Daily Market Report
09/15/2026
EUR/USD ranged in the mid 1.15s overnight. The Euro (EUR) remains on the defensive against the US Dollar (USD) as investors brace for the first interest rate hike by the US Federal Reserve (Fed) after three years. Mixed Eurozone economic sentiment and trade balance figures have failed to lift the EUR/USD, which trades just above monthly lows near 1.1520, after having depreciated for the last four days.
The US Dollar, on the other hand, remains buoyed by rising bets of a Federal Reserve (Fed) quarter-point hike on Wednesday. According to ING Analyst Francesco Pesole, “yesterday, the dollar finally caught up with the tailwinds we’ve highlighted over the past couple of weeks: supported front-end rates, high oil prices, and a soft risk environment.”
Looking ahead, Pesole expects some consolidation in the very near term, suggesting the Dollar “may stay in tighter ranges until the FOMC delivers its verdict tomorrow evening,” and appreciate further later on, as “the broader backdrop keeps the odds in favor of further dollar gains.”
The British Pound (GBP) reflects a mixed performance against its currency peers after the release of the United Kingdom (UK) labor market data for three months ending July.
The Office for National Statistics (ONS) reported that the economy created 67K fresh jobs, lower than 83K in three months ending June. The ILO Unemployment Rate remained steady at 4.9%, while it was expected to increase to 5%.
Average Earnings Excluding Bonuses, a key measure of wage growth, rose steadily by 3.5% Year-on-Year (YoY), as expected. The wage growth measure Including Bonuses also grew in line with estimates of 3.9%, slower than the previous reading of 4.2%, revised higher from 4.1%.
USD/JPY trades at 154.87, maintaining a bearish near-term bias as it holds below the neckline of a bearish Head & Shoulders (H&S) pattern at 155.20. Momentum indicators on the daily chart have turned higher but remain within bearish territory, with the Relative Strength Index (RSI) at 37.70, while the Moving Average Convergence Divergence (MACD) is below zero, reinforcing the idea that rallies are still likely to face selling pressure.
The market is showing a mild correction from oversold levels that might lead to a confirmation of the H&S pattern with a failure at the mentioned 155.20. If that level is broken. The next targets are the September 4 high, near 156.75, and the 200-day Simple Moving Average (SMA), at 158.40.
A rejection at 155.20 on the contrary, brings the January and February lows, at the 152.20 area, back into focus. The H&S’s measured target lies near the October 2025 low in the 146.60 area.
Source: FX Street