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Published: 2025-10-07T10:09:37.000Z

Europe Summary and Highlights 7 October

7

The USD gained around 20 pips against both the EUR and JPY through the European morning.

European morning session

The USD gained around 20 pips against both the EUR and JPY through the European morning. The session was generally quiet, with only German factory orders in the way of significant data. These were weaker than expected, falling 0.8% on the month to record their fourth straight decline, and likely contributed to the EUR’s decline. The EUR was generally softer on the crosses, although there was little change in EUR/CHF or EUR/NOK.

The French trade deficit was slightly larger than expected at EUR5.5bn in August, but there was no further news on the French government after yesterday’s PM resignation.

Asia session

The Japan August Household spending came in strong at +2.3% y/y and +0.6% m/m. It will be a pleasant surprise for the BoJ as it indicates a somewhat sustainable recovery in private consumption. However, with the new Japanese PM tilted towards fiscal spending, the BoJ may avoid a direct contradictory move and rend such data less impactful. USD/JPY is trading 0.07% higher at 150.44.

Regional equities are outperforming U.S. equities on Tuesday. The Nikkei continues to perform strongly while U.S. equities have their toes in the red.  The AUD/USD is trading 0.1% lower at 0.6611 as consumer confidence and ANZ job ads both dips. NZD/USD is also trading 0.28% lower at 0.5826while USD/CAD rises 0.04%. Else, EUR/USD and GBP/USD are down 0.1%.

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