Why is the US Dollar strengthening in the New York session today?

According to headlines from Forexcom and FX Street, expectations of Federal Reserve rate hikes have supported the US Dollar. Additionally, MarcToMarket reported that the greenback remains bid ahead of today's economic releases.

How could the S&P Global PMI reports impact the USD and major pairs?

Today's high-impact S&P Global Services PMI is estimated at 56 and the Manufacturing PMI is estimated at 53.5. A deviation from these expectations could shift views on the Federal Reserve's rate path, influencing mixed pairs like USD/JPY and trending pairs like EUR/USD.

Why is Gold falling as the US Dollar rallies?

As reported by FX Street, gold prices have fallen as bets on Federal Reserve rate hikes lift the US Dollar. Gold is currently trading at 4303.33, down 1.27% on the day, and has dropped below its daily S1 support at 4311.43.

Forex Market Update New York Session: Major Pairs Diverge

Session brief Neutral bias Sep 23, 2026, 13:08 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

Major currency pairs are mixed in the London and New York overlap, with EUR/USD trading near its daily low of 1.13992 and gold falling below 4311.43 ahead of high-impact US PMIs.

Suspension bridge crossing in front of city skyscrapers

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.13995	-0.40%	1.14590	Down
Gold (XAU/USD)	4,303.33	-1.27%	4,343.57	Mixed
GBP/USD	1.32647	-0.59%	1.33495	Down
Bitcoin (BTC/USD)	85,472.40	-0.90%	86,100.54	Up
USD/JPY	157.923	+0.38%	157.297	Mixed
AUD/USD	0.70594	-0.75%	0.71095	Mixed
USD/CAD	1.40917	+0.22%	1.40558	Mixed
Ethereum (ETH/USD)	2,722.70	-1.11%	2,748.62	Up
Nasdaq 100 (US100)	30,658.3	-0.14%	30,610.8	Up
WTI Crude Oil (XTI/USD)	90.441	+1.08%	90.388	Mixed
Data as of 2026-09-23 12:46 UTC.

New York Session Leaders and Laggards

As the London and New York sessions overlap, major instruments show divergent paths. WTI Crude Oil (XTI/USD) leads the gainers with a 1.08% rise, followed by USD/JPY up 0.38% and USD/CAD up 0.22%. Conversely, Gold (XAU/USD) is the day's deepest laggard, falling 1.27%, with Ethereum (ETH/USD) down 1.11% and AUD/USD down 0.75%. Traders can track these shifting dynamics in real-time using our currency strength meter.

Instrument	Last	Change %	Daily Trend
EUR/USD	1.13995	-0.4%	down
Gold (XAU/USD)	4303.33	-1.27%	mixed
GBP/USD	1.32647	-0.59%	down
Bitcoin (BTC/USD)	85472.4	-0.9%	up
USD/JPY	157.923	+0.38%	mixed
AUD/USD	0.70594	-0.75%	mixed
USD/CAD	1.40917	+0.22%	mixed
Ethereum (ETH/USD)	2722.7	-1.11%	up
Nasdaq 100 (US100)	30658.3	-0.14%	up
WTI Crude Oil (XTI/USD)	90.441	+1.08%	mixed

PMI Releases and Yields Form the Market Backdrop

Economic themes today are centered around expectations of central bank action. According to reports from FX Street, expectations of Federal Reserve rate hikes have supported the US Dollar and weighed on gold prices. Meanwhile, MarcToMarket notes that the greenback is bid, while analysis from Forexcom mentions US dollar strength in the context of a hawkish Federal Reserve despite recent weakness in crude oil. As context, on September 22, 2026, the US 2-year Treasury yield closed at 4.71%, down 5 basis points, while the 10-year Treasury yield was unchanged at 4.96%. Markets are waiting for the upcoming S&P Global PMI data to see if economic momentum continues.

Key Technical Setups for the London and New York Overlap

Three setups are particularly interesting as liquidity picks up. Traders can map out other key levels using our pivot point calculator.

EUR/USD Tests Lower Boundaries

EUR/USD is down 0.4% on the day, trading at 1.13995. The pair has been trading below its daily S1 support at 1.1437, with its 5-day change sitting at -1.23%. Both the daily and H4 trends are down. A recovery back above the daily S1 at 1.1437 would open the way to the daily pivot at 1.1459. Conversely, a sustained break below the day low at 1.13992 would keep the down trend intact.

GBP/USD Extends Downside

GBP/USD is trading at 1.32647, down 0.59% on the day. Both its daily and H4 trends are down, with the 5-day change at -1.56%. The price is currently below the daily S1 level at 1.33125. A move back above the S1 level at 1.33125 would open the way to the daily pivot at 1.33495, while a break below the day low at 1.32636 would keep the bearish structure intact.

Gold Below Support

Gold (XAU/USD) is trading at 4303.33, down 1.27% on the day. The H4 trend is down, while the daily trend remains mixed. The metal is trading below both its daily pivot at 4343.57 and its daily S1 level at 4311.43. If price moves back above the daily S1 at 4311.43, it would clear a path to the daily pivot at 4343.57, with the daily R1 at 4395.87. A sustained move below the day low at 4294.62 would invalidate that recovery scenario and support the bearish H4 outlook.

Scheduled High-Impact Economic Events

The macro calendar features high-impact data that may trigger increased volatility. Traders can follow these events in real-time with our economic calendar.

Today at 13:45 UTC: US S&P Global Services PMI (Previous: 56.5, Estimate: 56)
Today at 13:45 UTC: US S&P Global Manufacturing PMI (Previous: 53.9, Estimate: 53.5)
Today at 13:45 UTC: US S&P Global Composite PMI (Previous: 56)
Today at 14:05 UTC: Federal Reserve Governor Barr's speech
Today at 16:00 UTC: European Central Bank's Cipollone speech
Today at 16:30 UTC: European Central Bank's Lane speech
Tomorrow at 01:30 UTC: Australian Employment Change s.a. (Previous: -15.8, Estimate: 20)
Tomorrow at 01:30 UTC: Australian Unemployment Rate s.a. (Previous: 4.5, Estimate: 4.5)
Tomorrow at 01:30 UTC: Australian Participation Rate (Previous: 66.9, Estimate: 66.9)
Tomorrow at 01:30 UTC: Australian Full-Time Employment (Previous: 16.3) and Part-Time Employment (Previous: -32.2)

Bottom Line

With the major pairs showing divergent intraday moves, today's S&P Global PMI reports will be critical in shaping short-term momentum. Traders should closely watch the daily pivots and support levels across EUR/USD, GBP/USD, and Gold to manage risk as volatility potentially increases around the releases.