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USD

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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20 Nov 2025

Stale data shows US job creation picking up even as unemployment rises

The US job creation engine turned in a solid performance in September, maintaining market expectations for a short pause in the Federal Reserve’s easing campaign. According to delayed data just released by the Bureau of Labor Statistics, 119,000 jobs were added in the month—representing an overshoot relative to the 51,000-consensus forecast—while the previous two months were revised down by a total 33,000 positions. This brought the three-month average pace of job creation to 62,000, up from 29,000 ahead of the update. However, the unemployment rate ticked up to 4.4 percent from 4.3 percent previously—likely assisted by a rise in the...

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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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