Global Forex Monitor - November 2025
October saw the US dollar extend its rebound and volatility decline against the backdrop of the US government shutdown. Strong US quarterly corporate earnings, which drove stock markets to new highs, likely contributed to the currency's strength. Similarly, the Fed's somewhat hawkish stance, which means a cut in key interest rates in December is not a done deal, also supported the currency by lessening expectations of a rate cut in December to just 16bp. The easing of US/China trade tensions also benefited the greenback.We nonetheless remain negative on the US dollar for the short term. Once t...