The October 2025 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services’ Foreign Exchange (FX) Market Trading Desk.
Headlines
September saw the US dollar bottom out mid-month before recovering by month-end. The rebound came as US yields and the dollar staged a comeback, driven by a wave of central bank decisions.
—Market Services FX Spotlight
- The Fed and the BoC moved to ease rates while their European counterparts—the ECB and BoE—held them steady.
- Bureau of Labor Statistics revealed that US non-farm payrolls printed just 22,000 jobs, short of the 75,000 estimated by economists.
- Canada also released its labour data, showing a continued weakening in the labour market as the unemployment rate topped 7.1%.
- A Federal judge ruled in favour of Lisa Cook, temporarily blocking her removal from the Federal Reserve’s Board of Governors.
- French Prime Minister Francois Bayrou failed to secure enough votes to pass a confidence motion in Parliament and subsequently resigned, ending his nine-month tenure.
