U.S. stocks moved higher on September 15, 2025, as the Dow edged up and the S&P 500 and Nasdaq reached record levels. Investor optimism grew after President Trump suggested that trade discussions with China were on a positive track, with an upcoming Federal Reserve meeting also in view.

With critical FX option expiries hovering between 1.1590-00 and 1.1675-80, EUR/USD may find itself constrained. Yet, investors remain alert for surprises from global bond yields, which could quickly challenge this cautious calm in the forex market.

In a surprising twist, bond yields are surging even as the Federal Reserve cuts interest rates, leaving investors uneasy. The 10-year Treasury yield has climbed above 4.80%, its highest level since 2023, unsettling stock markets and knocking indexes off their records.