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Euro heads for a third weekly loss as Schnabel leaves for the IMF
EUR/USD spent the week from 22 September giving up 1.145 toward 1.137 — a two-month low and a third straight weekly decline, the longest run since the turn of the year. Thursday’s Schnabel-to-IMF resignation is a personnel story on a rates tape.
6 min read · 25 September 2026
The week on the pair
Monday–Tuesday the euro leaked with the dollar’s two-month high. Wednesday’s PMI tape took EUR/USD through 1.1400 to around 1.1386. Thursday it probed 1.1374. Friday a modest bounce toward 1.1396 still left the pair on course for a third weekly loss. Options clustered near 1.1400 into the Friday and early-next-week expiries. That is a magnet, not a floor.
Schnabel and the Council
On 24 September ECB board member Isabel Schnabel resigned to take a senior IMF role. That starts a reshuffle at the top of the euro area’s most powerful financial institution. It is not an October rate signal by itself. The Governing Council already hiked deposit to 2.50% on 10 September and refused a path. FX is still trading the Fed spread, not the vacant chair.
What the desk watches next
1.1400 as a weekly close, then 1.1325 — the June low that has so far produced higher lows. If DXY keeps 101, 1.1500 stays a ceiling. If October Fed odds fade and European growth holds, the pair can repair. Do not mix a personnel headline with a euro long.
Risk note
A third weekly loss can reverse on one US print. This note is not a recommendation to buy or sell EUR/USD.
These notes are education, not a recommendation to trade, and not a solicitation. Leveraged FX can return a total loss of capital, quickly. Nothing here is personal advice. SummitFx does not hold client funds. Read the risk disclosure.