Forex News
Kit Juckes at Societe Generale highlights that a proposed US diesel export ban would likely push up European diesel prices and weigh on the Euro and other European currencies. He points to rising bond yields and Oil prices as additional headwinds and questions whether consensus Eurozone growth forecasts will be revised lower if these pressures persist.
European currencies face energy headwinds
"The fact that banning exports may be about as effective a way of containing US diesel prices as tilting at windmills was for Don Quixote will not, however, prevent the policy from driving up diesel prices in Europe. In FX markets, there is only one major winner from such a policy: the dollar. The US may not benefit economically, but the euro, and probably most other European currencies, would suffer."
"However, in the midst of a global energy crisis, it is hard to imagine the US seeing growth slow signifiacntly, before Europe does. Consensus Eurozone growth forecasts ticked up to 1.3% in September, but will the next update bring a downward revision if bond yields and oil prices continue to rise for much longer?"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- The Indian Rupee falls to a fresh two-month low against the US Dollar amid surging US Treasury yields.
- Fed’s Kashkari expects one more interest rate hike this year and another in 2027.
- Strong US ADP Employment Change data has set a strong stage for the US NFP.
The Indian Rupee (INR) extends its weakness against the US Dollar (USD) on Thursday after a weak opening. The Indian currency faces selling pressure as United States (US) Treasury yields extend their rally, supporting the USD/INR pair to move higher to near 96.32, the highest level seen in two months.
During the day, the 10-year US Treasury yield is close to 5.31%, the highest level seen in near two decades.
Higher yields on US bond yields diminish the appeal of riskier assets, such as the Indian Rupee.
US Treasury yields extend rally as Fed continues to warn of persistent inflation risks
Yields on US bonds have rallied further as Federal Reserve (Fed) officials continue to warn of persistent inflation risks due to energy supply shocks.
Federal Reserve Bank of Minneapolis Neel Kashkari delivered a notably hawkish-leaning message, with the FXS Speechtracker score at 7.1 versus a 6.2 historical average, underscoring concerns that inflation near 3% remains too high and that resilient growth may signal policy is less tight than assumed. The emphasis on a potentially higher and elevated neutral rate, combined with guidance for one more hike this year and another in 2027, reinforces a narrative of prolonged restrictive policy that is broadly supportive of the US Dollar even as Kashkari still hopes to tame inflation with only modest action.
The FXS Fed Sentiment Index slipped by 0.42 points to 143.28, indicating a slight moderation in perceived hawkishness despite the strong tone of the speech. With the index firmly above the 100 neutral line, the Fed remains in clearly hawkish territory, and the small pullback suggests markets are adjusting expectations at the margin rather than fundamentally reassessing the policy stance highlighted by the FXS Speechtracker.
Fed policymakers remain concerned about energy supply shocks due to receded fears of US-Iran diplomacy since US President Donald Trump denied reports from Axios claiming Iran sanctions relief.
US NFP data in focus
The next major trigger for the US Dollar is the Nonfarm Payrolls (NFP) data for September, which will be published on Friday. Investors will closely track the US NFP data as it is expected to influence market expectations for the Fed’s monetary policy outlook.
Currently, the CME FedWatch tool shows a 62.4% chance that the Fed will leave interest rates unchanged at the policy meeting this month. The possibility of the Fed maintaining the status quo in October has improved from the 29% seen a week before.
Meanwhile, strong ADP Employment Change figures have set a positive tone for the official employment data. The data showed on Wednesday that the private sector created 90K fresh jobs, higher than the 70K estimate and the August reading of 36K.
Later in the day, investors will focus on the US ISM Manufacturing Purchasing Managers’ Index (PMI) data for September. The Manufacturing PMI is expected to arrive at 55.0, higher than 54.6 in August.
India rate path seen higher as Standard Chartered flags sticky inflation risks
Next week, the major trigger for the Indian Rupee will be the Reserve Bank of India's (RBI) monetary policy announcement on Wednesday.
Analysts at Standard Chartered expect India’s Monetary Policy Committee to begin tightening in October, projecting that the MPC will "hike the repo rate by 25bps to 5.50% in a unanimous vote at its 7 October announcement, followed by another 25bps increase in December." The bank notes that "September CPI inflation is likely to print at 5.7% y/y and rise to above 6% by the December MPC meeting," arguing that, with inflation mandated to remain within a "2-6% band" and a "medium-term target of 4%," "waiting until inflation exceeds 6% to deliver the first hike could create the perception that the MPC is falling behind the curve." Beyond its baseline view of "50bps of hikes by December," Standard Chartered also cautions that it "see[s] a risk of a further 25-50bps increase in the repo rate if inflationary pressures prove stickier than expected."
USD/INR Technical Analysis
USD/INR trades at 96.32 at the time of writting, retaining a bullish near-term bias as it holds above the 20-day Exponential Moving Average (EMA) at 95.76. The pair remains supported by this short-term trend indicator, while the Relative Strength Index (RSI) at 66 on the daily chart stays in positive territory without yet signaling overbought conditions, hinting that upside pressure could persist while the price respects this underlying support.
On the downside, the immediate technical floor is located at the 20-day EMA at 95.76, where dip-buying interest could emerge if the pair retreats from current levels. Looking up, the all-time high near 97.00 is the key hurdle.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Indian Rupee FAQs
The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee.
The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference.
Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee.
Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.
Brown Brothers Harriman’s Elias Haddad notes USD/JPY has surged to its 200-day moving average on broad Dollar strength, but expects the pair to trade within a 155.00–160.00 range near term. Japan’s Q3 Tankan and the Bank of Japan's (BOJ) Summary of Opinions suggest a high bar for faster tightening, with hawkish direction but cautious pace limiting upside for Japanese Yen.
High bar for faster BOJ tightening
"USD/JPY surged to its 200-day moving average at 158.49 on broad USD strength. We expect USD/JPY to hold within a 155.00-160.00 range in the near term."
"Japan’s Q3 Tankan survey and the BOJ’s September meeting Summary of Opinions suggests the bar for the BOJ to speed up its tightening cycle remains high. The Tankan all industries business conditions index improved to a 35-year high of 21 vs.18 in Q2, though businesses expect it to ease to 15 in Q4 and inflation expectations were broadly steady."
"Meanwhile, the Summary of Opinions was hawkish on direction but generally cautious on the pace. The Cabinet Office urging BOJ policymakers “to examine carefully the cumulative effects of past policy interest rate hikes” adds resistance to a faster hiking cycle."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Minneapolis Federal Reserve (Fed) President Neel Kashkari told Bloomberg on Thursday that if they keep raising rates, they will put different pressure on different parts of the economy, per Reuters.
Fed’s Kashkari delivers a moderately hawkish message, with a 5.4/10 FXS Speechtracker score that is slightly softer relative to the historical average of 6/10 but still signaling policy firmness. Emphasis on a surprisingly resilient economy, strong consumer spending, and a healthy labor market, alongside the prospect of a prolonged AI-driven investment cycle, reinforces the case for keeping rates elevated even as Kashkari acknowledges mounting pressure in housing-adjacent sectors and the notable gap between 2-year yields and short rates. The focus on inflation concerns over interest rates in the Minneapolis district underscores that price pressures remain front-of-mind, supporting a bias toward restrictive policy for the Dollar.
The FXS Fed Sentiment Index fell by 1.87 points to 141.41, indicating a modest pullback in perceived hawkishness compared to recent communications. However, with the index still well above the neutral 100 threshold, the Fed tone remains clearly hawkish despite the slight easing, suggesting that markets should continue to price a relatively firm policy stance for the Dollar even as expectations become marginally less aggressive.
Key takeaways
"Economy keeps surprising me how resilient it is."
"If AI proves to be as productive as expected the investment cycle could persist for a long time."
"Big gap between 2-year yield and short-rates."
"When markets have a view they're not shy about expressing them."
"Anything adjacent to housing is under a lot of pressure."
"Consumer spending is strong across economy."
"Labor market broadly is healthy, not just an AI economy."
"Diesel, availability of truckers are top of mind in Minneapolis district."
"I hear more about inflation broadly than about interest rates."
"Clearly not a wage-price spiral today."
"I don't think labor market pain is needed to achieve goal."
"FOMC atmosphere has been remarkably consistent under Chair Kevin Warsh."
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
- USD/JPY jumps to near 158.40 as the Japanese Yen underperforms its peers.
- Traders have trimmed hawkish BoJ bets after September’s SoP release.
- The US Dollar Index posts a fresh annual high near 102.00 due to surging US bond yields.
The Japanese Yen (JPY) underperforms its currency peers on Thursday, with the USD/JPY pair trading 0.55% higher to near 158.40. The Japanese currency trades lower as traders trim Bank of Japan (BoJ) interest rate hike expectations after the release of the Summary of Opinions (SoP) of the September policy meeting earlier in the day.
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.41% | 0.34% | 0.47% | 0.14% | 0.04% | 0.48% | 0.02% | |
| EUR | -0.41% | -0.07% | 0.04% | -0.30% | -0.37% | 0.05% | -0.39% | |
| GBP | -0.34% | 0.07% | 0.10% | -0.20% | -0.30% | 0.13% | -0.31% | |
| JPY | -0.47% | -0.04% | -0.10% | -0.33% | -0.43% | -0.01% | -0.44% | |
| CAD | -0.14% | 0.30% | 0.20% | 0.33% | -0.08% | 0.33% | -0.11% | |
| AUD | -0.04% | 0.37% | 0.30% | 0.43% | 0.08% | 0.45% | 0.01% | |
| NZD | -0.48% | -0.05% | -0.13% | 0.00% | -0.33% | -0.45% | -0.41% | |
| CHF | -0.02% | 0.39% | 0.31% | 0.44% | 0.11% | -0.01% | 0.41% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Yen slides as BoJ summary tempers near-term hike expectations
Analysts at MUFG note that the Yen was “the biggest mover overnight,” weakening by “around 0.5% against the US Dollar,” which “has lifted USD/JPY up to a high of 158.44.” They attribute the move primarily to the release of the “Summary of Opinions from the latest BoJ policy meeting from 17th-18th September,” which “appears to have disappointed some market participants who were looking for a stronger signal that the BoJ were open to another hike as soon as next month.”
According to MUFG, the publication “has prompted the Japanese rate market to scale back BoJ hike expectations.” They highlight that “at the start of this week, the Japanese rate market had been pricing in around 10bps of hikes by the October policy meeting and that has now dropped to around 5bps.” MUFG argues that this repricing “fits with our view that another hike as soon as next month remains unlikely given that the BoJ had just sped up the pace of hikes this month and signalled that it is likely to continue hiking rates every three months.” In line with that guidance, MUFG reiterates: “We expect another hike by the end of this year in December.”
Meanwhile, soaring US Dollar due to firm United States (US) Treasury yields is also strengthening the pair. In the European session, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, posts a fresh yearly high near 102.00.
USD/JPY Technical Analysis
USD/JPY trades at 158.17 at the time of writting. The pair holds above the 20-period Exponential Moving Average (EMA) at 157.23, keeping the near-term bias constructive as price respects trend support. The Relative Strength Index (RSI) at 54 on the daily chart sits in positive territory, suggesting steady bullish momentum rather than overbought conditions.
On the downside, immediate support is seen at the 20-day EMA around 157.23, which protects the recent advance and acts as the key level to maintain the bullish tone. A daily close below this moving average would hint at a deeper corrective phase toward lower levels, while as long as USD/JPY stays above it, buyers are likely to retain control of the short-term trend.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Economic Indicator
BoJ Summary of Opinions
This report includes the BOJ's projection for inflation and economic growth. It is scheduled 8 times per year, about 10 days after the Monetary Policy Statement is released.
Read more.Last release: Wed Sep 30, 2026 23:50
Frequency: Irregular
Actual: -
Consensus: -
Previous: -
Source: Bank of Japan
- NZD/USD tests support at 0.5600 after dropping about 6% over the last six weeks.
- Risk aversion, rising Oil prices, and higher US yields are hammering the Kiwi this week.
- Technical indicators suggest that the bearish cycle is overstretched
The New Zealand Dollar (NZD) keeps depreciating against the US Dollar (USD) on Thursday, hammered by a perfect storm of risk aversion, high Oil prices, and escalating US Treasury yields that have boosted the Greenback across the board. Against this background, the NZD/USD pair has hit fresh year-to-date (YTD) lows at 0.5599 on Thursday, after dropping nearly 6% in a six-week selloff.
The yield for the benchmark 10-year note has reached fresh 24-year highs above 5.30% on Thursday as the stalled Middle East conflict keeps boosting global inflation via energy prices. The yield of the 30-year bond hit 5.65%, also its highest level since May 2002, while the two-year yield remains steady at 4.90% despite fading hopes of a Federal Reserve (Fed) rate hike in October.
Beyond that, Crude prices have jumped higher, as the US-Israel war against Iran enters its seventh month. The price of a barrel of Brent Oil wavers around the key $100 level, posing a significant strain for oil-importing countries like New Zealand.
Technical Analysis: Heavily oversold levels warn caution
NZD/USD trades at 0.5606, after an extended bearish phase which has pushed the Relative Strength Index (14) to heavily oversold levels in most timeframes. The daily RSI is just above 20, while the Moving Average Convergence Divergence (MACD) line remains well below zero, both at levels that often lead to some correction.
The psychological 0.5600 area is holding bears for now, although upside attempts remain muted, which keeps the November 2025 low at 0.5580 and the 127.2% Fibonacci retracement of the June-August rally at 0.5525 on the bears' focus. A bullish reaction, on the other hand, is likely to be tested at the previous YTD low of 0.5625 ahead of the weekly high, near 0.5690.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
New Zealand Dollar Price This week
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies this week. New Zealand Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.69% | -0.02% | 0.38% | 0.72% | 0.87% | 0.80% | 0.82% | |
| EUR | -0.69% | -0.77% | -0.27% | 0.00% | 0.19% | 0.09% | 0.11% | |
| GBP | 0.02% | 0.77% | 0.31% | 0.74% | 0.92% | 0.82% | 0.84% | |
| JPY | -0.38% | 0.27% | -0.31% | 0.24% | 0.44% | 0.34% | 0.33% | |
| CAD | -0.72% | -0.00% | -0.74% | -0.24% | 0.20% | 0.06% | 0.11% | |
| AUD | -0.87% | -0.19% | -0.92% | -0.44% | -0.20% | -0.10% | -0.08% | |
| NZD | -0.80% | -0.09% | -0.82% | -0.34% | -0.06% | 0.10% | 0.02% | |
| CHF | -0.82% | -0.11% | -0.84% | -0.33% | -0.11% | 0.08% | -0.02% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Brown Brothers Harriman’s Elias Haddad highlights a resilient US economy underpinning Dollar strength, with the DXY at new cyclical highs. Upward revisions to US Q2 GDP and strong Q3 estimates from the Atlanta Fed GDPNow model support the constructive outlook.
Strong data backs broader USD gains
"USD is up across the board, with the DXY index making new cyclical highs. Resilient US economic activity, improving labor demand, and sticky inflation back the nearly 100bps of Fed funds rate hikes priced over the next twelve months."
"US Q2 real GDP (third and final estimate) was revised 0.7ppt higher to 2.2% SAAR, reflecting upward revisions to domestic demand activity."
"The US growth outlook remains encouraging. The Atlanta Fed GDPNow model estimates annualized real GDP growth of 3.7% in Q3 supported by robust consumer spending. Real personal consumption rose 0.6% m/m in August vs. 0.1% in July."
"Inflation remains uncomfortably high above the Fed’s 2% target. Headline PCE was 3.4% y/y vs. 3.4% in July (revised down from 3.7%) and core PCE remained at 3.0% y/y vs. 3.0% in July (revised down from 3.3%)."
"USD gains are tracking widening US-G6 interest rate differentials. Tightening by other major central banks limits policy divergence with the Fed. However, US economic growth outperformance and strong foreign appetite for US securities can keep USD risks skewed to the upside."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Here are comments delivered by United States (US) Donald Trump in an interview with Time Magazine.
Remarks
They want to make a deal, but I want to make the real deal.
I liked Anthropic CEO Amodei a lot.
Some forms of ammunition are a little bit lower.
We'll soon be filling up strategic oil reserves.
High rates hurting economy more than inflation.
Certain levels of inflation help pay off debt.
Market reaction
No immediate reaction is seen in global markets or key assets after the release of US President Trump’s remarks.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
- GBP/USD reverses Wednesday's gains and hits fresh three-month lows at 1.3193 on Thursday.
- UK S&P Global Manufacturing PMI has been revised lower, amid weak output growth.
- The US Dollar outperforms its peers as long-term US Treasury yields hit fresh 24-year highs.
The British Pound (GBP) heads lower against the US Dollar (USD) on Wednesday, with the GBP/USD pair hitting three-month lows just below 1.3200 ahead of the US session opening. A dismal market mood, with Brent Oil prices returning above $100 coupled with surging US Treasury yields, is buoying the US Dollar, while soft UK manufacturing activity data has failed to support the Pound.
US Treasury yields have crawled higher on Thursday, with the yield of the benchmark 10-year note hitting 24-year highs above 5.30% as the stalemate in the Middle East conflict keeps boosting energy prices and pushing global inflation higher.
The yield for the 30-year note hit another multi-decade high, at 5.68&, while the 2-year yield, closely related to Federal Reserve (Fed) interest rates, remains steady around 4.90% despite cooling hopes of a rate hike in October.
Soft US inflation data fails to dent US Dollar's rally
Personal Consumption Expenditures (PCE) Price Index data from the US released on Wednesday revealed that inflationary pressures rose less than expected in August, while July's reading was revised lower. This prompted markets to dial down bets of another rate hike in October to a 37% chance, from nearly 70% one week ago, according to data by the CME’s FedWatch Tool.
In the UK, the final S&P Global Purchasing Managers’ Index, released earlier on Thursday, has been revised slightly lower, to a 51.9 reading in September, from preliminary estimations of 52.0. The report highlights the weakest output growth in the last six months, with orders and exports growing moderately but with demand slowing amid higher energy prices
Analysts at Rabobank point to a marked deterioration in speculative positioning on the Pound, noting that "GBP net shorts have also increased by more than 40% to their highest level since August." Rabobank adds that "GBP has weakened in line with the recent oil-driven USD rally," underscoring the negative speculative sentiment toward the Pound.
(This story was corrected at 011:15 GMT on October 1 to say in the fourth paragraph that the US PCE Price Index report released on Wednesday was August's, and not September's, as previously reported.)
Economic Indicator
S&P Global Manufacturing PMI
The Manufacturing Purchasing Managers Index (PMI), released on a monthly basis by S&P Global, is a leading indicator gauging business activity in the UK’s manufacturing sector. The data is derived from surveys of senior executives at private-sector companies. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the Pound Sterling (GBP). Meanwhile, a reading below 50 signals that activity among goods producers is generally declining, which is seen as bearish for GBP.
Read more.Last release: Thu Oct 01, 2026 08:30
Frequency: Monthly
Actual: 51.9
Consensus: 52
Previous: 52
Source: S&P Global
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