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. 

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. 

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. 

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. 

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. 

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. 

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. 

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. 

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.

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. 

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.  

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.  

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.  

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. 

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. 

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.

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. 

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. 

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. 

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.

North American Summary and Highlights 28 February

February 28, 2025 7:15 PM UTC

Overview - The USD was firmer, USD/JPY advancing in Europe and EUR/USD falling after a confrontational meeting between Trump and Ukraine’s Zelenskiy. 

North American Summary and Highlights 27 February

February 27, 2025 8:39 PM UTC

Overview - The USD was stronger after Trump stated tariffs on Mexico and Canada would go ahead on March 4. 

North American Summary and Highlights 26 February

February 26, 2025 8:44 PM UTC

Overview - The USD was mixed with Trump tariff comments hurting the EUR but giving brief support to the CAD. 

North American Summary and Highlights 25 February

February 25, 2025 8:31 PM UTC

Overview - The USD was mostly weaker as worries built on US economic prospects, but USD/CAD rose on continued tariff concerns. 

North American Summary and Highlights 24 February

February 24, 2025 8:50 PM UTC

Overview - The USD saw some gains in Europe, led by EUR/USD slippage, but stabilized in North America, apart from USD/CAD rising on Trump tariff comments.  

North American Summary and Highlights 21 February

February 21, 2025 8:58 PM UTC

Overview - Weak services PMI data was seen in France and the US. The USD was mostly firmer, but USD/JPY fell sharply with equities and UST yields. 

North American Summary and Highlights 20 February

February 20, 2025 8:30 PM UTC

Overview - In a day with limited significant news, the USD was generally softer, particularly in North America. 

North American Summary and Highlights 19 February

February 19, 2025 8:38 PM UTC

Overview - The USD was mostly firmer, but ended off its highs after the FOMC minutes were digested. 

North American Summary and Highlights 18 February

February 18, 2025 8:28 PM UTC

Overview - In generally subdued trading the USD was modestly firmer overall. 

North American Summary and Highlights 14 February

February 14, 2025 8:18 PM UTC

Overview - The USD was marginally softer in Europe, and losses accelerated after weak US retail sales data. 

North American Summary and Highlights 13 February

February 13, 2025 8:43 PM UTC

Overview - The USD saw losses with UST yields after US PPI data proved not quite strong enough to raise inflationary concerns. A Trump tariff announcement gave the USD only a brief lift. 

North American Summary and Highlights 12 February

February 12, 2025 8:49 PM UTC

Overview - The USD bounced after a stronger than expected CPI but the gains were largely erased, outside a sustained bounce in USD/JPY. 

North American Summary and Highlights 10 February

February 10, 2025 8:45 PM UTC

Overview - FX markets were quiet in Europe and North America after responding to Trump’s latest tariffs in Asia. 

North American Summary and Highlights 7 February

February 7, 2025 8:33 PM UTC

Overview - US employment data was weaker than expected, but strong enough in the detail to have little impact. Trump talk on tariffs generated some volatility, but his policy choices remained unclear. 

North American Summary and Highlights 5 February

February 5, 2025 8:36 PM UTC

Overview - The USD lost some ground in Europe but stabilized in a subdued North American session. 

North American Summary and Highlights 4 February

February 4, 2025 8:26 PM UTC

Overview - The USD slipped on reduced trade tensions and softer US job openings data. 

North American Summary and Highlights 3 February

February 3, 2025 8:59 PM UTC

Overview - The USD corrected its post-tariff bounce assisted in particular by a delay of tariffs on Mexico to March 1. Equites moved off their lows, as did USD/JPY. 

North American Summary and Highlights 31 January

January 31, 2025 8:12 PM UTC

Overview - The USD was whipsawed by tariff speculation, and finished firm after the White House said they would go into effect on February 1. 

North American Summary and Highlights 30 January

January 30, 2025 8:00 PM UTC

Overview - The EUR saw modest gains after the as expected 25bps ECB easing but generally FX moves were limited. 

North American Summary and Highlights 28 January

January 28, 2025 8:24 PM UTC

Overview - After the USD bounce in Asia, trade was quiet in Europe and North America. 

North American Summary and Highlights 27 January

January 27, 2025 8:11 PM UTC

Overview - The USD slipped in Europe as equities saw weakness led by the tech sector. North America saw the USD make a partial correction of its European losses.