FX Fundies Cheat Sheet for September 22 – 26, 2025

After the Fed finally broke its rate-cutting ice last week (with Powell calling it a “risk management” move that caught everyone off guard), we’re heading into a data-packed week that could reshape the FX landscape. Between flash PMIs that’ll reveal if the global economy still has a pulse, the SNB’s rate decision, and Friday’s crucial US Core PCE print, there’s plenty to keep us on our toes. Here’s a rundown of the major themes driving the markets lately and what to look out for next.