Fed Speakers and Data Guide Market Moves
26 September 2025
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The U.S. dollar eased slightly from recent highs as traders adjusted positions ahead of key economic data. Gains earlier in the week were fueled by Federal Reserve officials’ cautious tone, with policymakers reluctant to endorse aggressive near-term cuts. Today’s jobless claims report could be pivotal as markets look ahead to next Friday’s Non-Farm Payrolls.
Dollar and Yen Dynamics
Recent swings in jobless claims have kept FX markets volatile — a spike earlier in September weakened the dollar, while last week’s decline spurred renewed strength. Political uncertainty in Japan added pressure on the yen, pushing USD/JPY near its September peak.
Swiss National Bank Decision
The SNB kept rates unchanged at 0%, consistent since December 2023. Inflation forecasts were maintained, though the central bank warned of short-term upward pressures and a weaker Swiss growth outlook, driven in part by the impact of U.S. tariffs.
Data Ahead
Traders are watching a heavy U.S. data docket today, including Q2 GDP, durable goods orders, and existing home sales. Several additional Fed speakers are also scheduled, with their comments likely to shape expectations going into next week’s NFP release.
