Forex market review | 23–24 September 2026
The US dollar strengthened against the euro over 23–24 September, while the yen and pound showed smaller moves against the euro. The two days offered a useful reminder that “dollar strength” does not describe every currency pair in the same way. Interest-rate expectations remained central to the market, but decisions from Norway and Switzerland gave traders other developments to assess.
The European Central Bank’s reference rates show that one euro bought $1.1411 on 23 September and $1.1367 on 24 September. That is a decline of approximately 0.39% in EUR/USD between the two reference snapshots. These are daily reference rates, not live trading quotes or closing prices. Source: EU publication of the 23 September ECB rates and 24 September ECB rates.
| US dollar | 1.1411 | 1.1367 |
| Japanese yen | 180.20 | 180.57 |
| British pound | 0.85950 | 0.85986 |
The euro’s decline against the dollar was more pronounced than its movement against the yen or pound in those snapshots. For traders following EUR/USD, EUR/JPY and EUR/GBP, this distinction matters: a move in one pair should not automatically be treated as a move across the entire forex market.
Why was the dollar in focus? The Federal Reserve had raised its target interest-rate range to 3.75%–4.00% on 16 September, citing elevated inflation. September’s flash business surveys subsequently showed stronger US activity relative to other major advanced economies, alongside persistent cost pressures. Together, those developments helped keep the future path of interest rates at the centre of currency-market discussion. They do not, on their own, establish what the dollar will do next.
Other central banks supplied developments on 24 September. Norges Bank raised its policy rate from 4.25% to 4.50%, saying tighter policy was needed to bring inflation towards its target. The Swiss National Bank held its policy rate at 0% and said it remained willing to act in the foreign-exchange market if necessary. These decisions show why a useful forex review looks beyond a single dollar index: each currency has its own policy and economic context.
For traders in the UAE, the practical question is what new information could change the interest-rate outlook from here. Watch incoming inflation and activity data, central-bank communication and energy prices. Before acting on a headline, check the currency pair involved, the time of the quoted price, and the risk of a sudden change in expectations.
This SmartFin market review covers 23–24 September 2026 and uses published reference rates rather than live prices. It is for information only, not a trading recommendation. Forex and CFD trading involve risk and may result in loss of capital.
