A lower reference rate alongside unchanged macro evidence
1.1460 USD per EUR
-0.18% from the previous reference · 18 Sept 2026Daily briefing
Today’s market briefing
The latest ECB reference observations show a lower EUR/USD and a higher USD/JPY than the preceding observation. The tracked policy, inflation, labour and GDP figures are unchanged from the preceding briefing. These are dated reference rates, not weekend trading prices.
The current assessmentReference rates diverge while the macro backdrop holds
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 higher reference rate, with the policy comparison still dated
157.888 JPY per USD
+1.41% from the previous reference · 18 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
The weekly backdrop: policy gaps and mixed economic momentum
Daily updates focus on changed evidence. Weekly briefings bring the policy and economic backdrop together.