Currency news / September 15, 2025

Central banks in focus this week

3 min read Thanim Islam

Thanim IslamSeptember 15, 2025

Market snapshot:

The Fed is priced-in to cut interest rates this week
The Bank of England is expected to hold rates
ECB holding interest rate last week adds to EUR resilience

Yesterday's currency recap

GBP remains under pressure as GDP came out in line with the market’s expectations at 0.0%. Production figures out from across the UK contributed to the narrative that the economy is slowing, with the industrial and manufacturing production figures contracting.

USD remained on the back foot at the end of last week, as consumer sentiment data fell short of the market’s expectations. Combined with signals from a cooling labour market, these developments have further strengthened expectations that the Fed may begin easing interest rates.

Over in Europe, the euro has maintained its stability following the ECB’s decision to keep rates unchanged and a broadly resilient economic outlook—showing strength even amid ongoing political uncertainty in France.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.06%	2.039
GBPCAD	0.02%	1.8765
GBPCHF	-0.09%	1.079
GBPDKK	-0.04%	8.6286
GBPEUR	-0.03%	1.156
GBPJPY	-0.04%	199.55
GBPNOK	0.03%	13.3966
GBPNZD	0.08%	2.2737
GBPSEK	0.01%	12.6414
GBPUSD	-0.06%	1.3557

*Daily move - against G10 rates at 7:00 am, 15.09.25
** Indicative rates - interbank rates at 7:00 am, 15.09.25

Key data points

Currency	Event	Period	Consensus	Previous
JPY	Bank Holiday

Speeches

EUR ECB President Lagarde Speak

What we think

Markets open the week on a quiet note, with no significant data releases expected to drive volatility today. Attention quickly shifts to the upcoming central bank meetings in Canada, the US, the UK, and Japan, where key interest rate decisions are set to shape the week ahead. Both Fed and Bank of Canada are expected to cut interest rates by 0.25%.

The interest rate decisions are taking place in a week where Trump is visiting the UK and the UK government is in a precarious position, on the backdrop of Mandelson being sacked as the UK’s ambassador to the US. GBP/USD is currently testing the resistance level, sitting on the highs last seen at the start of July.

Average earnings and CPI data is out from the UK on Tuesday and Wednesday, respectively. CPI is out from Canada on Tuesday, alongside retail sales out from the US.

We specialise in currency guidance

Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 19 years we’ve helped over a million customers and last year alone processed over £12bn. We’re tried and trusted, and we’re ready to help you.

Have a great day.