Week of 7 to 11 September 2026·Published
Week in Brief
EUR/USD held flat all week at 0.801 pips average, the tightest of any major. The bigger story is WTI/USD, where the average spread tightened from 3.85 to 3.375 points as ThinkMarkets cut its WTI spread 56% from 3.4 to 1.5, coinciding with a week of oil headlines including a 4% WTI drop on profit-taking. NAS100 moved the other way, widening from 1.317 to 1.483 points as Swissquote's quote rose 26%.
Spread Movements by Instrument
EUR/USD
stable- Week range
- 0.801 pips average across 8 brokers, unchanged all week
- Cheapest
- FXTM at 0.01 pips every day
- Notable
- Average held at 0.801 every day, with FXTM at 0.01 and XM at 2.0 pips bookending the spread on every single day.
GBP/USD
stable- Week range
- 1.026 pips average across 8 brokers, unchanged all week
- Cheapest
- FXTM at 0.01 pips every day
- Notable
- Same pattern as EUR/USD: FXTM cheapest at 0.01, XM dearest at 2.4 pips, average unchanged across the week.
USD/JPY
stable- Week range
- 0.951 pips average across 8 brokers, no daily variation
- Cheapest
- FXTM at 0.01 pips every day
- Notable
- Flattest instrument in the pack, average identical at 0.951 on all five days, FXTM to XM spread of 0.01 to 2.5 unchanged.
WTI/USD
tightened- Week range
- 3.15 to 3.85 points average across 4 brokers
- Cheapest
- ThinkMarkets at 1.5 to 1.6 points from Wednesday, IG Group at 2.8 on Monday and Tuesday
- Notable
- Average tightened from 3.85 on Monday to 3.375 by Wednesday, driven by ThinkMarkets cutting its quote 56% from 3.4 to 1.5, against a backdrop of a 4% WTI price drop reported Friday.
NAS100
widened- Week range
- 1.317 to 1.6 points average across 3 brokers
- Cheapest
- ThinkMarkets at 0.8 points every day
- Notable
- Average widened from 1.317 Monday to a 1.6 midweek peak on Wednesday before settling at 1.483 Friday, with Swissquote's dearest quote rising 26% from 1.95 to 2.45 over the week.
XAU/USD
stable- Week range
- 0.268 USD average across 4 brokers, unchanged all week
- Cheapest
- BlackBull Markets at 0.12 USD every day
- Notable
- Average held at 0.268 on every day of the week.
US500
stable- Week range
- 0.675 to 0.762 points average across 4 brokers
- Cheapest
- IG Group at 0.4 points every day
- Notable
- Average ranged narrowly from 0.675 Thursday to 0.762 Tuesday, IG Group held the cheapest quote at 0.4 points all five days.
GER40
stable- Week range
- 3.743 to 4.41 points average, only 3 brokers reporting
- Cheapest
- IG Group at 1.4 points every day
- Notable
- Average jumped to 4.41 on Wednesday only, driven by BlackBull Markets' dearest quote rising to 7.5 that day versus 5.5 the rest of the week; thin coverage at 3 brokers limits confidence in this move.
BTC/USD
stable- Week range
- 30.277 to 34.267 price-points average, only 3 brokers reporting
- Cheapest
- ThinkMarkets at 15 to 26.2 price-points
- Notable
- Average spiked to 34.267 on Wednesday as ThinkMarkets' own quote rose to 26.2 from its usual 15, then eased back to 30.277 by Friday; thin 3-broker coverage means this swing should be read cautiously.
Broker Spotlight
FXTM was the tightest broker across the majors this week, quoting 0.01 pips on EUR/USD, GBP/USD and USD/JPY on every one of the five days, and it led the cheapest-broker tally with 15 of 45 key instrument-days. XM was the consistent outlier on those same three pairs, quoting 2.0 to 2.5 pips daily, roughly 200 times wider than FXTM on identical instruments.
Market Context
- US CPI inflation held at 3.4% in August, reported Friday 11 September, coinciding with a volatile Euro reaction against the Dollar and a Japanese Yen strengthening move the same day.
- WTI dropped more than 4% below 97 USD on Friday on profit-taking, with Iran tensions cited as a limiting factor; this lines up with WTI/USD average spreads tightening from 3.85 to 3.375 points over the week.
- Gold rallied Friday despite stronger Fed rate-hike expectations following the CPI print, though XAU/USD spread coverage that day still ran on only the usual 4 brokers.
- ECB commentary from UOB flagged a hawkish rate path supporting the Euro, while EUR/USD spreads themselves stayed flat at 0.801 pips throughout the week.
To Watch Next Week
- US UoM Consumer Sentiment Index reading, seen at 47.8 for September, may move USD pairs including EUR/USD and USD/JPY next week.
- Bank of Japan hawkish hike prospects flagged by DBS could affect USD/JPY spreads, which have been flat at 0.951 pips all week.
- Oil headlines around gradual easing and dark transits from Commerzbank bear watching against WTI/USD spreads, which tightened this week from 3.85 to 3.375 points.