US Dollar Mixed Early Monday, Focus on September Employment Report

MT newswire2026/09/28 11:34

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07:34 AM EDT, 09/28/2026 (MT Newswires) -- The US dollar was mixed against its major trading partners early Monday -- up versus the euro and Canadian dollar, down versus the pound and yen -- ahead of a busy week of data releases, with Friday's September employment data the main event. Monday's data schedule is light, with only the Dallas Federal Reserve's manufacturing reading for September at 10:30 am ET. Fed Vice Chair for Supervision Michelle Bowman is due to speak at 8:15 am ET, followed by Fed Governor Lisa Cook at 1:25 pm ET and Richmond Fed President Tom Barkin at 1:30 pm ET. Tuesday's busy schedule includes home price data for July, consumer confidence data for September, and job openings for August. ADP private payrolls data for September, the final look at Q2 GDP, and personal income and spending data for August are due to be released on Wednesday. Challenger layoffs data for September, weekly jobless claims, and manufacturing data for September are the key releases on Thursday. In addition to September employment data, factory orders data for August are due to be released on Friday. A quick summary of foreign exchange activity heading into Monday: EUR/USD fell to 1.1372 from 1.1394 at the Friday US close and 1.1408 at the same time Friday morning. There are no Eurozone data on Monday's schedule, but European Central Bank President Christine Lagarde is due to speak at 9:30 am ET. The next European Central Bank meeting is scheduled for Oct. 29. GBP/USD rose to 1.3252 from 1.3247 at the Friday US close and 1.3251 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Nov. 5. USD/JPY fell to 157.0121 from 157.2962 at the Friday US close and 157.6701 at the same time Friday morning as Japanese officials voiced concerns about the weakness of the yen. No Japanese data were released overnight. The next Bank of Japan meeting is scheduled for Oct. 30. USD/CAD rose to 1.4167 from 1.4144 at the Friday US close and 1.4142 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for Oct. 28.

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(1) The euro fell to its lowest level since May 2025. Earlier reports indicated that Spanish government officials are preparing for early elections, heightening investor concerns over political and fiscal risks in Europe. (2) The euro fell as much as 0.8% against the US dollar during Asian trading, reaching 1.1161. Traders said that Asian hedge funds were selling euro against the dollar in the spot market, triggering more sell-offs after hitting key option levels, which further amplified the decline. (3) Three people close to Spanish Prime Minister Pedro Sánchez revealed that after the ruling party’s heavy defeat in last week’s parliamentary elections, several cabinet ministers, as well as senior officials in the government and the ruling Socialist Party, believe that holding early elections would be the best strategy. Since the discussions were not public, these sources requested anonymity. (4) This news came amid growing market concerns about France’s political stability and budget outlook. (5) Homin Lee, Senior Macro Strategist at Lombard Odier Singapore Ltd., said that bond and currency markets are clearly reflecting investors’ unease over the increasing instability of the French government, as well as concerns about the gradual relaxation of fiscal discipline ahead of the country’s 2027 elections.

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