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U.S. Dollar Surges on Hawkish Fed; Can the Pound Rebound After the BOE Announcement?

Market Report

U.S. Dollar Surges on Hawkish Fed; Can the Pound Rebound After the BOE Announcement?

17.09.2026 New

Today's Highlights
  1. Bank of England (BOE) Policy Rate
  2. U.S. September Philadelphia Fed Manufacturing Index

In the U.S. currency market the previous day, the dollar rose sharply against major currencies following the FOMC meeting. The Fed raised its policy rate by 25 basis points to a range of 3.75% to 4.00% and indicated in its policy outlook that another rate hike could occur later this year.Market participants also interpreted remarks by Fed Chair Wash as more hawkish than expected, and the Dollar Index rose to the 100 level today, reaching its highest level in about seven weeks. The dollar has strengthened against the yen to around 156.20 yen, and we will be watching to see if it can hold above the 156-yen level.

Among European currencies, the euro fell against the dollar. The euro-dollar exchange rate dropped to $1.1456, reaching its lowest level in about seven weeks. Although expectations for additional interest rate hikes by the ECB remain, dollar buying has gained the upper hand recently in response to the Fed’s hawkish stance.The GBP/USD pair is also trading in the $1.33 range, facing resistance ahead of the Bank of England’s policy decision at 8:00 p.m. today. While the Bank of England is widely expected to keep rates unchanged at 3.75%, expectations for a rate hike in November are growing amid concerns that rising energy prices could cause inflation to accelerate again.

Today’s economic indicators include the release of the BOE policy rate and the MPC meeting minutes at 8:00 p.m. At 9:30 p.m., the U.S. September Philadelphia Fed Manufacturing Index, initial jobless claims, and August housing starts and building permits are scheduled to be released.Market forecasts call for 207,000 new unemployment insurance claims, an annualized rate of 1.319 million housing starts, and 1.410 million building permits.Given that this comes immediately after speculation about an additional Fed rate hike intensified, we will be watching closely to see how the dollar-pound pair reacts to the BOE’s policy stance and the U.S. economic indicators.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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USD/JPY Reaches the 155-Yen Level—Will It Continue to Rise After the FOMC Meeting?
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