The September 2025 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services’ Foreign Exchange (FX) Market Trading Desk.
Headlines
The US dollar oscillated between gains and losses in August as markets weighed higher inflation figures and lower US interest rates pending a cut in September.
—Market Services FX Spotlight
- Fed independence came under pressure as Governor Adriana Kugler was temporarily replaced with Donald Trump appointee Stephen Miran and Lisa Cook was attacked over alleged mortgage fraud.
- Fed Chair Jerome Powell opened the door to a rate cut at the Fed’s September meeting.
- The Canadian Labour Force Survey for July revealed a continued weakening of the labour market as employment fell by 40,800 jobs.
- India received an additional 25% tariff on goods, bringing total levies to 50%.
- The BoE cut the bank rate by 25 bps to 4.00%, matching market estimates in a second-round split vote.
- French Prime Minister François Bayrou announced he will make a general policy speech on September 8, putting his tenure at risk.
