Asia FX Weekly Markets turn to PMIs and Xi-Trump summit
中文标题
亚洲外汇周报：市场聚焦PMI与习特会
Core conclusion · Tlines extraction
The Fed's 25bp hike and higher-for-longer dot plot lifted the DXY 1.2% to 100.29, driving broad Asian currency weakness; USD/JPY rose 2.6% to 157.55 while the BOJ sounded less hawkish. USD/CNY held above 6.70 despite soft data and firmer fixing. The yuan strengthened ahead of the Xi-Trump summit. Focus now turns to September flash PMIs and US data for growth momentum.
- Institution
- MUFG
- Published
- 09/18/2026
- Research topic
- Fed Policy · US Dollar (DXY)
- Time horizon
- this week · next week
Key arguments
- Fed's 25bp hike and projections for one more hike this year support a prolonged restrictive stance, boosting the dollar.
- BOJ delivered a 25bp hike but with a less hawkish tone than expected, leading markets to scale back the future rate path and pushing USD/JPY higher.
- Asian currencies broadly weakened against the USD; USD/KRW led losses at +3.2% WTD, while USD/CNY was the most resilient at -0.1%.
- Yuan strength ahead of the Xi-Trump summit and firmer CNY fixing contrasted with weak Chinese macro data; the pair barely broke below 6.70.
Key numbers
- DXY index level and weekly change
- 100.29, +1.2% WTD
- USD/JPY level and weekly change
- 157.55, +2.6% WTD
- USD/CNY level and weekly change
- 6.6974, -0.1% WTD
- USD/KRW weekly change
- 1385.10, +3.2% WTD
- Taiwan August CPI inflation
- 2.0% yoy
Main risks
- Renewed oil-price uncertainty from the US-Iran conflict and tech sell-off on AI regulation concerns weigh on Asian sentiment.
- Weak Chinese macro data may test the yuan's resilience despite firmer fixing and summit-related optimism.
- Thai baht faces a deteriorating trade balance as rising import content offsets the electronics export boom.
Corresponding source evidence
1 Asia FX Weekly US CPI Markets turn to PMIs and Xi-Trump summit This week's market focus centered on the Fed and BOJ policy meetings, both of which resulted in 25bp rate hikes as expected.
· this weekThe policy divergence supported a stronger US dollar, pushing the DXY index and USD/JPY higher.
Consensus expects US activity to remain resilient, with the services PMI holding around 56.0 and the manufacturing PMI at 53.6, while Eurozone activity expanding by a slower pace suggested by a September composite PMI of 51.5 compared with August’s 52 .
Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.
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AI analysis
Cross-institution comparison · FED
| Institution / report | Published | Direction | Source-checked target | Horizon |
|---|---|---|---|---|
| MUFGAsia FX Weekly Markets turn to PMIs and Xi-Trump summit | 09/18/2026 | Strong bullish | — | Not stated |
| Saxo BankMarket Quick Take - Chipmakers extend their slide as Brent holds above 107 | 10/19/2026 | Neutral | — | Not stated |
| Commonwealth BankCommBank economists stick with November RBA interest rates call | 10/19/2026 | Neutral | — | Not stated |
| Westpac / Westpac IQ'Australia and NZ Weekly' | 10/18/2026 | Neutral | — | Not stated |
How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by MUFG on 09/18/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction