FX Daily Strategy: Asia, November 21st

November 20, 2025 10:00 PM UTC

PMIs may put downward pressure on the EUR
GBP risks on the downside on retail sales
JPY continues to make new lows despite verbal intervention…
…so that actual intervention risks are now very high

North American Summary and Highlights 20 Nov

November 20, 2025 8:23 PM UTC

Overview - The USD was little changed overall after initially slipping on a mixed US employment report, with EUR/USD former but the commodity currencies slipping with equities. 

FX Daily Strategy: APAC, November 21st

November 20, 2025 4:10 PM UTC

PMIs may put downward pressure on the EUR
GBP risks on the downside on retail sales
JPY continues to make new lows despite verbal intervention…
…so that actual intervention risks are now very high

Europe Summary and Highlights 20 November

November 20, 2025 11:15 AM UTC

The JPY recovered some ground through the European morning, with USD/JPY dropping 60 pips from the open at 157.78 to a low of 157.17 before bouncing slightly to 157.35.

Psychology for major markets Nov 20

November 20, 2025 11:04 AM UTC

USD firm as Fed easing hopes fade, Nvidia results strong

FX Daily Strategy: N America, November 20th

November 20, 2025 10:10 AM UTC

US September employment report finally due, USD upside risks
JPY weakness increases, intervention looking necessary
Equity bounce suggests scope for AUD recovery

FX Daily Strategy: Asia, November 20th

November 19, 2025 10:00 PM UTC

US September employment report finally due, USD upside risks
JPY weakness increases, intervention looking necessary
Equity bounce suggests scope for AUD recovery

Asia Summary and Highlights 20 Nov

November 19, 2025 8:39 PM UTC

BOJ’s Koeda signals need for further tightening as inflation holds near 2%

FX Daily Strategy: APAC, November 20th

November 19, 2025 3:43 PM UTC

US September employment report finally due, USD upside risks
JPY weakness increases, intervention looking necessary
Equity bounce suggests scope for AUD recovery

Europe Summary and Highlights 19 November

November 19, 2025 11:23 AM UTC

JPY weakness was the main feature of the European morning. 

Psychology for major markets Nov 19

November 19, 2025 11:12 AM UTC

USD mostly steady as delayed US data awaited, JPY still weak

FX Daily Strategy: N America, November 19th

November 19, 2025 10:05 AM UTC

UK CPI data to keep some downward pressure on GBP
GBP looks set for a steady decline against the EUR
JPY decline is slow but inexorable – official Japanese action likely necessary to halt decline
EUR/CHF extending bounce but upside looks quite limited

Asia Summary and Highlights 19 Nov

November 19, 2025 5:39 AM UTC

Australia Q3 Wage Price Index 0.8% q/q
China intends to renew a ban on Japanese seafood imports

FX Daily Strategy: Europe, November 19th

November 19, 2025 4:30 AM UTC

UK CPI data to keep some downward pressure on GBP
GBP looks set for a steady decline against the EUR
JPY decline is slow but inexorable – official Japanese action likely necessary to halt decline
EUR/CHF extending bounce but upside looks quite limited

FX Daily Strategy: Asia, November 19th

November 18, 2025 10:00 PM UTC

UK CPI data to keep some downward pressure on GBP
GBP looks set for a steady decline against the EUR
JPY decline is slow but inexorable – official Japanese action likely necessary to halt decline
EUR/CHF extending bounce but upside looks quite limited

North American Summary and Highlights 18 Nov

November 18, 2025 8:15 PM UTC

Overview - Equities remained under pressure but the pressure faded in the US afternoon, leaving mixed FX results.  

FX Daily Strategy: APAC, November 19th

November 18, 2025 3:31 PM UTC

UK CPI data to keep some downward pressure on GBP
GBP looks set for a steady decline against the EUR
JPY decline is slow but inexorable – official Japanese action likely necessary to halt decline
EUR/CHF extending bounce but upside looks quite limited

FX Daily Strategy: N America, November 18th

November 18, 2025 11:15 AM UTC

USD firm as December Fed easing expectations fade
JPY weakness extends further, but intervention risks rising
EUR/JPY looks overextended on all measures
AUD should find good support despite equity dip

Psychology for major markets Nov 18

November 18, 2025 11:09 AM UTC

USD mostly steady as delayed US data awaited, JPY still weak

Europe Summary and Highlights 18 November

November 18, 2025 11:08 AM UTC

Then USD was mixed through the European morning, making some gains against the European currencies and the JPY, but falling back against the commodity currencies, reflecting a mild risk positive tone as equities edged back up after overnight losses.

Asia Summary and Highlights 18 Nov

November 18, 2025 5:01 AM UTC

Japan’s Finance Minister Katayama “alarmed” by recent FX moves 

FX Daily Strategy: Europe, November 18th

November 18, 2025 4:20 AM UTC

USD firm as December Fed easing expectations fade
JPY weakness extends further, but intervention risks rising
EUR/JPY looks overextended on all measures
AUD should find good support despite equity dip

FX Daily Strategy: Asia, November 18th

November 17, 2025 10:00 PM UTC

USD firm as December Fed easing expectations fade
JPY weakness extends further, but intervention risks rising
EUR/JPY looks overextended on all measures
AUD should find good support despite equity dip

North American Summary and Highlights 17 Nov

November 17, 2025 8:55 PM UTC

Overview -
Equity weakness meant a risk-off tone, with USD/JPY reaching a fresh high and the commodity currencies under pressure.

FX Daily Strategy: APAC, November 18th

November 17, 2025 4:19 PM UTC

USD firm as December Fed easing expectations fade
JPY weakness extends further, but intervention risks rising
EUR/JPY looks overextended on all measures
AUD should find good support despite equity dip

Europe Summary and Highlights 17 November

November 17, 2025 11:15 AM UTC

Then USD was generally firmer through the European morning, gaining against almost all the major currencies, with GBP holding its own, and scandis making some gains.

Psychology for major markets Nov 17

November 17, 2025 11:10 AM UTC

USD mostly steady as delayed US data awaited

FX Weekly Strategy: November 17th-21st

November 17, 2025 10:09 AM UTC

 Market focus on potential release of US data
Equities showing some nerves with Fed easing now seen as less likely
JPY weakness and CHF strength are extreme
GBP to remain under pressure

FX Weekly Strategy: Europe, November 17th-21st

November 17, 2025 5:39 AM UTC

 Market focus on potential release of US data
Equities showing some nerves with Fed easing now seen as less likely
JPY weakness and CHF strength are extreme
GBP to remain under pressure

Asia Summary and Highlights 17 Nov

November 17, 2025 5:38 AM UTC

Japan expected to unveil ¥17tn stimulus focused on cost relief and AI–chip investment

FX Weekly Strategy: Asia, November 17th-21st

November 16, 2025 10:00 PM UTC

 Market focus on potential release of US data
Equities showing some nerves with Fed easing now seen as less likely
JPY weakness and CHF strength are extreme
GBP to remain under pressure

FX Weekly Strategy: APAC, November 17th-21st

November 16, 2025 6:00 PM UTC

 Market focus on potential release of US data
Equities showing some nerves with Fed easing now seen as less likely
JPY weakness and CHF strength are extreme
GBP to remain under pressure

North American Summary and Highlights 14 Nov

November 14, 2025 8:45 PM UTC

Overview -
The USD ended little changed, rising in Europe before a slide early in North America, which was subsequently largely corrected.

FX Weekly Strategy: November 17th-21st

November 14, 2025 4:09 PM UTC

 Market focus on potential release of US data
Equities showing some nerves with Fed easing now seen as less likely
JPY weakness and CHF strength are extreme
GBP to remain under pressure

Europe Summary and Highlights 14 November

November 14, 2025 11:17 AM UTC

Then USD was generally firmer through the European morning, gaining against almost all the major currencies, with only the CHF and GBP holding their own.

Psychology for major markets Nov 14

November 14, 2025 11:15 AM UTC

Risk appetite slips as AI sensitive stocks correct lower

FX Daily Strategy: N America, November 14th

November 14, 2025 10:12 AM UTC

European data likely to be ignored
Concerns about weak US labour data may undermine the USD
Fed comments suggest December rate cut chances are receding
GBP weakness may pause

Asia Summary and Highlights 14 Nov

November 14, 2025 5:56 AM UTC

UK drops income-tax hike plans ahead of November budget
RBNZ’s confirmation that it will ease mortgage loan-to-value restrictions 

FX Daily Strategy: Asia, November 14th

November 13, 2025 10:00 PM UTC

GBP has further downside risks 
AUD well supported on solid employment data 
SEK well bid but expensive against EUR and NOK
CHF strength on trade hopes shouldn’t lead to new highs

North American Summary and Highlights 13 Nov

November 13, 2025 8:51 PM UTC

Overview - The USD was mostly weaker but stronger against the commodity currencies as equities weakened.