Societe Generale notes the Korean Won has been one of Asia’s standout performers, with USD/KRW slipping from around 1,390 to 1,360 as local exporters sold Dollars ahead of the Chuseok holiday.

USD/CHF holds firm on Friday even as the US Dollar (USD) pulls back slightly after a strong weekly rally. The move has done little to lift the Swiss franc (CHF), with the pair hovering around 0.8285, near levels last seen in May 2025. USD/CHF is on track for a fourth consecutive weekly gain.

UOB’s Quek Ser Leang and Lee Sue Ann note that USD/CHF has surged over the past two days, with strong momentum pointing to further Dollar strength. However, they stress that deeply overbought conditions are likely to cap upside to the 0.8305–0.8330 area.

NZD/USD trades around 0.5665 on Friday at the time of writing, virtually unchanged on the day, as the New Zealand Dollar (NZD) struggles to capitalize on a moderate decline in the US Dollar (USD).

The Pound Sterling trims some of its weekly losses, gaining over 0.18% against the US Dollar on Friday as the US Dollar takes a breather, even as US Treasury yields continue to rise.

Societe Generale’s Morning Briefing reports EUR/USD traded between 1.1359 and 1.1387 overnight and is on course for a second weekly drop. The defence of the 100‑week moving average at 1.1356 and oversold technicals suggest the correction may have run its course for now.

EUR/USD edges higher on Friday as the US Dollar pauses after a strong weekly rally, allowing the Euro to recover some ground. However, the pair remains on track for a third consecutive weekly decline.

AUD/USD edges higher on Friday, trading around 0.7025 at the time of writing, up 0.20% on the day.

Brown Brothers Harriman’s (BBH) Elias Haddad reports that Banxico left its policy rate at 6.50% for a third consecutive meeting and removed prior guidance to keep it fixed, while stressing it does not need to match expected Federal Reserve hikes.

UOB’s Quek Ser Leang and Lee Sue Ann note USD/JPY has risen for five straight sessions to 158.83, with momentum still positive but indicators deeply overbought.

Commerzbank’s Thu Lan Nguyen notes that the Fed’s unanimous September rate hike has temporarily restored its credibility and supported the Dollar, prompting a lower EUR/USD year-end forecast to 1.15 from 1.17.

USD/CAD trades little changed on Friday as the US Dollar (USD) pulls back slightly after a strong rally this week. The pause in the Greenback and Treasury yields has offered little relief to the Canadian Dollar (CAD), leaving it on track for a second consecutive weekly decline.

Societe Generale reports USD/INR has repeatedly tested 96.00 but failed to break higher as the Reserve Bank of India (RBI) maintained a visible presence in the FX market through interventions.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that political comments from US and Japanese leaders helped push USD/JPY back below its 200-day moving average.

UOB’s Quek Ser Leang and Lee Sue Ann observe that AUD/USD extended its recent slide to 0.7006, with positive divergence hinting at slowing momentum but not yet a clear base.

Commerzbank’s Michael Pfister and Norman Liebke describe how Swedish government tax and fuel measures have temporarily suppressed inflation, keeping the Riksbank on hold at 1.75% with hikes only expected late in the year.

EUR/GBP trades flat around 0.8600 on Friday and is heading for a weekly gain as the Bank of England’s (BoE) wait-and-see stance weighs on the British Pound (GBP). The BoE has remained on hold so far this year, leaving its benchmark rate unchanged at 3.75% at last week’s meeting.

The Japanese Yen pares losses against the US Dollar (USD) on Friday, as Japanese yields escalate, narrowing the gap with Treasury yields, while Japan’s Finance Minister (FM)  Satsuki Katayama defended the independence of the Bank of Japan (BoJ).

Francesco Pesole at ING sees EUR/USD downside risks persisting, with the 1.1320–1.1330 area as key support that could be tested quickly on stronger US data or another sharp Oil move higher.

UOB’s Quek Ser Leang and Lee Sue Ann report that GBP/USD extended its sharp decline to 1.3205, leaving conditions deeply oversold but with the bias still pointing lower.

UOB’s Quek Ser Leang and Lee Sue Ann highlight that EUR/USD extended its recent slide to 1.1358, leaving conditions deeply oversold.

The British Pound (GBP) recovers some of its early losses against the Japanese Yen (JPY) during the European trading session on Friday, but is still down around 0.17% to near 209.45.

The Australian Dollar (AUD) ticks up against the US Dollar (USD) on Friday but remains on track to a 1.3% weekly decline, to complete a three-week losing streak.

The British Pound (GBP) trades with caution against its major currency peers on Friday. Against the US Dollar (USD), it is marginally up at around 1.3220 during the European session, but is close to its almost three-month low of 1.3200.

The Euro (EUR) remains practically flat against the US Dollar on Friday, trading within a tight range around 1.1380, after dropping 0.8% this week and nearly 2% over the last two weeks.

NZD/USD holds gains after experiencing volatility, trading around 0.5660 during European hours on Friday. The currency pair holds gains as the US Dollar (USD) struggles despite market caution amid persistent hawkish sentiment surrounding the Federal Reserve’s monetary policy outlook.

Here is what you need to know on Friday, September 25:

The Euro (EUR) remains practically flat, just below three-month highs against the British Pound (GBP) on Friday, despite the downbeat German consumer confidence data released earlier in the day.

EUR/CAD gains ground for the second successive day, trading around 1.6110 during early European hours on Friday.

ING’s Francesco Pesole explains that the Swiss National Bank held rates but surprised dovishly, downplaying second-round inflation effects and tweaking its FX stance.