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| Intra-day Market Moving News |
| 21 Nov 2025 |
08:28 |
Continues from previous update...
"If we only did a quarter of that, it would be sufficient to boost internal trade enough to fully offset the impact of U.S. tariffs on growth."
She listed wide-ranging economic reforms, from harmonising value-added taxes to creating EU-wide corporate law, and even proposed structural changes to the bloc's own functioning, like an opt-in framework known as the "28th regime".
Lagarde also praised fiscal spending, especially in Germany, for buffering the economy and said the ECB, which has sharply cut rates in 2024-25, would do its part.
"We will continue to adjust our policy as needed to ensure that inflation remains at our target," Lagarde said.
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| 21 Nov 2025 |
08:27 |
EUR/USD - 1.1551... LSEG reported the European Union can offset the impact of U.S. trade tariffs if it knocks down some of its internal barriers, European Central Bank President Christine Lagarde said on Friday.
Lagarde said the EU's export-oriented economic model has been upended by a protectionist turn at the global level, from U.S. President Donald Trump's trade levies to China's grip on rare earths.
But she argued the bloc could boost its fortunes if it made trade among its 27 members easier, citing the Netherlands, one of the club's most open economies, as a virtuous example.
"Our analysis shows that if all EU countries were merely to lower their barriers to the same level as that of the Netherlands, internal barriers could fall by about 8 percentage points for goods and 9 percentage points for services," she said at a conference in Frankfurt.
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| 21 Nov 2025 |
08:19 |
EUR/USD - 1.1547... LSEG reported Brussels is set to issue a formal warning to Rome over concerns that Italy's far-reaching "golden power" rules may breach European Union law, the Financial Times said on Friday, citing two European officials.
On Friday, Brussels was poised to issue a "letter of notice" to Italy, which marks the formal start of an infringement procedure under which Rome will be accused of potentially breaching EU law, the newspaper reported.
Reuters could not immediately confirm the report. The European Commission declined to comment on the Financial Times report.
Rome's so-called golden powers are aimed at safeguarding the national interest in strategic sectors such as defence and telecommunications. Italy is one of a number of EU countries which have also applied that legislation to the banking sector.
Reuters reported last month that Italian Economy Minister Giancarlo Giorgetti planned to seek clarification from the EU's financial services chief Maria Luis Albuquerque over disciplinary measures the European Commission is preparing to launch against the Italian legislation.
Reuters also reported in October that the Commission will act against Italy's golden power legislation as part of a push against EU countries hampering bank consolidation in Europe.
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| 21 Nov 2025 |
08:16 |
EUR/USD - 1.1549... LSEG then reported French business activity almost stabilised in November, according to a survey published Friday, as unexpected growth in the country's dominant service sector nearly offset a sharper than anticipated decline in manufacturing output.
The HCOB France flash purchasing managers index (PMI) for the services sector came in at 50.8 points this month. It is the first time in 15 months that the index has been above the 50 points threshold separating growth from contraction.
A Reuters poll forecast for the November flash services PMI stood at 48.4 and the final October figure was at 48.0.
But the flash manufacturing PMI for this month fell to 47.8 points - a nine-month low - from 48.8 in October, and also came in below a Reuters poll forecast for a figure of 49.0 points.
The flash November composite PMI - which comprises both the services and manufacturing sectors - rose to a 15-month high of 49.9 points, from 47.7 in October, and much higher than a forecast for a figure of 48.1 points.
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| 21 Nov 2025 |
08:15 |
EUR/USD - 1.1546... LSEG news,
- French flash services PMI rose to 50.8 points in November, forecast 48.4
- French flash manufacturing MPI fell to 47.8 points in November, forecast 49.0
- French flash composite PMI rose to 49.9 points in November, forecast 48.1
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| 21 Nov 2025 |
07:32 |
GBP/USD - 1.3084... LSEG then reported British retail sales tumbled in October and a closely watched gauge of household sentiment fell this month, adding to signs of waning consumer spending ahead of finance minister Rachel Reeves' budget next week.
Retail sales volumes fell by 1.1% in October compared with a month before, their first month-on-month fall since May, the Office for National Statistics said.
Economists polled by Reuters had expected sales to be flat compared with the previous month.
Compared with October a year ago, retail sales were just 0.2% higher, against forecasts for a 1.5% annual increase.
Sterling fell briefly against the dollar but soon recovered.
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| 21 Nov 2025 |
07:00 |
GBP/USD - 1.3075... LSEG news,
- UK Oct retail sales -1.1% m/m (Reuters poll 0.0% m/m)
- UK Oct retail sales +0.2% y/y (Reuters poll +1.5% y/y)
- UK Oct retail sales ex-fuel -1.0% m/m (Reuters poll -0.3% m/m)
- UK Oct retail sales ex-fuel +1.2% y/y (Reuters poll +2.5% y/y)
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| 13 Nov 2025 |
07:22 |
GBP/USD - 1.3120... LSEG reported Britain's economy barely expanded in the third quarter, held back by September's cyber attack on Jaguar Land Rover, according to data on Thursday that underlined the backdrop of slow growth as finance minister Rachel Reeves readies her budget.
The economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter.
Economists polled by Reuters, as well as the Bank of England, had forecast 0.2% growth in gross domestic product for the July-September period.
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| 12 Nov 2025 |
05:20 |
UDS/JPY - 154.59... LSEG news, Japan FinMin Katayama says :
- closely watching fx moves with high sense of urgency, including unorderly, speculative moves
- won't deny disadvantages of weak yen outweighing advantages
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| 6 Nov 2025 |
12:39 |
GBP/USD - 1.3084... LSEG news, BoE's Bailey says :
- provided there is no repeat of past rises in administered prices this should shave another half percentage point off services price inflation in Q2 2026
- we need to see downward path of inflation become more established before we cut rates again
- we are likely to continue to be on a gradual downward path for rates
- we have to remain careful that higher food and energy prices do not lead to 2nd-round effects on wage- and price-setting
- it is encouraging that inflation peak in Sept was 0.2 percentage points below our August forecast
- latest data point on inflation was encouraging but only one data point
- BoE's next asset purchase facility will include new measure that paints a somewhat different picture of QT costs
- our approach is to transition to a system where reserves are primarily supplied via repos
- this is important in reducing bank and public sector's exposure to interest rate risk
- we are at quite an important moment here for UK data
- market curve does give a reasonable view of a sensible path for rates
- some MPC members, including me, do not have a confident view on an equilibrium terminal rate
- we could have a market bubble due to AI
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| 6 Nov 2025 |
12:11 |
GBP/USD - 1.3067... LSEG reported the Bank of England, which kept interest rates on hold on Thursday in a tight vote, for the first time set out the views of the individual members of its Monetary Policy Committee.
The MPC voted 5-4 to keep borrowing costs at 4%. Deputy governors Sarah Breeden and Dave Ramsden, external MPC members Swati Dhingra and Alan Taylor backed a cut to 3.75%. Most economists polled by Reuters had predicted a 6-3 split to leave Bank Rate unchanged.
Bailey said he wanted to confirm that the slowdown in inflation is sustained this year in order to start cutting rates. British consumer price inflation unexpectedly held at 3.8% in September, below the BoE's forecast for a rise to 4%. He said that the current market pricing for rates reflected his position.
"Recent evidence points to building slack in the economy, and the latest CPI data were promising. But this is just one month of data. Labour costs remain elevated and wage growth, while on a downward path of late, may plateau."
"Rather than cutting Bank Rate now, I would prefer to wait and see if the durability of disinflation is confirmed in upcoming economic developments this year."
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| 6 Nov 2025 |
12:00 |
GBP/USD - 1.3072... LSEG news, Bank of England says :
- at is meeting ending on 5 November 2025, the monetary policy committee voted by a majority of 5-4 to maintain bank rate at 4%
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| 21 Oct 2025 |
10:24 |
Dear Valued Clients,
We would like to inform you that, due to technical issues with our internet service provider, HKBN, updates will be temporarily unavailable beginning October 22, 2025. We understand the inconvenience this may cause and sincerely apologize for the disruption.
HKBN's technical team is actively working to resolve the issue, and we are committed to restoring full service as swiftly as possible. We appreciate your patience and continued trust in us.
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| 9 Oct 2025 |
08:24 |
Dear valued Customer,
We are currently experiencing technical difficulties, which may cause temporary delays in updates. We sincerely apologize for any inconvenience this may cause. Our team is actively working to resolve the issue and restore full functionality as soon as possible. We appreciate your understanding and continued support.
Sincerely,
AcetraderFx / TrendsetterFx
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| 6 Oct 2025 |
05:28 |
USD/JPY - 150.35... LSEG reported the yen tumbled the most against the U.S. dollar in five months on Monday after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy and complicating the task facing the Bank of Japan.
The yen sank 1.9% to 150.35 yen on the dollar, its biggest one-day slide since May 12, wiping out the gains it made in the past two months.
Against the euro, the Japanese currency fell 1.7% to 176.19 yen, its weakest since the creation of the European single currency.
"The coming days will be important to gauge her policies and from other potential members in her likely cabinet," Paul Mackel, global head of FX research at HSBC, wrote in a research note. "While we see room for the JPY to recover, there are limits given the domestic policy uncertainty."
A former economic security and internal affairs minister with an expansionary fiscal agenda for the world's fourth-largest economy, Takaichi's victory puts her on course to become the country's first female prime minister.
Her expansionist economic policy has reduced bets that the central bank will hike interest rates this month.
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