Forex Report: Geopolitical tensions rise as tariffs loom, Core PCE data on the horizon, AUD/USD dips amid uncertainty

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# Forex Report: Geopolitical tensions rise as tariffs loom, Core PCE data on the horizon, AUD/USD dips amid uncertainty

DXY_candlestick_1m_20250926_0732 Chart

## Forex and Global News
In a day marked by significant geopolitical and economic developments, the forex market reacted cautiously. President Trump’s approval of a TikTok deal and the imposition of 100% tariffs on branded drugs unless companies establish U.S. manufacturing plants are expected to influence market dynamics, particularly for the USD. The tariffs are part of a broader strategy to bolster American manufacturing, which could strengthen the dollar in the long term.

Market sentiment remains mixed as investors await the release of the August personal consumption expenditures price index, a key inflation indicator that could sway the Federal Reserve’s monetary policy. Meanwhile, the Chinese Premier’s call for stable U.S.-China relations during his New York visit adds a layer of complexity to the USD’s performance against the JPY and EUR.

The DXY, a measure of the dollar’s strength, is currently at 98.42, reflecting a daily change of 0.0457%. As geopolitical tensions and economic policies unfold, traders remain vigilant for further developments that could impact major currencies and commodities.

## Economic Calendar Events Today
All times are in US Eastern Time (New York).

Date Time Cur Imp Event Actual Forecast
2025-09-26 01:30 🇯🇵 Medium BoJ Board Member Noguchi Speaks
2025-09-26 03:00 🇪🇺 Medium Spanish GDP (QoQ) (Q2) 0.8% 0.7%
2025-09-26 05:30 🇪🇺 Medium Italian 10-Year BTP Auction
2025-09-26 05:30 🇪🇺 Medium ECB President Lagarde Speaks
2025-09-26 06:00 🇪🇺 Medium France Jobseekers Total (Aug)
2025-09-26 08:30 🇺🇸 High Core PCE Price Index (MoM) (Aug) 0.2%
2025-09-26 08:30 🇺🇸 High Core PCE Price Index (YoY) (Aug) 2.9%
2025-09-26 08:30 🇺🇸 Medium PCE Price index (YoY) (Aug) 2.7%
2025-09-26 08:30 🇺🇸 Medium PCE price index (MoM) (Aug) 0.3%
2025-09-26 08:30 🇺🇸 Medium Personal Spending (MoM) (Aug) 0.5%
2025-09-26 08:30 🇨🇦 Medium GDP (MoM) (Jul) 0.1%
2025-09-26 08:30 🇨🇦 Medium Wholesale Sales (MoM) (Aug)
2025-09-26 08:31 🇨🇦 Medium GDP (MoM) (Aug)
2025-09-26 10:00 🇺🇸 Medium Michigan 1-Year Inflation Expectations (Sep) 4.8%
2025-09-26 10:00 🇺🇸 Medium Michigan 5-Year Inflation Expectations (Sep) 3.9%
2025-09-26 10:00 🇺🇸 Medium Michigan Consumer Expectations (Sep) 51.8
2025-09-26 10:00 🇺🇸 Medium Michigan Consumer Sentiment (Sep) 55.4
2025-09-26 11:30 🇺🇸 Medium Atlanta Fed GDPNow (Q3) 3.3%
2025-09-26 13:00 🇺🇸 Medium U.S. Baker Hughes Oil Rig Count
2025-09-26 13:00 🇺🇸 Medium FOMC Member Bowman Speaks
2025-09-26 13:00 🇺🇸 Medium U.S. Baker Hughes Total Rig Count
2025-09-26 15:30 🇬🇧 Medium CFTC GBP speculative net positions
2025-09-26 15:30 🇺🇸 Medium CFTC Crude Oil speculative net positions
2025-09-26 15:30 🇺🇸 Medium CFTC Gold speculative net positions
2025-09-26 15:30 🇺🇸 Medium CFTC Nasdaq 100 speculative net positions
2025-09-26 15:30 🇺🇸 Medium CFTC S&P 500 speculative net positions
2025-09-26 15:30 🇦🇺 Medium CFTC AUD speculative net positions
2025-09-26 15:30 🇧🇷 Medium CFTC BRL speculative net positions
2025-09-26 15:30 🇯🇵 Medium CFTC JPY speculative net positions
2025-09-26 15:30 🇪🇺 Medium CFTC EUR speculative net positions
2025-09-26 18:00 🇺🇸 Medium FOMC Member Bostic Speaks

On September 26, 2025, several key economic events are expected to influence the foreign exchange (FX) markets. Notably, the **Core PCE Price Index** and **PCE Price Index** data, scheduled for release at **8:30 AM ET**, are critical indicators of inflation in the U.S. The forecasts are set at **0.2%** (MoM) and **2.7%** (YoY), with any deviation likely impacting the USD. A higher-than-expected reading could bolster the dollar as it may signal continued Federal Reserve tightening.

The **Michigan Consumer Sentiment** index, also released at **10:00 AM ET**, is projected at **55.4**. A surprise increase here could enhance USD strength, reflecting improved consumer confidence.

In Europe, the **Spanish GDP** report at **3:00 AM ET** showed a robust **0.8%** growth against a forecast of **0.7%**, which may provide support to the EUR. Additionally, **ECB President Lagarde’s** speech at **5:30 AM ET** will be closely monitored for hints on monetary policy direction.

Lastly, **BoJ Board Member Noguchi’s** speech at **1:30 AM ET** could influence JPY sentiment, particularly if any dovish tones are perceived. Overall, these events will be pivotal in shaping currency movements today.

## Major FX Group

Name Symbol Price Daily (%) 5D (%) 1W (%) 1M (%) 3M (%) 6M (%) YTD (%) 12M (%) MA50 MA100 MA200 RSI MACD
EUR/USD – Euro / U.S. Dollar EURUSD 1.1681 0.0857 -0.9334 -0.9334 0.3573 -0.0959 8.1474 12.25 4.9409 1.1681 1.1589 1.1143 47.53 0.0025
USD/JPY – U.S. Dollar / Japanese Yen USDJPY 149.86 0.0875 1.2930 1.2930 1.6262 3.5703 -0.6543 -4.5447 3.5782 147.70 146.39 148.61 60.41 0.2848
GBP/USD – British Pound / U.S. Dollar GBPUSD 1.3353 0.0749 -1.4976 -1.4976 -0.9328 -2.7087 3.0958 6.4060 0.2794 1.3471 1.3490 1.3118 39.88 -0.0005
USD/CHF – U.S. Dollar / Swiss Franc USDCHF 0.7993 -0.0250 0.8568 0.8568 -0.5549 -0.1985 -9.3147 -11.5075 -6.0277 0.8013 0.8081 0.8453 39.69 -0.0029
AUD/USD – Australian Dollar / U.S. Dollar AUDUSD 0.6535 -0.0917 -1.2527 -1.2527 0.6034 -0.1726 3.7039 5.0643 -4.2013 0.6541 0.6518 0.6401 47.38 0.0016
USD/CAD – U.S. Dollar / Canadian Dollar USDCAD 1.3943 0.0215 1.0963 1.0963 0.7923 2.1982 -2.5476 -2.8349 3.4178 1.3787 1.3761 1.4005 61.83 0.0022
NZD/USD – New Zealand Dollar / U.S. Dollar NZDUSD 0.5764 -0.0693 -2.1607 -2.1607 -1.6114 -4.8686 0.4809 2.2038 -7.8821 0.5917 0.5957 0.5839 36.11 -0.0023

EUR_USD_-_Euro___U.S._Dollar_candlestick_20250926_0732 Chart

USD_JPY_-_U.S._Dollar___Japanese_Yen_candlestick_20250926_0732 Chart

GBP_USD_-_British_Pound___U.S._Dollar_candlestick_20250926_0732 Chart

USD_CHF_-_U.S._Dollar___Swiss_Franc_candlestick_20250926_0732 Chart

AUD_USD_-_Australian_Dollar___U.S._Dollar_candlestick_20250926_0732 Chart

USD_CAD_-_U.S._Dollar___Canadian_Dollar_candlestick_20250926_0732 Chart

NZD_USD_-_New_Zealand_Dollar___U.S._Dollar_candlestick_20250926_0732 Chart

In the current forex landscape, several key pairs exhibit notable technical indicators. The EUR/USD remains neutral with an RSI of 47.53, reflecting a balanced market without overbought or oversold conditions. The MACD is marginally positive, suggesting potential bullish momentum, while moving averages indicate a stable trend.

Contrastingly, the GBP/USD and NZD/USD are in oversold territory, with RSIs at 39.88 and 36.11, respectively. Both pairs show bearish MACD readings, reinforcing the downtrend. The GBP/USD’s moving averages suggest a bearish outlook, emphasizing the need for caution.

The USD/JPY and USD/CAD, with RSIs of 60.41 and 61.83, are nearing overbought levels but still maintain bullish MACD signals. Their moving averages indicate upward momentum, yet traders should watch for potential reversals as they approach overbought conditions.

Overall, while some pairs show bullish potential, the oversold conditions in GBP

## Cross FX Group

Name Symbol Price Daily (%) 5D (%) 1W (%) 1M (%) 3M (%) 6M (%) YTD (%) 12M (%) MA50 MA100 MA200 RSI MACD
EUR/GBP EURGBP 0.8745 0.0114 0.5577 0.5577 1.2739 2.6649 4.8687 5.4644 4.6253 0.8671 0.8590 0.8491 66.05 0.0021
EUR/JPY EURJPY 174.99 0.1620 0.3170 0.3170 1.9619 3.4453 7.4121 7.0991 8.6593 172.47 169.54 165.34 65.01 0.6485
EUR/CHF EURCHF 0.9334 0.0536 -0.0910 -0.0910 -0.2191 -0.3097 -1.9651 -0.6916 -1.4122 0.9358 0.9359 0.9390 40.06 -0.0008
EUR/AUD EURAUD 1.7876 0.1962 0.3525 0.3525 -0.2294 0.1014 4.2971 6.8372 9.5639 1.7857 1.7778 1.7399 50.54 -0.0006
GBP/JPY GBPJPY 200.09 0.1476 -0.2269 -0.2269 0.6909 0.7690 2.4222 1.5706 3.8635 198.95 197.47 194.76 49.42 0.3137
GBP/CHF GBPCHF 1.0673 0.0469 -0.6442 -0.6442 -1.4733 -2.8889 -6.5125 -5.8279 -5.7655 1.0791 1.0895 1.1062 31.08 -0.0035
AUD/JPY AUDJPY 97.88 -0.0225 -0.0255 -0.0255 2.1978 3.3470 2.9849 0.2643 -0.8207 96.60 95.41 95.07 59.23 0.4221
AUD/NZD AUDNZD 1.1334 -0.0265 0.9800 0.9800 2.2288 4.9931 3.1855 2.7845 4.0485 1.1055 1.0942 1.0964 81.78 0.0071
CHF/JPY CHFJPY 187.47 0.1143 0.4218 0.4218 2.1883 3.7844 9.5658 7.8655 10.22 184.34 181.25 176.14 65.45 0.8953
NZD/JPY NZDJPY 86.35 0.0151 -0.9031 -0.9031 -0.0139 -1.4573 -0.1803 -2.4524 -4.6076 87.37 87.17 86.70 34.28 -0.1768

crosses_normalized_3m_20250926_0732 Chart

In the current analysis of key FX pairs, AUD/NZD is notably overbought with an RSI of 81.78, suggesting potential for a price correction. Conversely, GBP/CHF exhibits oversold conditions with an RSI of 31.08 and a negative MACD, indicating bearish momentum. EUR/CHF also shows signs of weakness, with an RSI of 40.06 and a negative MACD, reinforcing its bearish outlook. Other pairs like EUR/GBP and EUR/JPY remain neutral, with RSIs below 70, while GBP/JPY and AUD/JPY reflect moderate bullish sentiment. Traders should watch for potential reversals in the overbought and oversold pairs as market conditions evolve.

## Exotics and Emerging

Name Symbol Price Daily (%) 5D (%) 1W (%) 1M (%) 3M (%) 6M (%) YTD (%) 12M (%) MA50 MA100 MA200 RSI MACD
USD/TRY – U.S. Dollar / Turkish Lira USDTRY 41.57 0.0607 0.4114 0.4114 1.2915 4.2987 9.3787 17.74 21.68 40.94 40.18 38.41 77.45 0.1494
USD/ZAR – U.S. Dollar / South African Rand USDZAR 17.45 0.0797 0.6376 0.6376 -0.9621 -2.2939 -4.1441 -7.0024 1.0803 17.61 17.74 18.12 41.35 -0.0863
USD/THB – U.S. Dollar / Thai Baht USDTHB 32.23 0.1243 1.0662 1.0662 -0.6167 -0.9222 -4.6732 -5.5918 -1.6479 32.22 32.45 33.17 54.55 -0.0848
USD/SEK – U.S. Dollar / Swedish Krona USDSEK 9.4378 -0.1787 1.0069 1.0069 -1.2474 -0.7383 -5.5139 -14.3873 -7.2899 9.4994 9.5435 10.01 54.32 -0.0356
USD/NOK – U.S. Dollar / Norwegian Krone USDNOK 10.03 0.0668 1.6529 1.6529 -0.9381 -0.2435 -4.3027 -11.4377 -5.1285 10.09 10.11 10.53 51.00 -0.0476
USD/DKK – U.S. Dollar / Danish Krone USDDKK 6.3914 -0.0750 0.9583 0.9583 -0.3378 0.1646 -7.4756 -10.8193 -4.6074 6.3907 6.4431 6.7152 42.93 -0.0185
USD/MXN – U.S. Dollar / Mexican Peso USDMXN 18.46 -0.0752 0.5277 0.5277 -1.0583 -2.2126 -8.9779 -10.5229 -5.9863 18.62 18.83 19.56 32.94 -0.0801
USD/PLN – U.S. Dollar / Polish Zloty USDPLN 3.6549 -0.0875 1.1468 1.1468 -0.0503 0.7834 -5.6356 -11.0096 -4.6758 3.6435 3.6718 3.8110 55.01 -0.0060
USD/HUF – U.S. Dollar / Hungarian Forint USDHUF 335.56 0.0394 1.8370 1.8370 -1.3125 -1.8250 -9.6871 -15.0493 -5.4267 338.10 343.93 361.88 41.83 -2.3325
USD/CZK – U.S. Dollar / Czech Koruna USDCZK 20.82 0.0831 1.0889 1.0889 -1.0586 -1.5121 -9.7941 -13.8005 -7.7460 20.93 21.24 22.34 51.10 -0.0922

exotics_normalized_3m_20250926_0732 Chart

The USD/TRY is currently exhibiting overbought conditions, with an RSI of 77.45 and a positive MACD of 0.1494, suggesting potential price corrections ahead. The moving averages indicate a strong bullish trend, yet caution is warranted due to the extreme RSI level. Conversely, the USD/ZAR and USD/MXN are in oversold territory, with RSIs of 41.35 and 32.94, respectively, coupled with negative MACD readings, indicating bearish momentum. These pairs may present buying opportunities as they approach support levels. Overall, market participants should closely monitor the USD/TRY for potential reversals while considering entry points in the oversold pairs.