North American Summary and Highlights 25 November

European and North American sessions

The nomination of Scott Bessent for US Treasury Secretary was seen by markets as reducing risks of aggressive tariffs. UST yields fell sharply and equities initially rallied, though the gains in the latter faded into the session. The USD was generally softer, with EUR/USD moving above 1.05, but a dip in USD/JPY to below 154 was corrected as equity gains faded. 

Oil slipped on rising hopes for a cease fire in Lebanon and the commodity currencies came under some pressure, but USD/CAD found sellers above 1.40 and AUD/USD found support below .65. EUR/CHF was weaker near .93 but EUR/GBP was stronger above .8350. BoE Deputy Governor Lombardelli expressed support for gradual easing of policy.