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Market Brief, North America

12 Nov 2025

Optimism reigns across financial markets as shutdown nears end

Financial markets are back in risk-on mode as US lawmakers return to Washington for a vote that could end a 43-day shutdown that paused federal government paycheques, delayed vital food aid for millions of Americans, and disrupted global airline travel. House Republicans are expected to support Monday’s spending package in today’s session, clearing the way for a reopening of the government by Friday. The dollar is grinding higher against a basket of its most-traded counterparts, risk-sensitive currencies like the Canadian and Australian dollars are on the march against the safe-haven Japanese yen, benchmark two- and ten-year Treasury yields are slipping...

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10 Nov 2025

Shutdown hopes bolster risk appetite

The dollar is retreating and Treasury yields are slipping as the longest shutdown in American history shows signs of coming to an end. Trading volumes look light ahead of tomorrow’s holiday, but measures of risk appetite are improving and investors are moving out of safe havens like the Japanese yen and Swiss franc into economically-sensitive units like the Aussie, Canadian dollar, and Mexican peso after a group of Democrats crossed party lines to approve a bill that would provide funding through the end of January. Uncertainties still exist: a final vote in the Senate is needed to pass the measure...

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06 Nov 2025

Dollar retreats as conflicting datapoints skew Fed expectations

The dollar is tumbling against most of its major rivals after a private-sector report showed employers slashing payrolls by far more than anticipated, raising market-implied odds on a third consecutive rate cut at the Federal Reserve’s December meeting. According to the Challenger, Gray, and Christmas job cut report—not typically a market-moving release—businesses laid off 153,074 people in October, up 175 percent from the 55,597 announced in the same month last year, and up sharply from the 54,064 announced in September. Policy-sensitive two-year Treasury yields are back below the 3.6-percent mark, equity futures are setting up for incremental gains at the...

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05 Nov 2025

Selloff eases, dollar grinds higher

Currency markets are stabilising this morning as a global selloff eases and the US government shutdown enters a record-breaking 36th day. Asset prices tumbled across the financial landscape yesterday as concern over rarefied valuations intersected with expectations for a slower Federal Reserve easing cycle, but steep losses in the technology sector now appear to be reversing, demand for safe-haven Treasuries is slackening, and risk appetite is—hesitantly—returning in foreign exchange markets. The dollar is trading on a slightly firmer basis along with its safe-haven counterparts, the British pound is enjoying a modest rebound after falling into oversold territory ahead of tomorrow’s...

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04 Nov 2025

Markets flip into more cautious stance as easing hopes fade and correction fears grow

The almighty greenback is holding near a three-month high this morning as investors scale back their exposure to technology stocks and grapple with uncertainty surrounding the Federal Reserve’s next policy move. US equity markets are set to open lower after Palantir Technologies issued a somewhat-disappointing revenue forecast, risking the near-150-percent jump in its share price this year, and intensifying concerns about stretched valuations across the tech sector. Policy-sensitive Treasury yields are easing even after several officials—including Governor Lisa Cook, San Francisco’s Mary Daly, and Chicago’s Austan Goolsbee—signaled a lack of conviction in a potential December rate cut, citing the evolving...

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