MNI EUROPEAN OPEN: Japan Exports Down Y/Y For 4th Month

Sep-17 2025 05:23By: Jonathan Cavenagh

Europe

EXECUTIVE SUMMARY

TIKTOK BUYERS TO INCLUDE ORACLE, SILVER LAKE AND ANDREESSEN - BBG
MIRAN SWORN IN AS FED BOARD GOVERNOR BY JUDGE - MNI BRIEF
JAPAN AUG EXPORTS POST 4th STRAIGHT DROP - MNI BRIEF
TRUMP'S CHINA TRIP MAY HINGE ON BOEING AND SOYBEAN DEALS, SOURCES SAY - SCMP

Fig 1: Japan Export Growth Remains Negative, Growth To US Slows Further

Source: MNI - Market News/Bloomberg/Refinitiv.

INVESTMENT (BBG): “Microsoft Corp., OpenAI and other American companies announced plans to spend tens of billions of dollars on technology infrastructure in the UK, part of a series of business deals that coincide with President Donald Trump’s visit to the nation this week.”

TARIFFS (BBG): “The UK has quietly shelved its talks with the US aimed at eliminating tariffs on British steel, in a blow to the industry which has been waiting months for the removal of the 25% levy.”

US (BBC): “President Donald Trump has arrived in the UK for his historic second state visit, which will see a crowded mix of royal pageantry, trade talks and international politics. Before making the trip from the US on Air Force One, Trump sent positive signals, describing the visit as an honour and saying: "My relationship is very good with the UK."”

CAPEX (POLITICO): “U.S. tech companies unveiled £31 billion of investments in Britain Tuesday, timed for the arrival of President Donald Trump on his second state visit to the country.”

CARBON PRICES (MNI): The European Parliament is likely to take steps to reduce the impact on consumers and companies of ETS2 carbon pollution charges set to be imposed on residential heating, road transport and small businesses from 2027, following heavy lobbying by member states including Germany worried by a potential surge in fuel prices, European officials and parliamentarians told MNI.

ECB (BBG): “The European Central Bank must stand ready to act on interest rates, with uncertainty persisting despite inflation being under control, Governing Council member Jose luis Escriva said.”

EU/CHINA (RTRS): “European firms are expecting more shutdowns and suffering losses as Beijing continues to hold a tight grip on rare earth exports despite a July agreement to fast-track shipments to the bloc, the European Union Chamber of Commerce in China said on Tuesday.”

EU (POLITICO): “The EU plans to propose sanctions on more Chinese companies linked to the Kremlin’s war effort this week, as part of a diplomatic charm offensive to persuade U.S. President Donald Trump to finally press Russia to end the war in Ukraine.”

EU (POLITICO): “A European lawmaker who led a failed no-confidence vote against Ursula von der Leyen is suing her for defamation because he says she implied he was taking orders from Russia.”

ENERGY (DW): “Gas Infrastructure Europe, the gas operators' association, reports that European Union gas reserves are at just over 80% [September 15, 2025] — lower than the 90% cushions of the last few years but stronger than 2021.”

FED (MNI BRIEF): White House economic adviser Stephen Miran was sworn in Tuesday as a member of the Board of Governors of the Federal Reserve System, just before the start of a Federal Open Market Committee meeting that is expected to end in an interest rate cut.

US/CHINA (BBG): “TikTok’s US operations would be acquired by an investor consortium that includes Oracle Corp., Andreessen Horowitz and private equity firm Silver Lake Management LLC under a framework deal that President Donald Trump is set to discuss with Chinese President Xi Jinping later this week.”

US/CHINA (SCMP): "'Significant progress' made on plans since Beijing's invitation to US leader for formal state visit China and the United States are in the "final stage" of negotiations for a state visit to Beijing by US President Donald Trump, with bulk purchases of American goods a critical part of the deliverables, the South China Morning Post has learned."

OTHER

JAPAN (MNI BRIEF): Japan’s exports fell for a fourth straight year-on-year decline in August, down 0.1% after July’s 2.6% drop, as shipments of automobiles and iron, and steel products were hit by U.S. tariffs, Ministry of Finance data showed Wednesday.

JAPAN (BBG): “Japanese carmakers said they will strive to keep up the positive cycle of wage growth as a recent trade deal with the US enables the industry to avoid “catastrophic” impact from the Trump administration’s tariff campaign.”

NEW ZEALAND (BBG): NZ’s Willis Says Economic Growth Is Picking Up After 2q stutter

MIDDLE EAST (BBG): “ Israel started a long-threatened push into the heart of Gaza City after US President Donald Trump’s top diplomat warned Hamas there’s a “very short window” for negotiations to end the war.”

CHINA

STOCKS (CSJ): “Turnover in Chinese stocks has remained elevated, signaling a potentially sustainable bull run supported by ample liquidity, China Securities Journal reported.”

STOCKS (SHANGHAI SECURITIES NEWS): “Overseas institutional investors have been conducting intensive research on A-share listed companies since the second half of this year, Shanghai Securities News reported.”

FISCAL (NPC): “China will enhance the management of ultra-long-term special government bonds, improve coordination with government investment funds and strengthen repayment mechanisms, according to a report from the National People’s Congress.”

MNI: PBOC Net Injects CNY114.5 Bln via OMO Wednesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY418.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY114.5 billion after offsetting maturities of CNY304 billion today, according to Wind Information

The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.5173% at 10:29 am local time from the close of 1.4978% on Tuesday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 51 on Tuesday, compared with the close of 48 on Monday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.1013 Weds; -1.33% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1013 on Wednesday, compared with 7.1027 set on Tuesday. The fixing was estimated at 7.1027 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND Q3 WESTPAC CONSUMER CONFIDENCE 90.9; Q2 91.2

NEW ZEALAND Q2 CURRENT ACCOUNT DEFICIT NZ$0.97B; EST. -NZ$2.70B; Q1 -NZ$0.71B
NEW ZEALAND YTD Q2 CURRENT ACCOUNT DEFICIT 3.7% OF GDP; EST. -4.8%; Q1 -4.2%

AUSTRALIA AUG. WESTPAC LEADING INDEX -0.04% M/M; JUL. +0.13%

JAPAN AUG. EXPORTS -0.1% Y/Y; EST. -2.0%; JUL. -2.6%
JAPAN AUG. IMPORTS -5.2% Y/Y; EST. -4.1%; JUL. -7.4%
JAPAN AUG. TRADE DEFICIT Y242.5B YEN; EST. -Y512.6B; JUL. –Y118.4B
JAPAN AUG. ADJUSTED TRADE DEFICIT Y150.13B; EST. -Y341.3B; JUL. –Y292.8B

MARKETS

US TSYS: Quiet Session, Looking Toward FOMC

The TYZ5 range has been 113-15 to 113-18+ during the Asia-Pacific session. It last changed hands at 113-17+, down 0-00+ from the previous close.

The US 2-year yield is trading 3.503%.
The US 10-year yield has edged lower trading around 4.022%, down 0.01 from its close.
10-Year Yields continue to do work just above 4.00% as the market looks towards the FOMC tomorrow morning. The first buy-zone is now back towards the 4.20% area where I suspect decent demand should return initially. A sustained break through 4.00% is needed for the focus to then turn towards the 3.80% area. The market does seem confident and is pricing in a dovish outcome, the risk is Powell does not deliver.
Luke Gromen on X: “The weaker the USD gets, the better the LT UST auctions get. It is taking a bit more USD downside to get good auctions than it used to, it seems. Where things get more interesting is when the lagged impact of the weaker USD begins to show up in inflation readings. Let's watch.”
Nick Timiraos on X: “The Fed is expected to cut rates by 25 bps on Wednesday, with all eyes on how many officials pencil in three cuts for the year, implying consecutive cuts in October and December. A walkup to an FOMC meeting unlike any in recent memory.”
Data/Events: MBA Mortgage Applications, Housing Starts, FOMC Rate Decision

Fig 1: 10-Year US Yield Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

JGBS: Market Strengthens After 20Y Auction, Japan's Exports Hit By Tariffs

JGB futures are stronger, +9 compared to the settlement levels, after today’s 20-year auction.

The 20-year JGB auction delivered solid results across key metrics. The low price outperformed dealer forecasts, which were set at 97.80 according to a Bloomberg poll. Moreover, the cover ratio jumped to 3.9974x from 3.0853 in the previous outing and the auction tail shortened to 0.10 from 0.13.
MNI Brief: Japan's exports fell for a fourth straight year-on-year decline in August, down 0.1% after July's 2.6% drop, as shipments of automobiles and iron, and steel products were hit by U.S. tariffs.
Cash US tsys are little changed in today's Asia-Pac session ahead of today's FOMC decision.
Nick Timiraos on X: "The Fed is expected to cut rates by 25 bps on Wednesday, with all eyes on how many officials pencil in three cuts for the year, implying consecutive cuts in October and December. A walk-up to an FOMC meeting unlike any in recent memory."
Cash JGBs are little changed across benchmarks apart from the benchmark 20-year yield, which is 1.5bps lower at 2.651%.
Swap rates are 1bp lower to 1bp higher, with a flattening bias. Swap spreads are mixed.
Tomorrow, the local calendar will see Core Machine Orders and Tokyo Condominiums for Sale. The BoJ also starts its 2-day policy meeting.

AUSSIE BONDS: Subdued Session Ahead Of The FOMC Decision

ACGBs (YM +0.5 & XM flat) are little changed on a data-light session

Westpac's lead index signalled slowing growth in August with the 6-month annualised rate turning negative (-0.16% down from July's +0.11%) for the first time since September 2024.
Cash ACGBs are little changed with the AU-US 10-year yield differential at +19bps.
The latest round of ACGB Dec-35 supply saw the weighted average yield print 0.26bp through prevailing mids (per Yieldbroker). However, today’s cover ratio fell dramatically to 2.1583x from 3.2417x. The AOFM plans to sell A$1000mn of the 1.00% 21 December 2030 bond on Friday.
The bills strip is slightly weaker.
RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut in September is given a 9% probability, with a cumulative 28bps of easing priced by year-end (based on an effective cash rate of 3.60%).
Tomorrow, the local calendar will see August jobs data. Employment is forecast to rise 21k after July's +24.5k, with the unemployment rate expected to remain at 4.2%. It will also be important to monitor underemployment, the split between full-time & part-time and hours worked. The RBA is currently expected to leave rates unchanged on September 30 as it waits for Q3 CPI on October 29.

BONDS: NZGBS: Closed With A Modest Bull-Steepener

NZGBs closed showing a moderate curve steepener, with benchmark yields 1-3bps lower.

(Bloomberg) Inflation-adjusted New Zealand existing home sales average price NSA fell 3.2% in August from the same period last year, according to Bloomberg calculations using official data.
Cash US tsys are little changed in today's Asia-Pac session ahead of today’s FOMC decision.
Nick Timiraos on X: "The Fed is expected to cut rates by 25 bps on Wednesday, with all eyes on how many officials pencil in three cuts for the year, implying consecutive cuts in October and December. A walk-up to an FOMC meeting unlike any in recent memory."
Swap rates closed flat to 2bps lower, with a steeper 2s10s curve.
RBNZ dated OIS pricing closed slightly softer across meetings. 23bps of easing is priced for October, with a cumulative 42 bps by November 2025.
The focus tomorrow will be on the Q2 GDP data release. Bloomberg consensus is in line with the RBNZ's August forecast of -0.3% q/q, bringing the annual rate to flat after declining 0.7% y/y in Q2. 25bp rate cuts are expected at both the October 8 and 26 November meetings.
On Thursday, the NZ Treasury plans to sell NZ$225mn of the 4.50% May-30 bond and NZ$225mn of the 4.25% May-34 bond.

FOREX: Asia FX Wrap - The Market Is Going Into The FOMC Short USD's

The BBDXY has had a range of 1187.79 - 1189.50 in the Asia-Pac session; it is currently trading around 1189, +0.02%. The USD’s move lower gained pace overnight breaking below its recent support around 1195/97, first target is the year's lows back towards 1180. A sustained break below 1180 would be extremely bearish, should the USD start another leg lower it would have big implications for FX and potentially see a lot of the recent ranges in G10 broken. The market is clearly going into the FOMC short the USD so there is some obvious danger of disappointment, but if the market gets the dovish cut it's looking for the USD could be poised for its next big leg lower.

EUR/USD - Asian range 1.1851 - 1.1873, Asia is currently trading 1.1855. The pair is making new highs heading into the FOMC as the USD breaks down. Should this break be sustained after the FOMC the first target is 1.2000 then the 1.2200/2300 area.
GBP/USD - Asian range 1.3639 - 1.3659, Asia is currently dealing around 1.3645. The pair is probing the top-end of its recent 1.3350-1.3650 range, price action suggests it may be looking to break these highs and reassert its momentum higher. A sustained break above 1.3650 will initially target the year's highs just below 1.3800, through here it would open a move back to the 1.4200/1.4300 area.
USD/CNH - Asian range 7.1004 - 7.1077, the USD/CNY fix printed 7.1013, Asia is currently dealing around 7.1050. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
Cross asset : SPX -0.05%, Gold $3681, US 10-Year 4.024%, BBDXY 1189, Crude Oil $64.43
Data/Events : EZ CPI

Fig 1: BBDXY Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap - USD/JPY Pressing 146.00 Support Into FOMC

The USD/JPY range has been 146.21 - 146.61 in the Asia-Pac session, it is currently trading around 146.50, +0.03%. USD/JPY came under pressure overnight as the USD trades very heavy heading into the FOMC. The price is now just above the support of its recent 146-149 range, and we need a convincing break to see a clearer direction again. CFTC data shows leveraged funds paring back some of their short JPY position last week but remain core short, looking for this support to continue to hold. A move back below 145/146 is needed to potentially start seeing these positions being flushed out. Can the FOMC or the BOJ this week be that catalyst ?

(Bloomberg) -- “RBC BlueBay Asset Management has taken a long yen position, betting that Japan’s political transition and a possible Bank of Japan rate hike in October could drive further strength in the currency. BlueBay’s chief investment officer Mark Dowding said the firm would also consider shifting to “go long duration” if Shinjiro Koizumi wins the LDP leadership race, and the BOJ follows through with a rate hike.”
"Japan’s GPIF is making its first direct investment in domestic alternative assets." - BBG
MNI Brief: Japan Aug Exports Post 4th Straight Drop: Japan’s exports fell for a fourth straight year-on-year decline in August, down 0.1% after July’s 2.6% drop, as shipments of automobiles and iron, and steel products were hit by U.S. tariffs. The data is unlikely to prompt the BOJ to alter its view that exports remain broadly flat as a trend.
Solid Demand Metrics For 20Y Auction: The 20-year JGB auction delivered solid results across key metrics. The low price outperformed dealer forecasts, which were set at 97.80 according to a Bloomberg poll. Moreover, the cover ratio jumped to 3.9974x from 3.0853 in the previous outing and the auction tail shortened to 0.10 from to 0.13
Options : Close significant option expiries for NY cut, based on DTCC data: 145.70($1.22b), 146.85($861m), 148.00($567m). Upcoming Close Strikes : 145.00($1.48b Sept 19), 146.40($797m Sept 19) - BBG.

Fig 1 : USD/JPY Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia Wrap - AUD/USD Pressing Resistance Heading Into FOMC

The AUD/USD has had a range of 0.6672 - 0.6690 in the Asia- Pac session, it is currently trading around 0.6675, -0.15%. US stocks finally paused for a breath ahead of the FOMC, but the USD can’t catch a break and looks to be breaking lower even before the market hears from Powell. The AUD continues to be supported and grinds higher. How the USD reacts after the FOMC will be key as the market has already priced in some significant negativity. If the USD can follow through with this move then we could see the AUD gain momentum above 0.6650/0.6700 and potentially target levels back towards 0.6900/0.7000. The price action suggests dips will be supported for now as we await confirmation of this potential break higher, the first buy-zone is back towards the 0.6550 area.

MNI AU: Unchanged Unemployment Rate Expected On Thursday, Analysts Split. August labour market data are released on Thursday and remain a point of focus. Employment is forecast to rise 21k after July’s +24.5k with the unemployment rate expected to remain at 4.2%. It will also be important to monitor underemployment, the split between full-time & part-time and hours worked. The RBA is currently expected to leave rates unchanged on September 30 as it waits for Q3 CPI on October 29.
MNI - Westpac Lead Indicator Signals Slower Growth: Westpac’s lead index signalled slowing growth in August with the 6-month annualised rate turning negative (-0.16% down from July’s +0.11%) for the first time since September 2024. Almost all variables have eased over the last 6 months. It is signalling that growth on a 2q/2q basis could slow over the coming quarters.
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6650(AUD457m). Upcoming Close Strikes : 0.6600(AUD894m Sept 18), 0.6750(AUD1.16b Sept 19) - BBG
AUD/JPY - Asia-Pac range 97.79 - 97.96, Asia is trading around 97.80. The pair’s move higher has finally stalled towards 98.50. Dips back towards 96.50/97.00 should be expected to be supported now first up.

Fig 1: AUD/USD spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia Wrap - NZD/USD Stalls ahead Of 0.6000

The NZD/USD had a range of 0.5975 - 0.5990 in the Asia-Pac session, going into the London open trading around 0.5980, -0.10%. US stocks finally paused for a breath ahead of the FOMC, but the USD can’t catch a break and looks to be breaking lower even before the market hears from Powell. The USD continues to extend lower, which is supporting the NZD. A close back above 0.6000 would negate any semblance of the downward pressure it was exhibiting, but for those that have a bearish view this remains a decent entry point to express that, the FOMC tomorrow morning could be the catalyst needed for a clearer direction.

MNI AUS - NZ Q2 GDP Forecast At -0.3% q/q But Some Locals Expect A Deeper Drop. Q2 GDP prints on Thursday, 18 September and Bloomberg consensus is forecasting it to contract 0.3% q/q in line with the RBNZ’s projection in August. The goods-producing sector was particularly weak over the quarter. The central bank said that activity stalled in Q2 driven by weaker business and consumer sentiment following the US’ announcement of higher tariffs. Chief Economist Conway noted that the data in July signalled that the recovery looks to have continued in Q3.
"NZ’s Willis Says Economic Growth Is Picking Up After 2q stutter, acknowledges GDP report is expected to show 2q contraction" - BBG
MNI AUS - “Current Account Deficit Lowest In 4 years: There was a sharp narrowing in the Q2 YTD NZ current account deficit as a share of GDP with it printing at 3.7% after 4.2% and the peak in Q4 2022 of 9%. Q1 was revised sharply lower at $0.709bn (nsa) and 4.2% of GDP from $2.324bn and 5.7%. The deficit in Q2 widened marginally to $0.97bn (nsa) but seasonally adjusted it narrowed $0.7bn driven by a smaller primary income deficit.
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5825(NZD1.01b Sept 17), 0.5900(NZD860m Sept 17), 0.5935(NZD537m Sept 18) - BBG

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: KOSPI Off Recent Highs As China's Rally Continues

Having touched a new high of 3,449 yesterday, the KOSPI is off today on profit taking and positioning shifts ahead of the FED. As China rallied, Japan fell also in all round what was a mixed day across the region.

All of China's major bourses are up with the Hang Seng leading the charge. The HSI is up +1.41%, the CSI 300 +0.60%, Shanghai +0.40% and Shenzhen up +0.82%.
The Nikkei yesterday touched a new high of 44,902 and is lower by -0.05% today.
The TAIEX in Taiwan is down -0.63%, having reached a new high of 25,629 yesterday.
The FTSE Malay KLCI has been closed for two days and is up +0.20% Wednesday.
The Jakarta Comp hit new highs of 7,982 today as it rallied +0.30%.
The NIFTY 50 is up +0.33% after yesterday finishing higher by +0.68%

OIL: Crude Holding Gains Ahead Of Fed & EIA Data

Crude has held onto most of this week’s gains trending only slightly lower during today’s APAC session. WTI is down 0.1% to $64.45/bbl after a low of $64.37 but it reached $64.67 early in the session. Brent is 0.1% lower at $68.38/bbl, close to the intraday low. The USD index is little changed ahead of the Fed decision later on Wednesday.

A dovish Fed is likely to be good for oil prices as rate cuts should support energy demand, as long as it doesn’t sound worried about the growth outlook.
Oil prices have been supported this week by concerns that measures taken against Russia, including Ukrainian attacks on its energy infrastructure, and conflict in the Middle East could impact supplies.
The EU is discussing further restrictions to reduce Russia’s energy revenues including sanctions on Chinese and Indian companies that facilitate imports from Russia. EC President von der Leyen said that the EU is looking into fast tracking the end of energy imports from Russia after the US said it needs to stop.
Industry data showed a large US crude stock drawdown. The official EIA data is out later today and with the IEA forecasting a record market surplus in 2026, this data will be monitored for signs of a rising inventory trend.
Later the focus is on the Fed (see MNI Fed Preview) but there are also August US housing starts/permits, August UK/euro area CPIs and the Bank of Canada decision (forecast to cut 25bp). In addition to Powell and BoC Governor Macklem, ECB President Lagarde and Board member Cipollone also speak today.

Gold Lower Ahead Of Today’s Fed Decision

Gold prices are down moderately during today’s APAC session after reaching a new high of $3703.07/oz on Tuesday and ahead of the Fed decision later. They are currently down 0.2% to $3681.1 after rising to $3695.39 and then falling to $3674.45. The US dollar is slightly higher and yields little changed as markets wait for Fed Chair Powell’s comments and the updated forecasts as a 25bp rate cut is widely expected.

Silver is underperforming gold today by a large margin. It is down 1.3% to $42.00 off the intraday low of $41.792, above the 20-day EMA at $40.432. It was trading around $42.60 early in the session.
Equities are mixed with the S&P e-mini and Nikkei down slightly, KOSPI -0.6% but Hang Seng up 1.4% and CSI 300 +0.6%. Oil prices are slightly lower with WTI -0.1% to $64.43/bbl. Copper is down 0.6%.
Later the focus is on the Fed (see MNI Fed Preview) but there are also August US housing starts/permits, August UK/euro area CPIs and the Bank of Canada decision (forecast to cut 25bp). In addition to Powell and BoC Governor Macklem, ECB President Lagarde and Board member Cipollone also speak today.

UP TODAY (TIMES GMT/LOCAL

Date	GMT/Local	Impact	Country	Event
17/09/2025	0600/0800	**	SE	Unemployment
17/09/2025	0600/0700	***	GB	Consumer inflation report
17/09/2025	0730/0930		EU	ECB Lagarde at ECB Annual Research Conference
17/09/2025	0800/1000		EU	ECB Cipollone At Associazione Bancaria Italiana EC Meeting
17/09/2025	0900/1100	***	EU	EZ HICP Final
17/09/2025	1100/0700	**	US	MBA Weekly Applications Index
17/09/2025	1115/1315		EU	ECB Cipollone Speaks at Netherlands Central Bank Resilience Conference
17/09/2025	1230/0830	*	CA	International Canadian Transaction in Securities
17/09/2025	1230/0830	***	US	Housing Starts
17/09/2025	1230/0830	***	US	Housing Starts
17/09/2025	1345/0945	***	CA	Bank of Canada Policy Decision
17/09/2025	1430/1030	**	US	DOE Weekly Crude Oil Stocks
17/09/2025	1430/1030		CA	BOC press conference
17/09/2025	1430/1030	**	US	US DOE Petroleum Supply
17/09/2025	1800/1400	***	US	FOMC Statement
18/09/2025	2245/1045	***	NZ	GDP
18/09/2025	-		NO	NorgesBank Meeting
18/09/2025	-		JP	Bank of Japan Meeting
18/09/2025	2350/0850	*	JP	Machinery orders
18/09/2025	0130/1130	***	AU	Labor Force Survey
18/09/2025	0710/0910		EU	ECB Lagarde Video Message at Women Leadership Summit
18/09/2025	0800/1000	***	NO	Norges Bank Rate Decision
18/09/2025	0800/1000	**	EU	EZ Current Account
18/09/2025	0800/1000		EU	ECB de Guindos at MNI Connect Event
18/09/2025	0900/1100	**	EU	EZ Construction Output
18/09/2025	0945/1145		EU	ECB Schnabel Chairs Panel at ECB Research Conference
18/09/2025	1100/1200	***	GB	Bank Of England Interest Rate
18/09/2025	1100/1200	***	GB	Bank Of England Interest Rate
18/09/2025	1230/0830	***	US	Jobless Claims
18/09/2025	1230/0830	**	US	WASDE Weekly Import/Export
18/09/2025	1230/0830	**	US	Philadelphia Fed Manufacturing Index