: South African Reserve Bank (SARB) held the policy rate at 7.0% during the MPC on September 18 as annual inflation hit 3.3% YoY in August which is above new inflation anchor coupled with surged core inflation. SARB governor Kganyago said on September 18 that MPC expects headline inflatio

Chart USD/CAD Update: Limited scope above 1.3800
Freemium Article

September 18, 2025 3:45 PM UTC

Choppy trade following the bounce from strong support at the 1.3725 weekly low of 29 August is giving way to further gains

FX Daily Strategy: APAC, Sep 19th
Paying Article

September 18, 2025 3:05 PM UTC

Japanese CPI unlikely to have much impact, but JPY weakness is extreme
GBP risks on the downside longer term but EUR/GBP range to hold for now
CAD may see further weakness

Chart AUD/USD Update: Sharp pullback from fresh year high
Paying Article

September 18, 2025 2:01 PM UTC

The spike above critical resistance at the 0.6688 monthly high of 7 November and the 0.6700 Fibonacci retracement has been pushed back from 0.6707

Chart EUR/JPY Update: Fresh year highs - approaching critical resistance
Paying Article

September 18, 2025 1:43 PM UTC

Cautious trade has given way to a sharp break higher

Chart USD/JPY Update: Sharp bounce in both USD- and JPY-driven trade
Paying Article

September 18, 2025 1:27 PM UTC

The anticipated break below 146.00 has bounced sharply from the 145.40 Fibonacci retracement in both USD- and JPY-driven trade

USD flows: US data USD supportive
Paying Article

September 18, 2025 12:47 PM UTC

Decline in jobless claims and stronger Philadelhia Fed survey USD supportive.

Chart EUR/PLN Update: Range extension
Paying Article

September 18, 2025 12:06 PM UTC

Still little change, as prices extend consolidation within the 4.2500 - 4.2650 range

Chart USD/ZAR Update: Choppy above fresh year low - background studies under pressure
Paying Article

September 18, 2025 11:59 AM UTC

The anticipated minor test higher from the fresh year low around 17.2560 is meeting selling interest around congestion resistance at 17.5000

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BoE Review: Guillotine for Gilts?
Paying Article

September 18, 2025 11:53 AM UTC

That the BoE kept Bank Rate at 4% after this month’s MPC meeting was all but certain, as was the two vote dissent in favor of further easing.  But of more note, and amid what have been recent hawkish hints from the MPC majority, was that the MPC adhered to its (conventional) policy guidance, stil

GBP flows: GBP marginally weaker after MPC leaves rates unchanged
Paying Article

September 18, 2025 11:17 AM UTC

BoE decision contains few surprises, but risks remain to the GBP downside

Chart EUR/CAD Update: Choppy beneath fresh 16-year high
Paying Article

September 18, 2025 11:13 AM UTC

Choppy trade has extended 2012 gains to a fresh year high around 1.6360

Chart EUR/CHF Update: Choppy trade - studies under pressure
Paying Article

September 18, 2025 10:28 AM UTC

The anticipated test of support at the 0.9315 weekly low of 28 August has bounced from above congestion around 0.9300

Psychology for major markets Sep 18
Paying Article

September 18, 2025 10:12 AM UTC

Riskier currencies strong as equities continue to rise

Europe Summary and Highlights 18 September
Paying Article

September 18, 2025 10:12 AM UTC

The USD was generally lower through the European morning, except against the JPY. 

FX Daily Strategy: N America, Sep 18th
Paying Article

September 18, 2025 9:14 AM UTC

BoE to leave rates unchanged but cut back gilt selling
GBP risks remain mainly to the downside
AUD dips on disappointing employment data 
US data focus on jobless claims

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Norges Bank Review: More Caution But Another Cut Flagged for This Year
Paying Article

September 18, 2025 8:58 AM UTC

Despite the stronger than expected data seen of late (real and price-wise), as we expected, the Norges Bank cut is policy rate by a further 25 bp to 4.0%, an outcome markets had dithered over.  But with a small cumulative upgrade to the real economy outlook and an ensuing reduction in the anticipat

Chart USD/CHF Update: Balanced above fresh 2025 year low
Paying Article

September 18, 2025 8:34 AM UTC

Anticipated losses have posted a fresh 2025 year low at 0.7829

Chart USD Index DXY Update: Choppy above fresh 2025 year low
Paying Article

September 18, 2025 8:24 AM UTC

The break below the 96.38 monthly low of 1 July has posted a fresh 2025 year low at 96.22