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October 10, 2025
Russia’s Inflation Softened to 17-Month Low in September
October 10, 2025 7:02 PM UTC
Bottom Line: Russian inflation continued its decreasing pattern in September, and hit the lowest in 17-months after with 7.98% y/y, particularly thanks to lagged impacts of previous aggressive monetary. According to Rosstat’s announcement on October 10, core inflation eased to 7.7% y/y from 8% y/y
Eurozone: Data Disappointments Off the ECB Radar
October 10, 2025 12:35 PM UTC
Although not fully high-profile,and mostly off the radar that the Council focuses on. the last few days have brought a series of data releases that will disappoint the ECB, certainly the hawks. These range from weak services production data, further signs of a loosening in the labor market and mor
FX Daily Strategy: N America, Oct 10
October 10, 2025 9:15 AM UTC
CAD risks on the downside on consensus Canadian employment report…
…but USD/CAD has only modest scope to break above 1.40
EUR/NOK remains range-bound near term, but NOK may yet be re-rated
Hard to find a trigger for near term reversal of JPY weakness
FX Daily Strategy: Europe, Oct 10
October 10, 2025 4:50 AM UTC
CAD risks on the downside on consensus Canadian employment report…
…but USD/CAD has only modest scope to break above 1.40
EUR/NOK remains range-bound near term, but NOK may yet be re-rated
Hard to find a trigger for near term reversal of JPY weakness
October 09, 2025
FX Daily Strategy: Asia, Oct 10
October 9, 2025 9:00 PM UTC
CAD risks on the downside on consensus Canadian employment report…
…but USD/CAD has only modest scope to break above 1.40
EUR/NOK remains range-bound near term, but NOK may yet be re-rated
Hard to find a trigger for near term reversal of JPY weakness
FX Daily Strategy: APAC, Oct 10
October 9, 2025 3:16 PM UTC
CAD risks on the downside on consensus Canadian employment report…
…but USD/CAD has only modest scope to break above 1.40
EUR/NOK remains range-bound near term, but NOK may yet be re-rated
Hard to find a trigger for near term reversal of JPY weakness
Enthusiastic Turkish Medium Term Program Towards 2026-2028 Aims to Find Solutions to Macroeconomic Issues… But Road is Bumpy
October 9, 2025 1:26 PM UTC
Bottom Line: According to the recently announced Medium-Term Program (MTP) for 2026-2028, the main goal of the program remained bringing inflation down to single digits and ensuring price stability soon. Despite GDP growth is forecasted to be 3.8% next year, 4.3% in 2027 and 5% in 2028, we think the
ECB Council Meeting Account Review: Complacency Rules the Day as Financial Conditions Tighten!
October 9, 2025 12:52 PM UTC
Unsurprisingly there was little in the account of the ECB Council Meeting of 10-11 September to suggest any rush to change policy with it clear that members on both sides of the hawks vs doves debate wanted more data amid what was considered to be great uncertainty. Thus, the ECB offered little in
October 08, 2025
FOMC Minutes from September 17 - No dramatic divisions revealed
October 8, 2025 6:54 PM UTC
FOMC minutes from September 17 do not show a clear split between two camps, despite Fed speakers since the meeting showing some with clearly hawkish concerns and others significantly less so. This reflects a broad consensus to ease by 25bps at this meeting. While future decisions are not set in ston
UK: BoE Financial Arm Warns of (Increasing) Risks But Ignores Tighter Financial Conditions
October 8, 2025 1:58 PM UTC
According to the BoE Financial Policy Committee (FPC) meeting this month, risks associated with geopolitical tensions, global fragmentation of trade and financial markets, and pressures on sovereign debt markets remain elevated. In fact, the FPC was very clear of the increasing risk of a sharp ma