September 2026 Economic calendar highlights: NFP, FOMC, ECB, CPI & more

Why the Economic Calendar Matters for Forex Traders

Economic data is one of the main drivers of short-term forex volatility.

Currency prices continuously adjust as traders reassess expectations for:

• Interest rates
• Inflation
• Economic growth
• Employment
• Consumer spending
• Central-bank policy

A stronger-than-expected economic report can cause traders to rethink where interest rates are heading. A weaker report can do the same in the opposite direction.

This is why major releases such as NFP, CPI and central-bank interest-rate decisions can sometimes move currency pairs hundreds of pips within a relatively short period.

However, the actual number is only part of the story.

Markets typically compare three numbers:

Previous: What happened last time?

Forecast: What economists expect this time.

Actual: What was actually reported.

The biggest moves often occur when the actual result differs significantly from market expectations.

September 2026 Economic Calendar at a Glance
 

The official U.S. Bureau of Labor Statistics calendar confirms the August Employment Situation report for September 4, PPI for September 10, CPI for September 11 and the next JOLTS release on September 29, while July JOLTS arrives September 1.

September 1 – U.S. JOLTS Job Openings

The first significant U.S. labour-market indicator of the month will be the Job Openings and Labor Turnover Survey (JOLTS) for July.

The report is scheduled for September 1 at 10:00 a.m. ET.

JOLTS measures several aspects of the U.S. labour market, including:
 

• Job openings
• Hiring
• Quits
• Layoffs
• Worker turnover

Job openings can provide an early indication of whether demand for workers is strengthening or weakening.

Why forex traders care

The Federal Reserve closely monitors labour-market conditions when making interest-rate decisions.

If job openings remain unusually strong, markets may interpret this as evidence that the economy can tolerate tighter monetary policy.

A sharp decline in job openings could instead suggest that employment conditions are cooling.

Markets to watch

EUR/USD
GBP/USD
USD/JPY
Gold (XAU/USD)
U.S. Dollar Index

JOLTS is important, but the main employment event comes only a few days later.

September 4 – U.S. Non-Farm Payrolls (NFP)
The Non-Farm Payrolls report is likely to be the first major volatility event of September.

The U.S. Bureau of Labor Statistics will publish the August 2026 Employment Situation on Friday, September 4 at 8:30 a.m. ET.

Although traders commonly call the entire release "NFP," several numbers deserve 
attention.

What traders should watch

Non-Farm Payrolls

This measures the monthly change in U.S. payroll employment outside the farming sector.

A significantly stronger-than-expected number can support the dollar if traders believe it increases the chance of tighter Federal Reserve policy.

Unemployment Rate

The unemployment rate gives another perspective on overall labour-market conditions.

Sometimes payroll growth can appear strong while the unemployment rate rises, creating a mixed market reaction.

Average Hourly Earnings

Wage growth is especially important because stronger wages can contribute to inflationary pressure.

That means traders should avoid focusing only on the headline payroll number.

Previous-month revisions

Earlier payroll figures can also be revised.

A headline NFP beat may initially strengthen the dollar, but large downward revisions to previous months can quickly reverse that reaction.

How NFP Could Affect Forex Markets

Stronger-than-expected NFP

A strong employment report could increase expectations that U.S. interest rates will remain higher.

Possible market reaction:

• USD strengthens
• EUR/USD falls
• GBP/USD falls
• USD/JPY rises
• Gold faces pressure

Weaker-than-expected NFP

A weak labour report could increase expectations for easier Federal Reserve policy.

Possible reaction:

• USD weakens
• EUR/USD rises
• GBP/USD rises
• Gold strengthens
• Risk assets may initially benefit

However, extremely weak employment data can also create fears about economic growth, making the market reaction less straightforward.

September 10 – European Central Bank Interest Rate Decision

The next major event is the European Central Bank monetary-policy meeting.

The ECB Governing Council meets on September 9 and September 10, with the monetary-policy decision and press conference following the second day of the meeting.

This makes September 10 one of the most important dates of the month for euro traders.

What to watch from the ECB

Traders should focus on:

• The interest-rate decision
• Inflation outlook
• Economic growth projections
• Comments about future rate moves
• President's press conference
• Changes in policy guidance

The market reaction may depend more on the ECB's forward guidance than on the actual rate decision.

For example, even if interest rates remain unchanged, the euro could strengthen if policymakers indicate that additional tightening may be necessary.

Similarly, the euro could weaken if the ECB sounds increasingly concerned about economic growth.

Currency pairs to watch

EUR/USD – Most direct exposure

EUR/GBP – ECB versus Bank of England expectations

EUR/JPY – Sensitive to both ECB and Bank of Japan policy

EUR/AUD – Can react to changes in global risk sentiment

September 10 – U.S. Producer Price Index (PPI)

The same day as the ECB meeting, traders will receive the U.S. Producer Price Index for August, scheduled for 8:30 a.m. ET on September 10.

PPI measures changes in prices received by domestic producers.

It is sometimes viewed as an early indicator of inflation pressure because rising production costs can eventually be passed on to consumers.

Why PPI matters this month

The timing is particularly important because U.S. CPI arrives the following day.

A surprisingly high PPI report could increase expectations for a strong CPI number before CPI is even released.

That can create early movement in:

USD
Treasury yields
Gold
Stock indices

September 11 – U.S. Consumer Price Index (CPI)

If NFP is the biggest employment report of the month, CPI is likely to be the biggest inflation report.

The U.S. Consumer Price Index for August 2026 is scheduled for September 11 at 8:30 a.m. ET.

This release arrives just days before the Federal Reserve's September meeting.

That makes its potential impact especially important.

Headline CPI vs Core CPI

Headline CPI

Headline CPI includes all major consumer categories, including food and energy.

Oil prices can therefore have a significant influence.

Core CPI

Core CPI excludes food and energy.

Many traders pay particularly close attention to core inflation because it can provide a clearer indication of underlying inflationary pressure.

Why September CPI Could Be Crucial

The Federal Reserve's next policy decision comes on September 16.

Therefore, the CPI report provides policymakers and markets with one of the final major inflation readings before the meeting.

Higher-than-expected CPI

If inflation exceeds expectations:

U.S. Treasury yields could rise
The dollar could strengthen
Gold could face selling pressure
Rate-hike expectations could increase
Risk assets could become more volatile

Lower-than-expected CPI

If inflation cools:

Treasury yields could decline
The dollar could weaken
Gold could benefit
Markets may price a less hawkish Fed

The reaction will depend heavily on how the number compares with expectations immediately before the release.

September 15–16 – Federal Reserve FOMC Meeting

The Federal Open Market Committee meeting is likely to be the biggest central-bank event of September.

The Federal Reserve has confirmed that the FOMC will meet on September 15–16, 2026. The policy statement is scheduled for 2:00 p.m. ET on September 16, followed by the Fed Chair's press conference at 2:30 p.m. ET.

This is also a particularly important FOMC meeting because it includes an updated Summary of Economic Projections.

What Traders Should Watch During FOMC

1. Interest Rate Decision

The first question is whether the Federal Reserve changes interest rates.

But simply knowing whether rates rise, fall or remain unchanged is not enough.

Markets often price the expected decision well before the announcement.

2. FOMC Statement

Small wording changes in the statement can provide clues about future policy.

Traders may focus on how the Fed describes:

• Inflation
• Employment
• Economic growth
• Financial conditions

3. Economic Projections

The September meeting includes updated projections for the economy.

These forecasts can help traders understand how Federal Reserve officials view the future path of:

• GDP growth
• Inflation
• Unemployment
• Interest rates

4. Fed Chair Press Conference

The press conference can sometimes create more volatility than the rate decision itself.

Traders will listen for indications about what could cause the Fed to change policy at future meetings.

September 16 – U.S. Retail Sales

Another important U.S. economic report arrives on the same day as the Federal Reserve decision.

August Advance Retail Sales are scheduled for September 16 at 8:30 a.m. ET.

Retail sales provide an important view of U.S. consumer spending.

Because household consumption represents a major part of economic activity, stronger retail sales can support expectations for economic growth.

Why the timing matters

The retail-sales report arrives several hours before the FOMC announcement.

Strong or weak data could therefore influence market positioning ahead of the Fed decision.

This could make September 16 an especially volatile trading session.

September 17 – Bank of England Interest Rate Decision

Just one day after the Federal Reserve, attention shifts toward the Bank of England.

The Bank of England's September Monetary Policy Summary and MPC minutes are scheduled for publication on September 17, 2026.

What traders should watch

• Bank Rate decision
• Voting split among MPC members
• Inflation concerns
• Wage-growth commentary
• Economic-growth outlook
• Guidance about future policy

The voting split can be particularly important.

For example, even if rates remain unchanged, a larger number of policymakers voting for higher rates could be interpreted as hawkish.

GBP pairs to watch

GBP/USD

EUR/GBP

GBP/JPY

GBP/AUD

With the Fed decision occurring only one day earlier, GBP/USD could experience particularly large swings as traders compare the policy outlook of both central banks.

September 17–18 – Bank of Japan Monetary Policy Meeting

September's central-bank calendar continues with the Bank of Japan.

The BOJ's next monetary-policy meeting is scheduled for September 17–18, with the Statement on Monetary Policy expected on September 18.

USD/JPY traders should pay close attention.

Japan has spent years operating under a very different monetary-policy environment from the United States and Europe.

Changes in expectations for Japanese rates can therefore produce unusually sharp moves in yen pairs.

What traders should watch

• BOJ interest-rate decision
• Inflation outlook
• Comments on wage growth
• Government-bond policy
• Guidance on future tightening
• Concerns surrounding yen weakness

Major JPY pairs

USD/JPY

EUR/JPY

GBP/JPY

AUD/JPY

Because the Fed meeting occurs immediately before the BOJ decision, USD/JPY may be one of the most interesting forex pairs during the middle of September.

September 30 – U.S. PCE Inflation

September ends with another important U.S. inflation report.

The Personal Income and Outlays report for August, including the PCE price index, is scheduled for September 30 at 8:30 a.m. ET.

PCE inflation is particularly important because it is a key inflation measure used by the Federal Reserve.

By September 30, the FOMC meeting will already have taken place, so traders may use the report to begin assessing expectations for the Fed's next meeting.

Markets to watch

• U.S. Dollar
• EUR/USD
• GBP/USD
• USD/JPY
• Gold
• Treasury yields
• U.S. indices
• Bitcoin
  
  Final Thoughts

September 2026 could be a highly active month for forex traders.

The sequence begins with U.S. labour-market data, moves into inflation figures and then culminates in several major central-bank decisions.

NFP will provide an important reading on employment. CPI will shape the inflation debate. The ECB will determine the euro's monetary-policy outlook, while the FOMC could set the tone for the U.S. dollar across the remainder of the month. The BoE and BoJ decisions immediately afterward add another layer of potential volatility.

For traders, preparation matters.

Mark the major releases on your calendar, understand which currency pairs are most exposed and remember that volatility often increases significantly around major economic announcements.

Economic news can create trading opportunities, but managing leverage, spreads, slippage and position size remains essential.