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JPY

24 Nov 2025

Risk appetite turns fragile, markets reverse some gains

The dollar is slipping from its highs, Treasury yields are inching lower, and stock market indices are retrenching as investors trim exposures to the technology sector amid an ongoing retreat from speculative asset classes. With US markets closed Thursday for the Thanksgiving holiday and likely thinly-populated on Black Friday, traders are working to compress position adjustments into the first three days of the week, and price action is accelerating across the foreign exchange markets, extending a broader rise in measures of implied volatility. Expectations for a cut at the Federal Reserve’s December meeting jumped spectacularly on Friday morning, weakening the...

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23 Nov 2025

Market swings continue

• Positive vibes. Increased odds of a December US Fed rate cut boosted sentiment. US equities rose. AUD & NZD ticked higher on Friday.• AU/NZ events. RBNZ expected to cut rates again (Weds). Most are predicting a 25bp move. First full monthly CPI inflation report out in Australia (Weds).• Event Radar. In the US shutdown delayed retail sales & PPI data due (Tues night AEDT). Thanksgiving holidays may impact liquidity later in the week. Global Trends Intra-session market swings continued Friday, in line with the erratic daily gyrations that have been coming through recently. The zig-zag pattern in US equities...

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20 Nov 2025

Shaky ground

• Risk wobbles. Positive sentiment after the Nvidia earnings report faded. US equities declined, as did bond yields. AUD & NZD lost ground.• US jobs. Delayed US jobs data showed stronger payrolls but also higher unemployment. Odds of a December US Fed rate cut have declined.• Data flow. Global PMIs & Fed members speaking today. Because of shutdown backlog Fed won’t have another jobs report before mid-December meeting. Global Trends Risk appetite continues to swing around with another burst of volatility coming through overnight. The positive vibes stemming from yesterday’s corporate earnings report from tech-powerhouse Nvidia faded. Broader sentiment changed...

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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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