The November 2025 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services’ Foreign Exchange (FX) Market Trading Desk.
Headlines
October brought heightened volatility within markets, resulting in whipsaw price action. Murmurs around a regional banking crisis weighted heavily on stocks globally, with the technology sector coming under scrutiny.
—Market Services FX Spotlight
- The Federal Reserve and the Bank of Canada cut rates by 25 bps while the Bank of Japan and the European Central Bank held steady.
- Donald Trump and Mark Carney met at the White House in October, with Carney saying Canada and the United States are in “intense negotiations” and touting a possible trade deal before the APEC summit.
- The US Government shutdown continued with neither party yielding ground amid disagreements around Medicare funding.
- Sanae Takaichi unexpectedly won in Japan’s ruling party leadership vote, becoming the country’s first female prime minister.
- French Prime Minister Sébastien Lecornu hastily resigned after less than one month in the role, citing large differences between political parties.
