US CPI and ECB Decision Put Inflation Back at the Center of FX Markets

Highlights of the week

• US CPI will drive Fed pricing and USD.
• The ECB decision will set the next EUR rate signal.
• UK and Japan GDP will test growth resilience.

What Now

Inflation is the week’s main FX driver. A stronger US CPI would lift Treasury yields and support USD while pressuring gold and equities; softer CPI would strengthen easing expectations. Cooling PPI will provide an early signal. In Europe, inflation at 3.3 percent keeps the ECB under pressure to stay hawkish. UK GDP and Japan Q2 growth remain secondary drivers for GBP and JPY.

Market Events and Announcements (GMT+3)

Monday, September 7, 2026

• All Day – Canada (CAD) – Labor Day holiday
• All Day – United States (USD) – Labor Day holiday

Tuesday, September 8, 2026

• 02:50 – Japan (JPY) – GDP Growth Rate QoQ for Q2, forecast 0.30 percent, previous 0.50 percent

Wednesday, September 9, 2026

• 20:00 – United States (USD) – 10-Year Note Auction, previous 4.683 percent

Thursday, September 10, 2026

• 09:00 – Germany (EUR) – CPI MoM Final for August, previous 0.20 percent
• 15:15 – Eurozone (EUR) – Deposit Facility Rate for September, previous 2.25 percent
• 15:15 – Eurozone (EUR) – ECB Interest Rate Decision for September, previous 2.40 percent
• 15:30 – United States (USD) – PPI MoM for August, previous 0.00 percent
• 15:30 – United States (USD) – Initial Jobless Claims
• 15:45 – Eurozone (EUR) – ECB Press Conference
• 17:00 – United States (USD) – Existing Home Sales for August, previous 4.06M

Friday, September 11, 2026

• 09:00 – United Kingdom (GBP) – GDP MoM for July, previous 0.30 percent
• 15:30 – United States (USD) – CPI MoM for August, previous 0.10 percent
• 15:30 – United States (USD) – CPI YoY for August, previous 3.40 percent
• 15:30 – United States (USD) – Core CPI MoM for August, previous 0.20 percent