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Speaking at the UN General Assembly in New York, Iranian President Masoud Pezeshkian said Tehran is open to a diplomatic settlement, but warned it will not negotiate under external pressure. Iranian military officials, by contrast, warned they were prepared to deliver "more crushing" strikes after US President Donald Trump threatened to destroy Iran from the UN podium. Trump later described follow-up contacts with Iranian representatives as "productive." Partial restoration of Saudi Arabia's East-West pipeline is also helping ease supply tightness.
Iranian representatives on the sidelines of the UN General Assembly, via intermediaries from Qatar, Pakistan, and Egypt, handed a formal plan to the US delegation to end the conflict in the Middle East. According to The National, citing regional sources, Iran proposed a 60-day regional ceasefire, a staged reopening of shipping through the Strait of Hormuz, and a halt to strikes on targets in neighboring Arab states in exchange for lifting the US blockade of Iranian ports and agreeing on a timetable for peace talks. A second round of consultations was scheduled for Wednesday, although formal White House acceptance of the plan has not yet been confirmed.
At the same time, President Trump met with Gulf state leaders, saying he intends to arrange direct talks between them and Iran in Oman before the end of September. Analysts link Trump's heightened diplomatic activity to a desire for a major foreign-policy win ahead of the US midterms in November 2026 — a push reinforced by CIA Director John Ratcliffe's recent contacts with Egyptian President Abdel Fattah el-Sisi on Arab-Iranian reconciliation.
Against this backdrop of often contradictory headlines, after five straight days of declines, oil climbed on Wednesday. Rating agency Fitch Ratings revised up its medium-term oil assumptions, raising its average price forecasts:
Although Brent averages around $100/bbl in September due to disruptions in the Strait of Hormuz and the East-West pipeline, Fitch expects prices to resume a downward trend as flows normalize and a surplus emerges in the global market by Q4 2026. The agency notes that in 2027, the market will likely face a material surplus regardless of any peace deal:
A demand drop of 5 million b/d in Q2 2026 (of which 1.5 million b/d was in China) helped rebalance the market, and global inventories fell from a peak of 8.2 billion barrels early in the year to a more comfortable 7.8 billion barrels in August. Fitch stresses that a very wide 2027 price range remains possible, from about $85/bbl in a protracted escalation to roughly $55/bbl if peace is quickly secured in Q1 2027.
Rising commodity prices gave direct support to energy stocks: the State Street Energy Select Sector (SPDR) ETF jumped by 1% after closing the prior session at a six-week low. The tech-heavy Nasdaq Composite fell by 1.1% on Wednesday, while the Nasdaq 100, the index of the 100 largest market-cap names, slipped by 0.85%. Other major US benchmarks also finished lower:
Pressure on equities came from a sharp rise in Treasury yields. Selling in the bond market accelerated after stronger-than-expected PMI data showed improvement in both manufacturing and services activity. The prints amplified investor concern about further Fed interest rate hikes. As a result, the 10-year Treasury yield jumped to 5.135%, the highest level since July 2007.
At the same time, the US dollar index continued its ascent and traded near a two-month high. The dollar is being supported by rising odds of additional Fed tightening — a dynamic not materially altered by the recent easing of inflationary pressure from lower energy prices. In short, the geopolitical situation in the Middle East and the course of US–Iran diplomatic talks remain the dominant fundamental drivers shaping the near-term path of global markets.
September 24, 3:30 / Japan / ** / S&P Global Manufacturing PMI for September (flash) / prev.: 54.5 / actual: 54.9 / forecast: 55.0 / USD/JPY — down
Japan's manufacturing PMI for August showed further expansion, marking one of the strongest readings in recent years. Key drivers for the sector included:
Analysts expect further acceleration in manufacturing activity in September. A positive beat would support the yen and push USD/JPY lower.
September 24, 3:30 / Japan / ** / S&P Global Services PMI for September (flash) / prev.: 51.2 / actual: 52.5 / forecast: 52.7 / USD/JPY — down
Japan's services activity accelerated in August, reaching the strongest pace since spring. The sector was characterized by:
Analysts expect further gains in services activity in September. If confirmed, this would strengthen the yen and weigh on USD/JPY.
September 24, 4:30 / Australia / ** / Employment change for August / prev.: 80.3K / actual: -15.8K / forecast: 20.0K / AUD/USD — up
Australia's labor market showed a surprise drop in employment in July, interrupting the prior months' positive trend. Contributing factors included:
For August, analysts expect a rebound in hiring and a recovery in labor market conditions. If realized, that scenario would provide support for the Australian dollar.
September 24, 9:00 / Eurozone / ** / New passenger car registrations for July / prev.: +3.2% / actual: +13.6% / forecast: +7.5% / EUR/USD — down
New passenger car registrations in the EU accelerated sharply in June, rising to a three-month high. Factors shaping the market included:
Analysts expect a slowdown in auto sales growth in July. Cooling momentum in the auto market could weigh on the euro.
September 24, 11:00 / Germany / *** / Ifo Business Climate Index for September (flash) / prev.: 86.7 / actual: 88.8 / forecast: 89.0 / EUR/USD — up
Germany's business climate index rose to its highest level in a year in August, marking the fourth consecutive month of improvement. The upturn in sentiment was supported by:
Forecasters expect business optimism to persist in September. Rising confidence should support the euro and push EUR/USD higher.
September 24, 13:00 / United Kingdom / ** / CBI Retail Sales Balance for September (flash) / prev.: -26 / actual: -48 / forecast: -50 / GBP/USD — up
The CBI retail sales balance for August showed weakness, reflecting sluggish trading conditions in distribution. Sector dynamics were characterized by:
Retailers expect improved sales in September. If those expectations are met, it would confirm sector resilience and support the pound.
September 24, 15:30 / Canada / ** / Retail sales for July / prev.: +6.1% / actual: +5.2% / forecast: +3.9% / USD/CAD — up
Canadian retail sales in June slowed versus May but remained above the long-run historical average of 4.65%. The consumer sector was driven by resilient core household spending. Markets expect retail sales growth to decelerate in July. If so, the Canadian dollar will come under pressure.
September 24, 15:30 / US / ** / Initial jobless claims / prev.: 206K / actual: 196K / forecast: 201K / USDX (6-currency USD index) — down
New claims for unemployment benefits in the second week of September fell to the lowest level since late summer. Labor market dynamics were characterized by:
Stronger labor data would weigh on the dollar, while this softer print supports USD weakness.
September 24, 17:00 / US / ** / New home sales in August / prev.: 0.678M / actual: 0.607M / forecast: 0.620M / USDX (6-currency USD index) — up
New-single-family home sales in July fell by 10.5% month-on-month, marking the largest monthly decline so far this year. The drop reflected:
Markets expect a rebound in new home sales in August. If the data confirms this recovery, the US dollar would likely receive support.
September 24, 18:00 / US / *** / Kansas City Fed Manufacturing Index for September (flash) / prev.: 17 / actual: 17 / forecast: 9 / USDX (6-currency USD index) — down
The Kansas City Fed's regional manufacturing index remained at its strongest level since spring 2022 in August. The sector was characterized by:
Analysts expect the manufacturing index to ease in September. A softer print would weigh on the US dollar.
September 25, 02:01 / UK / ** / GfK Consumer Confidence for September (flash) / prev.: -17 / actual: -14 / forecast: -16 / GBP/USD — down
UK consumer confidence rose in August to a two-year high. The improvement was driven by:
Analysts expect consumer pessimism to ease further in September, which would weigh on the pound.
September 25, 09:00 / Germany / *** / GfK Consumer Climate for October (flash) / prev.: -29.4 / actual: -26.6 / forecast: -27.4 / EUR/USD — down
Germany's GfK consumer climate improved to its least pessimistic level since spring. Improvements were supported by:
However, the indicator is expected to soften again in October, a development that would push EUR/USD lower.
September 25, 15:30 / US / ** / Durable goods orders for August (m/m) / prev.: +0.3% / actual: +1.1% / forecast: -0.4% / USDX (6-currency USD index) — down
New orders for durable goods in July posted the strongest gain since mid-spring. Contributors included:
Analysts expect a significant slowdown in durable goods orders in August. Cooling in the manufacturing sector could put downward pressure on the US dollar.
September 25, 17:00 / US / *** / University of Michigan Consumer Sentiment (flash) for September / prev.: 55.2 / actual: 51.7 / forecast: 47.6 / USDX (6-currency USD index) — down
The University of Michigan consumer sentiment index fell in September to its lowest level in several months. Weaker household confidence was driven by:
Markets currently expect subdued consumer sentiment to persist. Lack of optimism among households poses downside risks for the US dollar.
September 24, 10:15 / Eurozone / Speech by ECB Executive Board member Isabel Schnabel / EUR/USD
September 24, 11:10 / UK / Speech by Bank of England Governor Andrew Bailey / GBP/USD
September 24, 11:10 / US / Speech by New York Fed President John Williams / USDX
September 24, 12:00 / Eurozone / Speech by ECB Governing Council member Philip Lane / EUR/USD
September 24, 12:30 / UK / Speech by MPC member Swati Dhingra / GBP/USD
September 24, 15:00 / US / Speech by Richmond Fed President Thomas Barkin / USDX
September 24, 15:50 & 21:00 / US / Speeches by Cleveland Fed President Beth Hammack / USDX
September 24, 16:30 / UK / Speech by Bank of England Deputy Governor Sarah Breeden / GBP/USD
September 24, 17:10 / US / Speech by Philadelphia Fed President Anna Paulson / USDX
September 25, 12:15 / US / Speech by New York Fed President John Williams / USDX
September 25, 21:00 / Eurozone / Speech by ECB Governing Council member Boris Vujcic / EUR/USD
Several senior central bank officials will be speaking within the next two days. Their comments typically drive FX volatility because they can signal future policy intentions.
The economic calendar is available via the link. All figures are presented year-on-year (y/y). Month-on-month data is indicated as (m/m). Trade balance, export, and import figures are shown in the local currency. An asterisk (*) denotes the report's importance for instruments available on the InstaForex platform. Publication times are given in Moscow time (GMT+3). Open a trading account here. Also see InstaForex market video news. For quick access to tools, download the MobileTrader app.
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