Highlights of the week

• US PMIs will test whether strong Q3 momentum can continue.
• The SNB decision will set the next CHF policy signal.
• US housing and durable goods will gauge rate-sensitive demand.

What Now

The Fed has shifted the market from debating easing to assessing how far tightening must go. After raising rates to 3.75-4.00 percent, policymakers signaled another hike remains possible as inflation stays elevated and domestic demand remains resilient. That makes next week’s PMIs especially important.

Manufacturing at 53.9 and services at 56.5 already indicate solid expansion, so another strong set would reinforce higher-for-longer yields and support USD. Housing remains the weak link, with new-home sales at 607K, while durable-goods orders rose 1.1 percent in July.

Strong activity data would validate the Fed’s hawkish stance; softer PMIs or housing would challenge further tightening and support bonds and gold.

The SNB is expected to remain at 0 percent, leaving CHF sensitive mainly to policy guidance and global risk sentiment.

Market Events and Announcements (GMT+3)

Monday, September 21, 2026

• All Day – Japan (JPY) – Respect for the Aged Day holiday

Tuesday, September 22, 2026

• All Day – Japan (JPY) – Holiday

Wednesday, September 23, 2026

• All Day – Japan (JPY) – Autumn Equinox holiday
• 16:45 – United States (USD) – S&P Global Manufacturing PMI Flash for September, previous 53.9
• 16:45 – United States (USD) – S&P Global Services PMI Flash for September, previous 56.5

Thursday, September 24, 2026

• 10:30 – Switzerland (CHF) – SNB Interest Rate Decision for Q3, previous 0.00 percent
• 15:30 – United States (USD) – Initial Jobless Claims
• 17:00 – United States (USD) – New Home Sales for August, previous 607K

Friday, September 25, 2026

• All Day – China (CNY) – Mid-Autumn Festival holiday
• 15:30 – United States (USD) – Durable Goods Orders MoM for August, previous 1.10 percent