HUNGARY: "*HUNGARY CABINET TO APPROVE DRAFT BUDGET MID-OCTOBER: KARMAN" - BBG

We have published the MNI ECB Preview, found here: https://media.marketnews.com/ECB_Preview_Sep2026_2f62c59fa6.pdf

• See the report for MNI analysis on what to watch across Thursday's suite of communications
• A detailed review of pertinent ECBspeak
• Key macro developments since the last ECB meeting
• A snapshot of 30 analyst views

• Despite the USD trading with a more constructive tone across the European morning, we have had a decent turnaround heading into the US cash equity open. This leaves the USD index a touch lower on the session, and down 0.3% on the week.
• Amid the ongoing volatility for the Japanese yen, USDJPY has had a notable pull lower from the 154.42 recovery high and now trades back at 153.85. Earlier session lows of 152.89 will remain the first point of note on the downside, before a well flagged area of technical significance just below the 152 handle.
• Latest greenback weakness allows NZDUSD to trim intra-day declines, although AUDNZD remains within 15pips of the recent cycle highs and highest level since 2013. Markets will be paying attention to price action around this level which represents the 61.8% retracement of the 2011-2020 price range.
• For AUDUSD specifically, price has made fresh recovery highs above 0.7225 in recent trade. This maintains the bullish price sequence of higher highs and higher lows as spot continues to narrow the gap to the May/cycle highs of 0.7278.

• Greene was asked if she was drawing a different conclusion on whether there was time to wait due to different starting points or assessments of the neutral rate and she confirms she thinks this is the case: "I do think we have a different perspective about our starting point. So, whereas some of my colleagues felt reassured that the disinflationary process was underway, you know, at a pace that was acceptable to them, I was more worried about it."