On September 9, 2026, sterling eased against the U.S. dollar as the greenback steadied after a weak stretch. At 06:05 ET / 10:05 GMT, GBP/USD slipped 0.05% to 1.3534, after a 0.39% decline. The euro was flat at 1.1625, near 1.1600 and roughly in the middle of its range since April, after a 0.56% move. The dollar index rose 0.54% and traded around 98.55/65 support, with 98.00 a potential downside target. USD/JPY gained 0.87%.
ING's Chris Turner said dollar price action had been a little disappointing or confusing. He added that higher energy prices from an escalation in the Gulf would direct more trade flows toward the United States at the expense of Europe and Asia. On USD/JPY, Turner said global macro hedge funds are positioning for a downside break of 150 over the coming months.
Market focus turned to U.S. data and central bank decisions. Traders are awaiting Friday's August CPI report, which ING described as the final piece of the puzzle for the Federal Reserve's policy decision next week. ING forecasts a 25 basis-point rate hike. Ahead of an expected European Central Bank move on Thursday, ING expects a dovish hike, or at least a hike that does not support the additional 50 basis points of tightening priced in.
Technically, ING sees dollar-index support at 98.55/65 and a downside target of 98.00. For EUR/USD, resistance is at 1.1640/45, with a break opening the door to 1.1675/80. ING's base-case target for EUR/USD is 1.15 by the end of September. The levels were presented as reference points for near-term currency moves.
