London Open Briefing: Thursday, September 3, 2026
London traders begin their session with a notable move in JPY pairs, as the Japanese Yen shows significant strength. USDJPY is down -1.29%, GBPJPY down -1.18%, and EURJPY down -1.10%. This comes amidst a JP225 -0.74% decline and a Risk Meter reading of -0.25, indicating a slight risk-off sentiment. JPY is the strongest currency over the past 24 hours, gaining +1.26%.
Earlier data releases have shown strength in the Eurozone periphery and Switzerland. Spain’s S&P Global Services PMI came in at 57.8, above the 55.5 consensus, with the Composite PMI at 55.8. Switzerland reported strong figures, with CPI y/y at 0.8% against a 0.2% consensus, and GDP y/y at 2.8% significantly surpassing the 0.6% consensus. This contributed to USDCHF -0.43% movement. Gold, XAUUSD, is up +0.77%. The S&P Global PMI (ZAR) also surprised positively at 50.5 versus 49.7 consensus. Retail books show disagreement on GBPJPY, EURJPY, and XAUUSD positioning, while the crowd has flipped on USDCAD from 54% long to 52% short.
Ahead in the European session, traders will monitor several S&P Global Services PMIs for the Eurozone, including Italy at 07:45 UTC with a consensus of 52.5, France at 07:50 UTC with 48.4, and Germany at 07:55 UTC with 48.5. The broader Eurozone S&P Global Composite PMI and Services PMI are due at 08:00 UTC, with consensus figures of 52.1 and 51.7 respectively.
Later in the New York session, attention will turn to the ISM Non-Manufacturing PMI (USD, High) at 14:00 UTC.
| At a glance | |
|---|---|
| Biggest moves since the previous session | USDJPY -1.29%, GBPJPY -1.18%, EURJPY -1.10% |
| Currency strength, 24h | JPY strongest at +1.26%, GBP weakest at -0.53% |
| Risk meter | -0.25 (risk-off) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 07:45 UTC | EUR | Italy S&P Global Services PMI | Medium | 52.5 |
| 07:50 UTC | EUR | France S&P Global Services PMI | Medium | 48.4 |
| 07:55 UTC | EUR | Germany S&P Global Services PMI | Medium | 48.5 |
| 08:00 UTC | EUR | S&P Global Composite PMI | Medium | 52.1 |
| 08:00 UTC | EUR | S&P Global Services PMI | Medium | 51.7 |
| 13:45 UTC | USD | S&P Global Services PMI | High | 55.4 |
| 14:00 UTC | USD | ISM Non-Manufacturing Prices Paid | High | 68.2 |
| 14:00 UTC | USD | ISM Non-Manufacturing PMI | High | 53.8 |
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.