Euro and rates, week to 18 September 2026: the euro rises against the yen

Euro and rates: what moved in the week to 18 September 2026

Between 11 September 2026 and 18 September 2026, the euro rose against the yen. Of the four currencies tracked through the ECB reference rates, the euro rose against sterling, the yen and the Swiss franc and fell against the dollar.

Currencies: the euro rises against the yen

Against the dollar, the euro ended the week at 1.1460 USD on 18 September 2026, compared with 1.1592 USD on 11 September 2026: a fall of 1.14%. Across the sessions, the reference rate ranged between 1.1460 USD on 18 September 2026 and 1.1551 USD on 14 September 2026. It ended at the week’s low.

Against sterling, the euro ended the week at 0.8588 GBP on 18 September 2026, compared with 0.8582 GBP on 11 September 2026: a rise of 0.08%. Across the sessions, the reference rate ranged between 0.8558 GBP on 15 September 2026 and 0.8588 GBP on 18 September 2026. It ended at the week’s high.

Against the yen, the euro ended the week at 180.94 JPY on 18 September 2026, compared with 178.56 JPY on 11 September 2026: a rise of 1.33%. Across the sessions, the reference rate ranged between 178.52 JPY on 14 September 2026 and 180.94 JPY on 18 September 2026. It ended at the week’s high.

Against the Swiss franc, the euro ended the week at 0.9462 CHF on 18 September 2026, compared with 0.9451 CHF on 11 September 2026: a rise of 0.12%. Across the sessions, the reference rate ranged between 0.9431 CHF on 14 September 2026 and 0.9466 CHF on 17 September 2026.

Euro area rates: the 2-year rate moves higher

€STR, the overnight rate the ECB calculates from euro area banks’ borrowing, stood at 2.441% on 18 September 2026, compared with 2.189% at the start of the period. It rose 25 basis points. The move came in the week the ECB raised its deposit rate from 2.25% to 2.50%, effective 16 September 2026.

On the euro area AAA curve published by the ECB, the 2-year rate ended at 3.22% on 18 September 2026, up 9 basis points on the week, and the 10-year rate at 3.53%, practically unchanged, within one basis point.

The gap between the 10-year and 2-year rates went from 40 to 31 basis points: the curve remains positive, with the 10-year above the 2-year, and it flattened over the week.

What these moves change for a futures trader

For a futures trader, moves in the euro matter in two ways: directly on currency contracts, and indirectly on European indices, where part of the companies earn their revenue outside the euro area. A position in a contract denominated in another currency also carries that currency risk.

Limits to keep in mind: ECB reference rates are fixings published once a day, not prices you can trade at; each day’s €STR is published on the next business day; and the AAA curve is estimated from AAA-rated government bonds, not the yield of a specific bond.