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Market Brief, North America

20 Nov 2025

Dollar climbs ahead of non-farm payrolls

Currency markets are holding steady after an extremely busy session that saw odds on a December rate cut plunge, helping the dollar post its best daily performance in almost two months. Benchmark ten-year Treasury yields are holding near 4.14 percent—up almost three basis points from yesterday—equity futures are setting up for gains at the open, and the euro, yen, and Canadian dollar are all trading defensively against the greenback ahead of the delayed September jobs report in half an hour. Minutes taken during the Federal Reserve’s late-October get-together showed policymakers turning more hawkish than markets had anticipated, further lowering the...

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19 Nov 2025

Markets brace for Fed minutes and Nvidia earnings (and not necessarily in that order)

Markets are trimming risk this morning as participants brace for what could become a make-or-break moment in technology speculation and global capital flows. With artificial intelligence juggernaut Nvidia set to publish third-quarter earnings after the closing bell, equity futures are setting up for a positive open after four days of losses, ten-year Treasury yields are again clinging to the 4.12-percent mark, and the dollar is trading higher amid a lack of domestic catalysts in Canada and Europe. The world’s most valuable company has seen its market capitalisation tumble by roughly 7 percent from the peak a few weeks ago, and...

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18 Nov 2025

Traders monitor exits even as global selloff slows

Selling pressure is easing across global financial markets after volatility expectations intensified during yesterday’s session, triggering classic risk-off dynamics and lifting the dollar to its best daily performance in weeks. Benchmark ten-year Treasury yields are down 4 basis points to 4.10 percent, the greenback is paring its advance against a basket of its most-traded rivals, and North American equity futures are setting up for modest losses at the open. The VIX index—often referred to as Wall Street’s “fear gauge” is trading at levels consistent with growing nervousness, but hasn’t yet climbed to the heights typical of an extreme selloff. Wary...

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17 Nov 2025

Dollar inches higher as post-shutdown trading dynamics assert themselves

Foreign exchange markets are trading on a mixed footing this morning as the US government data backlog begins to clear and investors brace for a series of critical corporate earnings releases. Equity futures are pointing to a firmer open (although this may be a Pavlovian response to a ten-week winning streak on Mondays), and benchmark Treasury yields are creeping up ahead of appearances from Fed officials including Governors Jefferson and Waller later today. The dollar is outperforming pro-cyclical currencies like the Australian and Canadian dollars, holding its own against the British pound and euro—which are clinging to technical resistance levels...

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14 Nov 2025

Selloff intensifies

A global rout in risky assets looks set to extend into a third day as investors turn more sceptical on artificial intelligence spending and pull back on expectations for a rate cut at the Federal Reserve’s December meeting. North American equity futures—particularly on technology-focused indices—are pointing to renewed selling pressure at this morning’s open, Treasury yields are modestly higher across the curve, and the dollar is trading higher against most of its counterparts as investors seek liquidity. The Canadian dollar and euro are outperforming on the crosses while the Mexican peso and Australian dollar drop relative to the safe-haven Japanese...

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