FX Weekly Strategy: Asia, November 24th-28th

November 23, 2025 10:00 PM UTC

Equities likely to drive FX
Some reasons to expect equity market stabilization and a USD dip
GBP risks on the UK Budget mostly on the downside
JPY still vulnerable to equity recovery short term, but upside preferred medium term

FX Weekly Strategy: APAC, November 24th-28th

November 23, 2025 6:00 PM UTC

Equities likely to drive FX
Some reasons to expect equity market stabilization and a USD dip
GBP risks on the UK Budget mostly on the downside
JPY still vulnerable to equity recovery short term, but upside preferred medium term

North American Summary and Highlights 21 Nov

November 21, 2025 8:30 PM UTC

Overview - USD/JPY moved lower in Europe, though the USD was little changed in North America, despite taking a hit as Fed’s Williams lifted hopes for a December easing. 

Chart USD/MXN Update: Limited tests higher

November 21, 2025 4:55 PM UTC

Cautious trade around congestion support at 18.3000 has given way to a bounce

Chart USD/CAD Update: Extending pressure on strong resistance

November 21, 2025 4:39 PM UTC

Little change, as prices extend pressure on resistance within the 1.4100 break level and the 1.4140 weekly high of 5-6 November

FX Weekly Strategy: November 24th-28th

November 21, 2025 4:09 PM UTC

Equities likely to drive FX
Some reasons to expect equity market stabilization and a USD dip
GBP risks on the UK Budget mostly on the downside
JPY still vulnerable to equity recovery short term, but upside preferred medium term

Canada September retail sales - A subdued Q3, October seen unchanged

November 21, 2025 3:22 PM UTC

Canadian retail sales with a 0.7% decline were as the preliminary indicator released with August report had suggested, but ex auto sales exceeded expectations with a rise of 0.2%. Still, Q3 is negative in real terms, and October’s preliminary indicator is unchanged, suggesting a continued subdued

U.S. November S&P PMIs - Still healthy

November 21, 2025 3:01 PM UTC

November’s preliminary S and P PMIs both remain at healthy levels, manufacturing modestly slower at 51.9 from 52.5 but still comfortably positive, while services have unexpectedly seen a modest increase to 55.0 from 54.8. The composite increased to 54.8 from 54.6.

Chart AUD/USD Update: Under pressure

November 21, 2025 2:40 PM UTC

Little change, as prices extend cautious trade around support at the 0.6440 monthly low of 14 October

Preview: Due December 5 - Canada November Employment - Correcting from a strong October

November 21, 2025 2:34 PM UTC

Canadian employment data has been volatile in recent months. Underlying trend still seems modestly positive, but after two strong gains in excess of 60k we expect a modest decline of 5k in November. This would lift unemployment to 7.0% from 6.9% in October, still below the 7.1% seen in August and Se

Chart USD/JPY Update: Limited downside tests

November 21, 2025 2:24 PM UTC

Cautious trade beneath resistance at 158.00 is giving way to a JPY-driven drift lower

U.S. Fed's Collins - Jobs data mixed, undecided on December

November 21, 2025 1:40 PM UTC

Fed's Collins has not placed herself in either camp for December, and may follow Powell's lead.

U.S. Fed's Williams - Still sees room for a near term rate cut

November 21, 2025 1:11 PM UTC

Dovish remarks from Fed's Williams are significant, as he tends to be in the Fed mainstream. 

Chart EUR/CAD Update: Choppy trade - daily studies falling

November 21, 2025 11:58 AM UTC

Consolidation around congestion support at 1.6200 has given way to a sharp bounce towards congestion resistance at 1.6300

Psychology for major markets Nov 21

November 21, 2025 11:31 AM UTC

USD generally firm but JPY correcting recent losses

FX Daily Strategy: N America, November 21st

November 21, 2025 10:19 AM UTC

Weaker PMIs put downward pressure on the EUR and GBP
GBP risks already on the downside on retail sales
JPY recovering but gains still corrective

EUR, GBP flows: GBP under pressure after weaker PMIs

November 21, 2025 10:08 AM UTC

GBP under pressure after weaker PMIs

This week's five highlights

November 21, 2025 10:00 AM UTC

U.S. September Employment Makes Case for a December easing looks a little weaker
And See Risk Asset Continue its Correction
These Week's Fed Speaker
Japan's Takaichi Outlines More Stimulus
UK CPI Down from Likely Peak