London Open Briefing: Friday, September 25, 2026

The Asian session concluded with positive equity performance, as the JP225 gained 1.04% and the USTEC rose 0.58%. European equities also opened higher, with the DE40 up 0.33%. Despite this risk-on tone, reflected by a Risk Meter reading of +0.28, the Japanese Yen showed notable strength, with USDJPY down 0.48%, GBPJPY down 0.43%, and EURJPY down 0.43%. Over the last 24 hours, JPY is the strongest currency at +0.44%, while CHF is the weakest at -0.55%. GBP is marginally down -0.01%.

For the European session, the ECB Households Loans y/y for EUR is due at 08:00 UTC, with a consensus of 3% following a previous 3.1%. A high-impact event for GBP is scheduled at 09:15 UTC, when BOE Gov Bailey Speaks. Later in the US session at 14:00 UTC, a series of Michigan sentiment and inflation expectation figures are due, including Michigan Consumer Sentiment (consensus 47.8, previous 47.8) and Michigan Inflation Expectations (consensus 4.6%, previous 4.6%).

Retail positioning data indicates a crowd shift on EURAUD of 8pt toward short in the last 24 hours. Significant disagreement is observed in retail books, with 40 points on USDCHF, 24 points on USDJPY, and 32 points on GBPUSD.

Traders will likely focus on the BOE Gov Bailey Speaks event for immediate market direction.

Scheduled this session (High and Medium impact)

Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.