Americas Insights

November 28, 2025

FX Weekly Strategy: December 1st-5th

November 28, 2025 4:36 PM UTC

Risky currencies may struggle to rise further with S&P 500 approaching the highs
AUD still look good value relative to yield spreads
JPY could benefit from Ueda speech, and downside should be protected by intervention
GBP and EUR both look vulnerable

CAD flows: CAD firmer after stronger GDP

November 28, 2025 2:18 PM UTC

USD/CAD dipping below 1.40 as CAD front end yields edge up following stronger than expected September GDP

Canada Q3 GDP rebounds as imports plunge but domestic demand marginally negative

November 28, 2025 2:14 PM UTC

Canada’s 2.6% annualized increase in Q3 GDP id sharply higher than expected though the surprise comes largely from a sharp fall in imports. Domestic demand was almost unchanged with a 0.1% annualized decline. September GDP grew by 0.2% on the month, but the preliminary estimate for October is weak

China’s Hidden Gold Buying: Why?

November 28, 2025 1:05 PM UTC

Speculation has been growing in the gold market that the surge in unrecorded gold purchases could be linked to China.
Overall, some unreported buying of gold by China could have occurred in 2025 and also in 2022-24. This could be a combination of wanting to avoid upsetting Trump during a tense U.S.-C

Continuum Economics Calendar December 2025

November 28, 2025 12:00 PM UTC

Data and Events Calendar December 2025.

Psychology for major markets Nov 28

November 28, 2025 11:12 AM UTC

EUR a little softer within the range

FX Daily Strategy: N America, November 28th

November 28, 2025 10:13 AM UTC

JPY may suffer short term but turn near
EUR strength unlikely to extend
CAD may see gain on GDP

This week's five highlights

November 28, 2025 10:00 AM UTC

No More Cut Signaled by RBNZ
More Detail on Japan Stimulus
U.S. Fed's Waller Advocating ease on labor market concerns
U.S. September Retail Sales lose momentum, PPI strong in goods but weak in services
UK Budget Shows Deferring the Fiscal Pain

EUR, CHF, SEK flows: Few surprises in European data but SEK may have upside against CHF

November 28, 2025 9:29 AM UTC

European data much as expected, but relatively strong Swedish growth suggests some SEK upside risks, while weak Swiss growth may maintain downward pressure on CHF

Chart USD/CAD Update: Under pressure, room to 1.4000/1.3970 support

November 28, 2025 7:47 AM UTC

Prices remain under pressure following break of the 1.4080 support to open up room for deeper pullback to 1.4000

EUR, AUD, JPY flows: Quiet markets but EUR may be vulnerable on the crosses

November 28, 2025 7:30 AM UTC

German retail sales a touch softer, some downside risks for the EUR on the crosses

Chart USD/CHF Update: Lower in consolidation from test of .8100 level

November 28, 2025 6:41 AM UTC

Settled back in consolidation from test of the upper .7900/.8100 range area

Chart USD Index DXY Update: Consolidating, but room for deeper pullback

November 28, 2025 5:15 AM UTC

Edged up from the 99.40 low as prices consolidate pullback from the 100.40 high of last week

AUD/USD flows: Chinese Vanke Delays Payment

November 28, 2025 4:33 AM UTC

S&P cut Vanke to CCC-, flags deepening distress

FX Daily Strategy: Europe, November 28th

November 28, 2025 4:22 AM UTC

EUR data likely to have minimal impact
Risk positive tone may fade, reducing USD and JPY weakness
AUD retains upside scope
GBP post-Budget strength looks flimsily based

Chart GBP/USD Update: Consolidating, room for higher later

November 28, 2025 1:42 AM UTC

Still shy of the 1.3300 level as prices consolidate bounce from the 1.3038 low of last week

Chart EUR/USD Update: Room to extend bounce from 1.1500 support

November 28, 2025 1:22 AM UTC

Struggling to regain the 1.1600 level following bounce from the 1.1500 support

USD/JPY flows: Tokyo Headline CPI 2.7% y/y

November 28, 2025 1:06 AM UTC

Tokyo CPI Headline 2.7% y/y for November

Chart USD/JPY Update: Consolidating above 156.00, room for lower later

November 28, 2025 12:30 AM UTC

No follow-through on break of the 156.00 level as prices consolidate pullback from the 157.90 high of last week

Chart AUD/USD Update: Poised for further gains

November 28, 2025 12:20 AM UTC

Break above resistance at the .6500/20 area seeing gains to approach the .6550 resistance and trendline from the September high

November 27, 2025

FX Daily Strategy: Asia, November 28th

November 27, 2025 10:00 PM UTC

EUR data likely to have minimal impact
Risk positive tone may fade, reducing USD and JPY weakness
AUD retains upside scope
GBP post-Budget strength looks flimsily based

Turkiye GDP Growth Preview: Economy will Expand by Around 4% in Q3

November 27, 2025 4:22 PM UTC

Bottom Line: Turkish Statistical Institute (TUIK) will announce Q3 GDP growth on December 1 and we expect that Turkish economy will expand around 4.0% YoY backed by investments, strong construction and industry activities in Q3. Of course, growth figure could hit below our expectations due to the we

FX Daily Strategy: APAC, November 28th

November 27, 2025 4:15 PM UTC

EUR data likely to have minimal impact
Risk positive tone may fade, reducing USD and JPY weakness
AUD retains upside scope
GBP post-Budget strength looks flimsily based

USMCA Renegotiation: Hostage To Trump

November 27, 2025 2:55 PM UTC

• Trump could decide to go on an early offensive over the July 2026 USMCA review or could wait until after the November congressional elections to act tough given it could cause new cost of living fears for U.S. voters. This could mean that at times the USMCA negotiations are upsetting fo

ECB: Financial Stability Review Less Complacent than Council?

November 27, 2025 1:36 PM UTC

The ECB is clearly split about whether policy has troughed or not, this mainly a result of differences within the Council as to where inflation risks lie. Regardless, as the account of the Oct 29-30 Council meeting chimed with comments from the meeting’s press conference, it does seem to us as i