Market Information Thursday 25 September 2025

The dollar traded narrowly as markets awaited U.S. data for guidance on the Fed path. Traders price roughly 43 bps of additional easing for 2025. The DXY hovered near recent highs, EUR and GBP saw modest rebounds, and the yen firmed slightly after hawkish BoJ minutes; the CHF was steady ahead of the SNB decision.

The European Bank for Reconstruction and Development (EBRD) nudged its 2025 growth forecast for its regions up to 3.1%, the first upward revision in over a year. The EBRD trimmed its forecast for 2026 to 3.3%. Inflation across member economies was 6.4% y/y in July, with stronger momentum in Central Asia offset by softer trends in parts of emerging Europe. The Bank cautioned that wars, elevated debt burdens and looming tariff measures could weigh on the medium-term trajectory.

Oil pulled back from a seven-week high as investors took profits amid a mixed supply-demand outlook. Brent eased $0.26 to $69.05/bbl and WTI slipped $0.27 to $64.72/bbl, retracing part of Wednesday’s 2.5–3% jump driven by a U.S. crude draw and supply-risk headlines. Seasonal demand softness and prospects of additional OPEC+ supply, alongside a potential restart of Kurdish exports, kept the near-term balance in focus.

The 6M Euribor decreased with 1 basis point to 2.10% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.71% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.