Monex’s September 2025 FX Forecasts

While not as subdued as is sometimes the case, August still saw a downshift in FX volatility, coinciding with the summer holiday period across much of the world. This fact, along with the limited catalysts on offer last month, saw us making minimal changes to our prior forecasts, a call that worked out well across most major currency pairs. Looking ahead, we expect that September will see a pickup in price action as traders return to the office. A busier calendar of events should also bring with it a new set of tests for the macroeconomic expectations underpinning our currency projections. That all being said, having seen little to change our key views through August, we are largely rolling forward our forecasts once again – with most of the changes to our September projections marking-to-market short-run expectations.

Read our September 2025 FX Forecasts here:

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Authors: 

Nick Rees, Head of Macro Research

Barry van der Laan, Senior FX Market Strategist

Disclaimer

This information has been prepared by Monex International Markets plc, part of Monex S.A.P.I. de C.V. (“Monex”). The material is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is, or should be considered to be, financial, investment or other advice on which reliance should be placed. No representation or warranty is given as to the accuracy or completeness of this information. All entities in the “Monex” group of companies are regulated for different products and services within the jurisdictions in which they operate. Details of the different entities can be found here. Details of the respective entities’ regulated status and available products and services can then be found on the relevant links to the individual jurisdictions’ website.