FX markets — week of 21 to 25 September 2026
General information, based on public sources. This is not investment advice. Read the risk warning.
The Swiss National Bank held its policy rate at 0%. It raised its inflation forecasts to 0.7% for 2026 and 0.8% for 2027 and 2028, and removed from its statement the reference to an increased willingness to intervene in the foreign exchange market.
In the United States, August durable goods orders were unchanged, non-defense capital goods orders excluding aircraft rose 1.6% and weekly jobless claims came in at 197,000. New home sales stood at 684,000. University of Michigan consumer sentiment came in at 48.1 in the final September reading, against 51.7 in August, with one-year inflation expectations of 4.6%. The yield on thirty-year US government bonds reached its highest level since 2004.
In Germany, the IFO index stood at 89.5 for current conditions and 90.4 for expectations. The GfK consumer climate index for October came in at -30.6. Both chambers of parliament adopted a temporary fuel-tax cut worth 2.5 billion euros, up to 17 cents a litre for three months from 1 October. In the euro area, M3 money supply grew 3.5% year on year in August and Spanish second-quarter gross domestic product was confirmed at +0.7%.
In Japan, the Bank of Japan's core price index came in at 1.8% year on year. The prime minister said she had told the US president that an undervalued yen was problematic, and the finance minister said the subject had been raised at their meeting.
In Australia, August employment rose by 39,500 jobs for an unemployment rate of 4.6%. In Canada, July retail sales fell 0.7% and the monthly budget balance stood at -4.768 billion Canadian dollars.
The United States and China extended their trade truce from 10 November to 10 January 2027. Iran proposed reopening the Strait of Hormuz within seven days under five conditions.
Over the week, the US dollar was the strongest currency (+0.89%) and the Australian dollar the weakest (-0.68%).
Coming up from 28 September to 2 October (New York time)
- Monday 28, 09:30 — euro area: speech by the President of the European Central Bank
- Tuesday 29, 00:30 — Australia: Reserve Bank of Australia decision and statement
- Tuesday 29, 01:30 — Australia: Reserve Bank of Australia press conference
- Tuesday 29, 07:00 — euro area: speech by the President of the European Central Bank
- Tuesday 29, 08:30 — Canada: monthly gross domestic product for July
- Tuesday 29, 10:00 — United States: Conference Board consumer confidence and JOLTS job openings
- Tuesday 29, 21:30 — Australia: consumer price index
- Tuesday 29, 21:30 — China: official purchasing managers' indices
- Wednesday 30 — Germany, France and Italy: preliminary consumer price indices
- Wednesday 30, 05:30 — United Kingdom: Bank of England Financial Policy Committee minutes and statement
- Wednesday 30, 08:15 — United States: ADP private employment survey
- Wednesday 30, 08:30 — United States: core personal consumption expenditures price index
- Wednesday 30 — Canada: markets closed
- Wednesday 30, 19:50 — Japan: Bank of Japan Summary of Opinions and Tankan survey
- Wednesday 30, 21:30 — Australia: Reserve Bank of Australia Financial Stability Review
- Thursday 1, 02:30 — Switzerland: consumer price index
- Thursday 1, 04:00 — United Kingdom: speech by the Governor of the Bank of England
- Thursday 1, 10:00 — United States: ISM manufacturing index
- Thursday 1 to 7 October — China: markets closed
- Thursday 1, 19:30 — Japan: Tokyo core consumer price index
- Friday 2, 05:00 — euro area: flash inflation estimate
- Friday 2, 08:30 — United States: September employment report
Every release, in your own time zone, is in the economic calendar.
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