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September 26, 2025

North American Summary and Highlights 26 Sep
Freemium Article

September 26, 2025 7:23 PM UTC

Overview - The USD saw a modest correction from Thursday’s gains as US data eased inflationary worries somewhat. 

FX Weekly Strategy: Sep 29th - Oct 3rd
Paying Article

September 26, 2025 3:19 PM UTC

USD continues to follow Trump 1.0
Payroll data a focus, if it is released
European currencies may be most vulnerable to further USD gains
CHF could come under some pressure
AUD focus on the RBA

Canada July GDP - First increase in four months
Paying Article

September 26, 2025 1:30 PM UTC

July Canadian GDP followed three straight declines with a rise of 0.2%, stronger than the 0.1% preliminary estimate made with June’s data. The preliminary estimate for August is unchanged. If both August and September are unchanged Q3 GDP would be up by around 0.7% annualized after a decline in Q2

USD, CHF, CAD flows: USD edging lower, CHF vulnerable, CAD to benefit
Paying Article

September 26, 2025 1:10 PM UTC

New Trump tariffs may impact EUR and CHF. CAD firmer after GDP

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U.S. August Personal Income and Spending - Core PCE Prices maintaining trend, still above target
Paying Article

September 26, 2025 1:09 PM UTC

August personal income at 0.4% and spending at 0.6% are both a little stronger than expected while price indices are in line, 0.3% for overall PCE and 0.2% for the core rate, with the latter 0.227% before rounding. Each price index underperformed the August CPI counterpart by 0.1% (August PPI was so

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War in Ukraine: No Light Yet at the End of the Tunnel
Paying Article

September 26, 2025 12:34 PM UTC

Bottom Line: Despite expectations from the 80th United Nations General Assembly (UNGA) held in New York were high, it did not yield a solution to the war in Ukraine, but an escalation between the U.S. and Russia. The claims by president Trump as he shifted his position on the war, saying for the f

Europe Summary and Highlights 26 September
Paying Article

September 26, 2025 10:13 AM UTC

The commodity currencies weakened moderately through the European morning session, with AUD/USD falling 15 pips to 0.6525, USD/CAD rising 10 pips to 1.3950, and EUR/NOK up 2 figures to 11.72.

Psychology for major markets Sep 26
Paying Article

September 26, 2025 10:10 AM UTC

USD firmer after upward revision to Q2 GDP. Tariff concerns returning after latest announcement on pharma.

This week's five highlights
Freemium Article

September 26, 2025 10:00 AM UTC

This Week's Fed Speakers
U.S. Initial Claims, GDP revisions, Durables and Trade all stronger than expected
No Deadair For Trump
SNB Staying at Zero 
Riksbank Delivers Final Rate Cut

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September Outlook: Into 2026 -- Market Implications
Paying Article

September 26, 2025 9:00 AM UTC

Our September Outlook is now published and please see all our markets chapters below.  

FX Daily Strategy: N America, Sep 26th
Paying Article

September 26, 2025 8:59 AM UTC

Japanese Tokyo CPI holds steady 
US PCE data could see more USD positive moves
Canadian GDP to provide short term CAD support only
Yield spreads suggest downside risks for EUR/USD

Chart USD/CAD Update: Extending June gains
Freemium Article

September 26, 2025 8:09 AM UTC

Rally to break the 2-month range highs at 1.3900/25 has seen extension to the 1.3950 congestion

Chart EUR/GBP Update: Consolidating retest of .8752, July high
Paying Article

September 26, 2025 7:42 AM UTC

Break above the .8700 level has seen gains to retest the .8745/.8752, August/July highs and also 50% Fibonacci level

Chart EUR/CHF Update: Leaning lower in choppy trade
Paying Article

September 26, 2025 7:17 AM UTC

Leaning lower in choppy trade as resistance at the .9350/55 congestion caps 

Chart USD Index DXY Update: Extending gains
Paying Article

September 26, 2025 6:57 AM UTC

Rally to regain the 98.00 level see prices extending gains from the 96.22 low

USD, EUR, CHF, JPY flows: More tariffs may impact EUR and CHF
Paying Article

September 26, 2025 6:48 AM UTC

New Trump tariffs may impact EUR and CHF. JPY still weak

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Banxico Review: Slower Pace for 25bps Cuts
Freemium Article

September 26, 2025 6:39 AM UTC

Banxico cut by 25bps to 7.5%. However, Banxico pushed up the near term inflation forecasts, which could mean that the November 6 meeting does not see a rate cut but rather Banxico waits until the December 18 meeting.  This is our view and we look for 25bps to 7.25%.  We then see two further 25bps

Asia Summary and Highlights 26 Sep
Paying Article

September 26, 2025 5:32 AM UTC

Japan Tokyo area CPI headline +2.5% y/y

AUD/USD flows: Risk sour
Paying Article

September 26, 2025 5:19 AM UTC

The broader risk sentiment is sour

Chart USD/INR Update: Stays supported
Paying Article

September 26, 2025 5:05 AM UTC

Little change, as prices extend consolidation below the 88.7975 all-time high

Chart USD/CNH Update: Consolidating test of 7.1440/7.1500 resistance
Paying Article

September 26, 2025 4:42 AM UTC

Break above the 7.1200 resistance has seen prices extending gains from the 7.0850 current year low to reach strong resistance at the 7.1440/7.1500, July lows

FX Daily Strategy: Europe, Sep 26th
Paying Article

September 26, 2025 3:19 AM UTC

Japanese Tokyo CPI Shows Headline Dip
US PCE data could see more USD positive moves
Canadian GDP to provide short term CAD support only
Yield spreads suggest downside risks for EUR/USD

Chart USD/THB Update: Extending corrective gains
Paying Article

September 26, 2025 3:02 AM UTC

Break of the 32.00/10 resistance see prices extending gains from the 31.58 low to reach resistance at 32.30

Chart USD/KRW Update: Extending gains
Paying Article

September 26, 2025 2:52 AM UTC

Sharply higher to extend gains from the 1372.00 low of last week through the 1406.00 August swing high

Chart USD/SGD Update: Extending gains, focus on the 1.3000 level
Paying Article

September 26, 2025 2:10 AM UTC

Break above the 1.2900 level has seen gains to reach resistance at the 1.2950 congestion

USD/JPY flows: Headline CPI Dips
Paying Article

September 26, 2025 2:03 AM UTC

Japan Tokyo area CPI headline +2.5% y/y

Chart EUR/JPY Update: Edging higher but momentum slows
Paying Article

September 26, 2025 1:46 AM UTC

Still pressing higher but momentum slows as the 175.00 level nears

Chart GBP/USD Update: Consolidating retest of 1.3333 low
Freemium Article

September 26, 2025 1:31 AM UTC

Sharply lower to take out strong support at the 1.3400/1.3370 area to retest the 1.3333, 3 September low

Chart EUR/USD Update: Extending pullback from 1.1918 high
Paying Article

September 26, 2025 1:18 AM UTC

Consolidation above the 1.1730/00 area has given way to fresh selling pressure to extend pullback from the 1.1918 high

Chart USD/JPY Update: Consolidating below 150.00 figure
Paying Article

September 26, 2025 12:48 AM UTC

Break of the 149.00 level see prices extending strong rally from the 145.48 low of last week to approach the 150.00 figure

Chart AUD/USD Update: Still heavy, focus turn to .6500
Paying Article

September 26, 2025 12:28 AM UTC

Sharply lower following break of the .6580/75 support

September 25, 2025

FX Daily Strategy: Asia, Sep 26th
Paying Article

September 25, 2025 9:00 PM UTC

Japanese Tokyo CPI may moderate JPY weakness for now
US PCE data could see more USD positive moves
Canadian GDP to provide short term CAD support only
Yield spreads suggest downside risks for EUR/USD

North American Summary and Highlights 25 Sep
Freemium Article

September 25, 2025 7:42 PM UTC

Overview - The USD rallied across the board following a strong set of US data.

Preview: Due October 7 - U.S. August Trade Balance - Deficit to reverse most of a July increase
Paying Article

September 25, 2025 4:48 PM UTC

We expect an August trade deficit of $60.2bn, down from $78.3bn in July but slightly wider than June’s $59.1bn deficit that was the narrowest since March 2023.  The deficit remains in a correction from elevated pre-tariff levels that brought a record high of $136.4bn in March.

Preview: Due September 26 - U.S. August Personal Income and Spending - Savings higher after GDP revisions
Paying Article

September 25, 2025 3:04 PM UTC

We expect August data to show 0.3% gains in both overall and core PCE prices, with personal income also up by 0.3% and personal spending slightly stronger at 0.4%. The data will incorporate historical revisions through Q2 seen with the GDP revisions.

FX Daily Strategy: APAC, Sep 26th
Paying Article

September 25, 2025 2:42 PM UTC

Japanese Tokyo CPI may moderate JPY weakness for now
US PCE data could see more USD positive moves
Canadian GDP to provide short term CAD support only
Yield spreads suggest downside risks for EUR/USD

U.S. August Existing Home Sales - Underlying picture near flat, base may be forming
Paying Article

September 25, 2025 2:03 PM UTC

August existing home sales are slightly stronger than expected but at 4.00m are down 0.2% from July, with the underlying picture looking fairly flat in recent months. Yr/yr growth is modest at 1.8%, and no longer negative as it was in February, March, April and May.

Preview: Due September 26 - Canada July GDP - First rise in four months
Paying Article

September 25, 2025 1:43 PM UTC

We expect July Canadian GDP to rise by 0.2%, following three straight declines of 0.1%. A 0.2% rise would be slightly stronger than a preliminary estimate of 0.1% made with June’s report.

U.S. Fed's Schmid - Policy in the right place
Paying Article

September 25, 2025 1:37 PM UTC

Fed's Schmid voted for the recent ease but may be reluctant to support more.

U.S. Q2 GDP with revisions - Charts and Table
Paying Article

September 25, 2025 1:27 PM UTC

GDP has seen an unexpected upward revision to Q2 with historical revisions not dramatically changing the picture.

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U.S. Initial Claims, GDP revisions, Durables and Trade all stronger than expected
Paying Article

September 25, 2025 1:17 PM UTC

The latest set of US data is clearly on the strong side of expectations, with Q2 GDP revised up significantly to 3.8% from 3.3%, August’s advance trade deficit falling to $85.5bn from $102.8bn, August durable goods orders rising by 2.9% with a 0.4% increase ex transport, and initial claims falling

USD flows: USD up on upward revision to Q2 GDP
Paying Article

September 25, 2025 12:46 PM UTC

USD firmer on upward revision to GDP, particularly against the JPY

Psychology for major markets Sep 25
Paying Article

September 25, 2025 10:17 AM UTC

USD still mostly rangebound, JPY weak

Europe Summary and Highlights 25 September
Paying Article

September 25, 2025 10:06 AM UTC

A quiet European session saw no significant change in any of the G10 currencies.

FX Daily Strategy: N America, Sep 25th
Paying Article

September 25, 2025 8:52 AM UTC

US GDP data could take the edge off USD strength
USD gains not driven by higher US yields
JPY weakness remains a major feature
SNB could protest CHF strength

Chart USD/MXN Update: Higher in consolidation from 18.2000 low
Paying Article

September 25, 2025 8:21 AM UTC

Turned up from above support at the 18.1800 61.8% Fibonacci level as prices unwind the deep oversold daily studies

CHF flows: CHF little changed after SNB hold
Paying Article

September 25, 2025 8:16 AM UTC

SNB holds rates but offers no solution to excessive CHF strength

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SNB Review: Staying at Zero – For Some Time?
Freemium Article

September 25, 2025 8:03 AM UTC

Very much as expected, both in deed and word, the SNB kept the policy rate at zero this month having cut by 25 bp back in June in June. Indeed, markets priced out what was previously seen as a good chance of rates turning negative, even against a backdrop of the punitive tariff scheme the Swiss econ

Chart USD/CHF Update: Room to extend corrective bounce from .7829 low
Paying Article

September 25, 2025 7:46 AM UTC

Extending consolidation below the .7972 bounce high but scope seen for break to retrace losses from the August high

Chart USD/CAD Update: Retest 1.3900/25, 2-month range highs
Freemium Article

September 25, 2025 7:30 AM UTC

Follow-through above the 1.3800 level see prices extending bounce from the 1.3720 low to retest the 2-month range highs at 1.3900/25