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Market Brief, North America

11 Dec 2025

Dollar holds post-Fed losses

The dollar is back on the defensive this morning as markets absorb yesterday’s unexpectedly-neutral Federal Reserve rate cut as well as a stumble in the overheated US tech complex ahead of next week’s cluster of event risks. Treasury yields are slightly lower across the curve, and traders are assigning a marginally higher probability to additional easing in 2026 after yesterday’s decision landed with a less hawkish tone than many had anticipated. Equity futures are pointing to early losses after Oracle delivered underwhelming cloud-computing results even as it pledged to ramp up capital spending—reinforcing investor concerns about the durability of the...

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10 Dec 2025

Currencies flatline into central bank decisions

Happy Fed Day to those who celebrate. Global risk assets are drifting lower, yields are a touch firmer, and the dollar is trading in the middle of its recent trading range as investors await what is widely expected to be a third consecutive “hawkish cut” from the Federal Reserve this afternoon. Data published yesterday showed US labour markets cooling, but not at an alarming rate. On the positive side of the ledger, the number of job openings surged to 7.67 million in October from 7.23 million in August, but this may have been driven by pre-holiday staffing increases. The hires...

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09 Dec 2025

Traders stockpile dry powder as Fed decision looms

Currency markets are drifting into Tuesday with a wary, slightly defensive tone, caught between a thin data calendar, declining volumes, and the growing sense that policy divergences are about to reshape the global landscape. Treasury yields are a touch softer after yesterday’s curve-steepening move, equity futures are pointing marginally lower, and the dollar is trading sideways against all of its major counterparts as traders brace for tomorrow’s Federal Reserve decision. This morning’s Job Openings and Labor Turnover release could provide critical insight on job market conditions. Unusually, the report—which will cover the entirety of September and October as opposed to...

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08 Dec 2025

Trading ranges narrow in run-up to Fed meeting

The dollar is edging lower against a basket of its most-traded rivals as investors focus attention on this week’s Federal Reserve meeting—and on the implications for monetary policy in 2026. Benchmark ten-year Treasury yields are parked near the 4.15-percent mark, equity futures are holding steady ahead of the North American open, and the euro, pound, and Japanese yen are all firmly rangebound amid a lack of domestic catalysts. Markets overwhelmingly expect a “hawkish cut” on Wednesday, with the statement language, dot plot projections, and Chair Powell’s words all pointing to a more gradual pace of easing in the coming months....

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05 Dec 2025

Currencies settle in for a long winter’s nap 

Consolidative price action is taking place across financial markets this morning as risk appetite improves ahead of next week’s all-important Federal Reserve meeting. Benchmark ten-year Treasury yields are holding firm around the 4.11-percent handle, the dollar is trading sideways, and equity futures are setting for a continuation of an almost two week-long Santa Claus rally. Most major currencies are looking technically stretched against the dollar, with many trading beyond moving averages and Bollinger Band levels. The US economy is still delivering contradictory signals. Consumer sentiment, as measured by the Conference Board and the University of Michigan, continues to deteriorate even...

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