FX markets — week of 14 to 18 September 2026
General information, based on public sources. This is not investment advice. Read the risk warning.
The Federal Reserve raised its policy rate by 25 basis points to 3.75-4.00% in a unanimous vote, its first increase since July 2023. The median projection of its members puts the rate at 4.1% at the end of 2026, implying one further increase this year.
The Bank of Japan raised its rate to 1.25%, the highest since 1993, by seven votes to two. Japanese August inflation came in below expectations. According to press reports, the bank contacted foreign exchange market participants on Friday about the level of the yen.
The Bank of England held its rate at 3.75% by six votes to three. It halted its sales of long-dated government bonds and suspended its sale auctions until April 2027.
On the data: US retail sales rose 1.2% in August, jobless claims were 196,000 and manufacturing output fell 0.3%. UK inflation was 3.1%, euro area inflation was revised down to 3.2% in the final reading, and New Zealand grew 0.2% in the second quarter. France raised its deficit forecast to 5.4% of GDP.
In energy, Saudi Arabia said it aimed to restore half of its East-West pipeline's capacity within days, and suspended contractual crude deliveries to Europe for October.
Over the week, the US dollar was the strongest currency (+1.2%) and the yen the weakest (-1.3%).
Coming up, 21 to 25 September (New York time)
- Monday 21 to Wednesday 23 — Japan: markets closed
- Tuesday 22 — Gulf leaders meet the US president, UN General Assembly
- Wednesday 23, 04:00 — euro area: flash PMIs
- Wednesday 23, 04:30 — United Kingdom: flash PMIs
- Wednesday 23, 09:45 — United States: flash PMIs
- Wednesday 23, 21:30 — Australia: August employment
- Thursday 24, 03:30 — Switzerland: Swiss National Bank decision
- Thursday 24, 08:30 — Canada: retail sales
- Thursday 24 — US-China presidential summit
- Friday 25, 10:00 — United States: University of Michigan consumer sentiment, final
Every release, in your own time zone, is in the economic calendar.
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