A daily rebound within a lower reference rate since the last briefing
1.1403 USD per EUR
+0.32% from the previous reference · 25 Sept 2026Daily briefing
Today’s market briefing
EUR/USD and USD/JPY reference rates are both lower than the observations in the preceding briefing. Japan’s latest BIS policy observation has a newer date but the same reported rate. The tracked inflation, labour and GDP figures are unchanged. The charts end on their stated reference date, not the publication date.
The current assessmentReference rates have moved; policy levels have not
What changed
No material change in the tracked macro observations since the preceding briefing. Reference-rate charts may contain a newer daily observation.
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A lower reference rate alongside unchanged reported policy levels
157.590 JPY per USD
-0.80% from the previous reference · 25 Sept 2026Underneath each currency
USD · United States
A higher policy range, with slower quarterly growth
The higher target range matters for relative policy comparisons. The latest quarterly growth estimate also shows that the pace of expansion has slowed from the preceding quarter.
EUR · Euro area (21 countries)
Policy tightened as annual inflation rose
The latest annual inflation reading is higher than the preceding month. The quarterly GDP series also shows a pickup from the preceding quarter, providing economic context alongside the policy change.
JPY · Japan
Positive growth and lower unemployment, with policy data lag
Quarterly output expanded and unemployment fell in the latest monthly comparison. These are useful domestic conditions to read alongside the last reported policy rate.
A longer view
Policy gaps persist alongside uneven growth
Daily updates focus on changed evidence. Weekly briefings bring the policy and economic backdrop together.