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News
Friday, September 11, 2026
What’s happening: The US dollar traded higher, extending gains after hitting its strongest level in a week.
What happened: Data released on Thursday showed that US producer price inflation accelerated in August.
The Japanese yen declined for a second straight session as renewed concerns over supply disruptions sent crude oil prices higher.
Why it matters: US producer prices rose in August, stroking speculations of the Federal Reserve hiking its benchmark interest rates next week.
Producer prices in the US rose 0.4% in August, compared to a 0.1% rise in July. Annualised producer inflation accelerated to 5.4%, from 4.8% in the previous month, coming in higher than market estimates of 5.3%.
Other data released on Thursday showed that US initial jobless claims eased by 1,000 to 206,000 in the latest week, compared to market expectations of 205,000. Wholesale inventories climbed by 1.3% to $958.9 billion in July.
Meanwhile, the Japanese yen remained under pressure as higher crude oil prices raised inflation concerns, with no signs of a peace deal between the US and Iran.
Data from Japan showed producer inflation surged 7.6% in August, following a 7.7% gain in the previous month, reigniting speculations of the Bank of Japan raising its interest rates this month.
Sentiment among large manufacturers in Japan also rose sharply in the third quarter, hitting its highest level since the fourth quarter of 2021, driven by government support measures.
The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 99.08 this morning, after surging around 0.3% in the previous session to hit its strongest level since September 7.
The USD/JPY forex pair rose to 154.61 this morning.
What to watch: Investors will keep an eye on the US-Iran conflict.
Data on US consumer price index (1630 UAE Time) is due today. Analysts expect the US CPI to rise by 0.4% in August, following a 0.1% gain in July.
Context: Equity markets in Europe closed lower on Thursday after the European Central Bank’s interest rate decision.
Details: The European Central Bank raised its benchmark interest rates by 25 basis points (bps), in-line with expectations, while upgrading its inflation and growth projections.
The ECB announced its second rate-hike since the start of the US-Iran conflict, which has sent government borrowing costs soaring. ECB President Christine Lagarde said during a press conference that price pressures in the Eurozone are likely to be “longer lasting than we had anticipated.”
The central bank of the countries that have adopted the euro maintained its 2026 inflation outlook at 3.0% but increased its forecasts for 2027 and 2028 to 2.5% and 2.1%, respectively. GDP growth projections were also raised to 0.9% for 2026 and 1.4% for 2027.
Markets are still pricing in another interest rate hike by the ECB in December, with further policy tightening next year.
Tech stocks were among the top losers on Thursday, with shares of ASML falling around 2% and SAP losing almost 3%.
The STOXX Europe 600 Index fell 0.69% to close at 635.97 on Thursday, while Germany’s DAX 40 lost 0.84% to 25,361.15 and France’s CAC 40 declined 0.49% to settle at 8,116.76. The FTSE 100 also shed 0.57% to reach 10,608.92.
What to watch: Data on Germany’s current account (1630 UAE Time) will be released today. Germany’s current account surplus, which widened to €19 billion in June from €17.2 in the year-ago period, is expected to narrow to €18.7 billion in July.
Other Markets: Asian indices traded lower this morning, with the Nikkei 225, Hang Seng Index and CSI 300 Index down by 2.69%, 1.27% and 1.58%, respectively.
Russia’s President Vladimir Putin arrived in India late last night, ahead of the BRICS summit, with talks on the ongoing war with Ukraine remaining in focus. The news sent the USD/RUB pair lower in forex trading this morning.
New Zealand’s BusinessNZ Performance of Manufacturing Index fell to 53.1 in August from 54.3 in the previous month. Manufacturing activity remaining in the expansion zone for the 22nd consecutive month lent support to the NZD/USD forex pair.
US crude inventories dipped by 0.391 million barrels in the week ended September 4. The drawdown being less than market estimates of 1.6 million barrels sent the WTI crude oil prices lower this morning.
Saudi Arabia’s crude oil production contracted by 1.9 million barrels per day (bpd) to 6.238 million bpd in August. This being the weakest level since 1990 lent support to the USD/SAR forex pair.
China’s total vehicle sales fell 5.1% year-over-year to 2.712 million units in August, after a 0.3% decline in the previous month, sending the USD/CNY pair higher in forex trading this morning.
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