North American Summary and Highlights 1 April

April 1, 2025 7:48 PM UTC

Overview - The USD was generally little changed, but USD/CAD slipped with Trump’s Wednesday tariff announcement awaited. 

Asia Summary and Highlights 1 April

April 1, 2025 5:25 AM UTC

RBA kept rates unchanged at 4.1%
Japan February Unemployment Rate 2.4%

North American Summary and Highlights 31 March

March 31, 2025 8:00 PM UTC

Overview - Equities recovered from early weakness leaving a firmer USD/JPY as the main story of a slow news day. 

Asia Summary and Highlights 28 March

March 31, 2025 5:18 AM UTC

More tough talk from the tariff man

North American Summary and Highlights 28 March

March 28, 2025 7:50 PM UTC

Overview - The USD lost ground as UST yields fell with equities after US data warned of inflationary risk. 

This week's five highlights

March 28, 2025 10:00 AM UTC

Tariff man Strikes Auto
USD/JPY Rose on its Mark
Norges Bank's Policy Easing Delayed but Far From Abandoned
UK Inflation Slips Even as Services Fail to Soften
Bank of Canada March Minutes Debate over the 25bps easing

North American Summary and Highlights 27 March

March 27, 2025 7:46 PM UTC

Overview - The USD advanced versus the JPY and CAD, but lost ground versus the EUR and GBP. 

Asia Summary and Highlights 27 March

March 27, 2025 5:38 AM UTC

Trump's 25% auto tariff on foreign-made cars start on April 2nd
Trump has allowed a one-month tariff exemption for auto parts imports
Trump said he may reduce tariffs on China to help facilitate TikTok US operations sale

North American Summary and Highlights 26 March

March 26, 2025 7:58 PM UTC

Overview - The USD had a firmer tone, with a Trump announcement on auto tariffs expected. 

Asia Summary and Highlights 26 March

March 26, 2025 5:13 AM UTC

Australian February monthly CPI 2.4% y/y 
Japan February Services Producer Price Index +3% y/y

North American Summary and Highlights 25 March

March 25, 2025 7:59 PM UTC

Overview - The USD was generally weaker, but saw its lows before a fall in US consumer confidence. 

Asia Summary and Highlights 25 March

March 25, 2025 4:32 AM UTC

BoJ Minutes suggest Most members agreed the likelihood of hitting 2% target had been rising

North American Summary and Highlights 24 March

March 24, 2025 7:45 PM UTC

Overview - The USD was supported, particularly versus the JPY, as equities rallied on hopes Trump’s tariffs would be less aggressive than feared. 

Asia Summary and Highlights 24 March

March 24, 2025 5:04 AM UTC

China is considering joining the potential peacekeeping mission for Ukraine
White House is narrowing its approach to April 2 tariffs set

North American Summary and Highlights 21 March

March 21, 2025 7:13 PM UTC

Overview - A generally quiet day saw the USD make some gains after Trump suggested there would be flexibility on tariffs. 

This week's five highlights

March 21, 2025 10:00 AM UTC

FOMC leaves rates unchanged
A Placeholder Meeting for BoJ
BoE Being Careful Amid Data Conflicts
Everything Unchanged for Riksbank 
SNB 25 bp Cut Likely To Last

North American Summary and Highlights 20 March

March 20, 2025 7:52 PM UTC

Overview - The USD was generally stronger in Europe but stabilized in North America. 

Asia Summary and Highlights 20 March

March 20, 2025 5:10 AM UTC

Trump says the Fed should cut rate as tariffs hit the economy
New Zealand Exits Recession

North American Summary and Highlights 19 March

March 19, 2025 7:57 PM UTC

Overview -
The USD advanced into the FOMC decision but slipped back after. Rates and the median dots were left unchanged, but QT was scaled back and growth forecasts revised down, though inflation was seen higher in 2025.

Asia Summary and Highlights 19 March

March 19, 2025 5:17 AM UTC

BoJ kept rates unchanged

North American Summary and Highlights 18 March

March 18, 2025 7:28 PM UTC

Overview - The USD was mostly softer but edged higher against the commodity currencies as equities struggled. 

Asia Summary and Highlights 18 March

March 18, 2025 5:28 AM UTC

The office of Israeli Prime Minister Benjamin Netanyahu confirming that "extensive strikes" had been launched on Gaza

North American Summary and Highlights 17 March

March 17, 2025 7:48 PM UTC

Overview - The USD was mostly softer though USD/JPY rebounded from early losses supported by UST yields.  

Asia Summary and Highlights 17 March

March 17, 2025 5:14 AM UTC

USD opened higher on Monday
US Treasury Secretary Bessent's comment not comforting
Zhejiang trade-in subsidy program offering up to 15,000 RMB for new electric vehicle (EV) purchases and 13,000 RMB for gasoline-powered cars
Shenzen announced eased housing finance rules

North American Summary and Highlights 14 March

March 14, 2025 7:13 PM UTC

Overview - The main story of the day was a rise in EUR/USD as Germany reached agreement on the debt package. This supported equities despite the Michigan CSI slipping on a surge in inflation expectations.  

This week's five highlights

March 14, 2025 10:00 AM UTC

U.S. Dollar Under Trump
Trump’s Policies and U.S. Equities
U.S. February CPI Renewed progress, but threatened by tariffs
Bank of Canada Another Cut
PBOC Slow Cuts with 5% Nominal GDP

North American Summary and Highlights 13 March

March 13, 2025 7:41 PM UTC

Overview - It was a subdued session, though equity weakness weighed on USD/JPY and lifted USD/CAD.  

Asia Summary and Highlights 13 March

March 13, 2025 4:59 AM UTC

Japan's Shunto wage negotiations show most organizations asking wage hikes nearly twice as large as last year
Reprieve in equities did not last

North American Summary and Highlights 12 March

March 12, 2025 7:57 PM UTC

Overview - The USD had little clear direction with a dip on a softer than expected CPI being brief. EUR and JPY underperformed the riskier currencies.  

Asia Summary and Highlights 12 March

March 12, 2025 5:12 AM UTC

Sentiment calmer on Wednesday
Trump's steel and aluminum tariffs take effect
Canada warns of oil export restrictions to U.S.
Bank of Japan Governor Ueda says higher long term rates reflecting market views on economy
Japan’s Major Firms to Offer Strong Wage Hikes 

North American Summary and Highlights 11 March

March 11, 2025 7:46 PM UTC

Overview - European currencies advanced in the European morning and sustained their gains in North America as Ukraine agreed to a 30-day ceasefire. North America saw the CAD and equites fall and subsequently rebound on tariff developments. 

Asia Summary and Highlights 11 March

March 11, 2025 4:29 AM UTC

Japan Trade Minister Muto received no assurance Japan would be exempt from US tariffs
Japan Q4 2024 final GDP +0.6% q/q
January Household Spending +0.8% y/y

North American Summary and Highlights 10 March

March 10, 2025 8:00 PM UTC

Overview - Growing economic fears sent equities sharply slower. The JPY was the primary beneficiary in Europe but the USD advanced in North America, particularly versus the riskier currencies. 

Asia Summary and Highlights 10 March

March 10, 2025 5:09 AM UTC

Japan Labor Cash Earnings +2.8% y/y
Canada's liberal party voted in Mark Carney as new leader, replacing Justin Trudeau as Prime Minister

North American Summary and Highlights 7 March

March 7, 2025 8:38 PM UTC

Overview -
European currencies advanced in the European morning before stabilizing in North America. US employment data produced a limited reaction but comments from Fed’s Powell subsequently lifted UST yields, equities and USD/JPY.

This week's five highlights

March 7, 2025 10:00 AM UTC

Trump Tariffs Bad for The U.S. Worse For Canada
U.S. February Non-Farm Payrolls to be Stronger than January, but slower than November and December
ECB Disinflation Still On Track But Policy now ‘Work in Progress’
Only Moderate Fiscal Stimulus for China
Germany Attempts to Unlock Debt Brake

North American Summary and Highlights 6 March

March 6, 2025 8:56 PM UTC

Overview - JPY rallied ahead of the ECB meeting, which gave the EUR a temporary lift. The CAD bounced as Trump partially delayed tariffs on Canada and Mexico. 

Asia Summary and Highlights 6 March

March 6, 2025 5:18 AM UTC

USD/JPY recaptured 149 figure

North American Summary and Highlights 5 March

March 5, 2025 8:44 PM UTC

Overview - The EUR continued to advance. US data was mixed but CAD saw support from a one-month postponement of US auto tariffs on Canada and Mexico. 

Asia Summary and Highlights 5 March

March 5, 2025 5:29 AM UTC

China has suspended soybean import licenses for three US firms and halted US log imports
Australian Q4 2024 GDP +0.6% q/q

North American Summary and Highlights 4 March

March 4, 2025 8:50 PM UTC

Overview - Tariff concerns saw equities plunge early in North America, but a recovery followed, assisted by German plans to lift the debt break for defense spending, which lifted EUR/USD in particular. 

Asia Summary and Highlights 4 March

March 4, 2025 4:54 AM UTC

Risk stays sour as U.S. tariff looks set to be imposed

North American Summary and Highlights 3 March

March 3, 2025 8:48 PM UTC

Overview - EUR/USD and GBP/USD were stronger on expectations of a boost to defence spending.  Trump confirmed tariffs on Canada and Mexico, hitting the CAD and equities, which lifted the JPY.

Asia Summary and Highlights 3 March

March 3, 2025 5:31 AM UTC

The optimism in the risk space did not last
China says its studying countermeasures in response to Trump's March 4 tariffs