14/11/2025
Written by: Ian Morley
Daily Currency Market Update – 6th November 2025
GBP/EUR
Summary: GBP/EUR held steady at 1.1350 ahead of the BoE decision and Eurozone data. Sterling was supported by expectations that the BoE would leave rates unchanged at 4%, despite softer inflation and wage data. The Euro gained modestly on cautious ECB policy signals, while traders awaited German Industrial Production and Eurozone Retail Sales.
Outlook: GBP/EUR may remain rangebound unless BoE commentary surprises. Eurozone consumption and UK fiscal signals will guide direction.
GBP/USD
Summary: GBP/USD traded around 1.3060, extending gains ahead of the BoE decision. Sterling was buoyed by stable rate expectations and improved sentiment, while the Dollar eased despite strong US data.
Outlook: GBP/USD may remain supported unless BoE signals dovish intent. US Challenger Job Cuts and Fed commentary will shape momentum.
EUR/USD
Summary: EUR/USD rose to 1.1505, recovering from three-month lows as risk appetite improved. The Euro was supported by upbeat services PMI and corporate earnings, though strong US data limited upside.
Outlook: Euro may consolidate unless Eurozone Retail Sales disappoint. ECB speakers and US data will guide direction.
AUD/USD
Summary: AUD/USD held above 0.6500, supported by a wider trade surplus and improved sentiment. September exports rose 7.9% m/m, while China’s tariff relief added support. However, lingering US-China tensions and cautious RBA tone capped gains.
Outlook: AUD may remain firm if China’s outlook stabilises. RBA commentary and trade developments will be pivotal.
USD/CAD
Summary: USD/CAD eased to 1.4100, snapping a five-day rally as oil prices rebounded. Traders awaited Canadian Ivey PMI and BoC Governor Macklem’s speech. Strong US data may limit Dollar downside.
Outlook: CAD may gain if Macklem signals policy pause. Oil trends and US data will influence direction.
USD/CHF
Summary: USD/CHF paused near 0.8125 after a week-long rally. The pair softened slightly as profit-taking followed strong US data. SNB’s Schlegel reiterated inflation will rise gradually, supporting CHF.
Outlook: USD/CHF may consolidate unless Fed tone shifts. SNB commentary and global sentiment will shape CHF direction.
Final Summary
Sterling steadied ahead of the BoE decision, while the Euro recovered modestly on improved sentiment. The US Dollar eased despite strong data, as Fed cut expectations faded. The Australian Dollar gained on trade surplus and tariff relief, while the Canadian Dollar found support from oil. The Swiss Franc held firm as SNB reiterated inflation confidence.