MNI EUROPEAN OPEN: Risk Appetite Firms, But USD Also Higher

EXECUTIVE SUMMARY

• TRUMP SAYS HE’D BACK BILL TO SANCTION RUSSIA’S TRADING PARTNERS - BBG 
• FED’S SCHMID- MORE RATE CUTS COULD FUEL INFLATION - MNI BRIEF 
• CHINA ESCALATES JAPAN SPAT WITH THREATS OF ECONOMIC REPRISAL - BBG
• JAPAN PLANS BIGGER EXTRA BUDGET THIS FISCAL YEAR: MEDIA REPORTS - BBG
• JAPAN ECONOMY NOT WEAK DESPITE Q3 CONTRACTION - GOVT - MNI BRIEF

Fig 1:  US Eminis & Bitcoin Trends 

Source: Bloomberg Finance L.P./MNI 

UK 

MIGRATION (BBG): “Keir Starmer’s government plans to make it easier to remove migrants with no rights to stay in the UK, as the prime minister seeks to gain control of the political narrative after one of the most bruising weeks of his 16 months in power.” 

HOUSE PRICES (BBG): "House prices fall 0.5% from year ago to £364,833 Rightmove reports:" 

EU

RUSSIA/US (BBG): “ President Donald Trump said proposed Senate legislation to sanction countries conducting business with Russia would be “okay with me,” his strongest indication yet that he would support a months long push to strangle Moscow’s funding.” 

ECB (FT/BBG): "The European Central Bank could be forced to adjust monetary policy if a run on stablecoins were to impact the economy, Dutch central bank Governor Olaf Sleijpen told the FT in an interview." 

GERMANY/CHINA (BBG): “German Finance Minister Lars Klingbeil pressed for an “open, rules-based global trading system” as he departed for a high-stakes visit to Asia, as frictions over trade restrictions between the US, China and Europe ramp up.”  

US

FED (MNI BRIEF): Lowering interest rates further could stoke inflation without helping the labor market, Kansas City Fed President Jeffrey Schmid said, adding that monetary policy must stay tight enough to dampen elevated price pressures.

JOBS (MNI INTERVIEW): The U.S. job market is continuing to slow but there are no signs of a more worrisome decline, Glassdoor chief economist Daniel Zhao told MNI, adding that the Federal Reserve should continue its fight against inflation. 

POLITICS (RTRS): "U.S. President Donald Trump on Sunday urged his fellow Republicans in Congress to vote for the release of files related to the late convicted sex offender Jeffrey Epstein, reversing his earlier resistance to such a move." 

OTHER

JAPAN (MNI BRIEF): The Japanese economy is not weak as a trend, although gross domestic product for the third quarter posted the first contraction in six quarters, a senior Cabinet Office official said. “The GDP contraction was due mainly to temporary factors, such as the drop of housing investment caused (by the government’s rules), and the reaction to the front-loaded export rise in Q2,” the official told reporters.

JAPAN (MNI BRIEF): Japan’s economy contracted 0.4% q/q, or an annualised -1.8%, in July-September, marking the first decline in six quarters as weak private consumption, housing investment and net exports weighed on activity, preliminary Cabinet Office data showed Monday.

JAPAN (NIKKEI/BBG): "The Finance Ministry plans an economic package worth about ¥17 trillion ($110 billion), the Nikkei reported on Saturday, without identifying its sources. The supplementary budget to fund the spending is expected to reach about ¥14 trillion, exceeding last year’s ¥13.9 trillion compiled under former Prime Minister Shigeru Ishiba, the report said." 

SOUTH KOREA (BBG): “Samsung Group and SK Group were among four of South Korea’s biggest companies that pledged to invest about $550 billion in the country after meeting with President Lee Jae Myung, who is seeking to shore up the economy following a trade deal with the US.” 

CANADA (MNI BRIEF): Statistics Canada told MNI Friday it's unclear when it will return to publishing regular trade balance figures after the end of a U.S. government shutdown deprived it of some customs data.

CHINA 

CHINA/JAPAN (BBG): "China is escalating its confrontation with Japan over Prime Minister Sanae Takaichi’s comments on Taiwan, with state media threatening major countermeasures after Beijing’s travel warnings raised the specter of economic retribution." 

PROPERTY (YICAI): “Banks have stepped up the direct sales of real estate as the market downturn has led to collateralised properties being repossessed and placed into auction channels, industry insiders told Yicai. Repayment or loan renewal has become increasingly difficult as property prices fell below loan value, creating gaps that many borrowers are unable to cover, Yicai reported.” 

CHINA/JAPAN (PEOPLE’S DAILY): “Japanese Prime Minister Sanae Takaichi’s erroneous remarks on Taiwan exposed “extremely wrong and highly dangerous” historic and strategic views held by Japan’s right-wing forces, and the international community must stay “highly vigilant” about Japan’s strategic trajectory, the People’s Daily says in a commentary published Monday.” 

MNI: PBOC Net Injects CNY163.1 Bln via OMO Monday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY283 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY163.1 billion after offsetting maturities of CNY119.9 billion today, according to Wind Information. 

• The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.5010% at 10:26 am local time from the close of 1.4673% on Friday.
• The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 53 on Friday, compared with the close of 52 on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.0816 Mon; +2.04% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.0816 on Monday, compared with 7.0825 set on Friday. The fixing was estimated at 7.0976 by Bloomberg survey today.

MNI: China CFETS Yuan Index Down 0.13% In Week of Nov 14

The CFETS Weekly RMB Index was 97.83 on Nov 14, down 0.13% from 97.96 on Nov 7.

MARKET DATA

NEW ZEALAND OCT PERFORMANCE SERVICES INDEX 48.7; PRIOR 48.3
NEW ZEALAND OCT FOOD PRICES M/M -0.3%; PRIOR -0.4% 

JAPAN Q3 GDP P GDP SA Q/Q -0.4%; MEDIAN -0.6%; PRIOR 0.6% 
JAPAN Q3 GDP P NOMINAL SA Q/Q 0.1%; MEDIAN -0.3%; PRIOR 1.6% 
JAPAN Q3 GDP P DEFLATOR Y/Y 2.8%; MEDIAN 3.1%; PRIOR 2.9% 
JAPAN Q3 GDP P PRIVATE CONSUMPTION Q/Q 0.1%; MEDIAN 0.1%; PRIOR 0.4% 
JAPAN Q3 GDP P BUSINESS SPENDING Q/Q 1.0%; MEDIAN -0.1%; PRIOR 0.8%
JAPAN Q3 GDP P INVENTORY CONTRIBUTION % GDP -0.2%; MEDIAN -0.2%; PRIOR 0.0%
JAPAN Q3 GDP P NET EXPORTS CONTRIBUTION  % GDP -0.2%; MEDIAN -0.2%; PRIOR 0.0%

JAPAN SEP F INDUSTRIAL PRODUCTION Y/Y 3.8%; PRIOR 3.4% 
JAPAN SEP CAPACITY UTILIZATION M/M 2.5%; PRIOR -2.3% 

UK NOV RIGHTMOVE HOUSE PRICES M/M -1.8%; PRIOR 0.3% 
UK NOV RIGHTMOVE HOUSE PRICES Y/Y -0.5%; PRIOR -0.1% 
 
MARKETS

US TSYS: Little Changed, Focus On Upcoming Data & Nvidia Results

TYZ5 is trading at 112-17+, +0-00+ from closing levels in today's Asia-Pac session.

• Cash US tsys are 1bp richer to 1bp cheaper, with a steepening bias, in today's Asia-Pac session. On Friday, US tsys finished showing a modest bear-steeper, with benchmark yields 1-4bps higher.
• US equity futures are slightly firmer in today's Asia session. The S&P looked to be rolling over again on Friday night, down almost 1.5% before it found solid demand during the N/Y session and pared back all the day's losses.
• The market will be looking toward the release of some US data this week (September's delayed nonfarm payrolls report for next Thursday) to get a gauge on things and also heavily focused on the upcoming Nvidia results, which will heavily impact the direction of markets this week.
• Friday's Fed commentary (with the usual exception of Gov Miran calling for further easing in December) was roundly hawkish, with Dallas's Logan and KC's Schmid reiterating their opposition to a December rate cut, largely out of concern over entrenched inflation. A December cut remained around 50/50 priced.
• Along with the newly-rescheduled data, this week's calendar includes the October FOMC minutes (we're watching for colour on the debate over whether to ease any further) and flash November PMI data.

JGBS: Bear-Steepener As Market Focuses On Econ Stimulus, 20YY Highest Since '99

JGB futures are weaker and at session lows, -17 compared to settlement levels, after the release of Q3 GDP data.

• Q3 GDP (preliminary) in Japan was negative q/q, but not as much as the market forecast, thanks to upbeat business spending (+1.0%q/q versus -0.1% forecast). This was the first GDP decline since Q1 2024, but the detail paints a resilient underlying economic backdrop and comes ahead of fresh fiscal stimulus from the new Takaichi government.
• The data will likely bolster the Takaichi administration's conviction that aggressive fiscal spending is needed to shore up the economy, with the premier expected to unveil her first economic package as soon as this week. The Finance Ministry is preparing an economic package of roughly Y17tn, according to a Nikkei report published Saturday.
• Cash US tsys are flat to 1bp richer, with a steepening bias, in today's Asia-Pac session.
• Cash JGBs are flat to 4.5bps cheaper across benchmarks, with a steepening bias. The benchmark 10-year yield is 2.3bps higher at 1.733%, a fresh cycle high.
• Meanwhile, the yield on 40-year climbed as high as 3.603%, while the 20-year yield reached 2.756%, the highest since 1999. (see chart)
• Swap rates are flat to 5bps higher.
• Tomorrow, the local calendar will be empty.

Source: Bloomberg Finance LP

AUSSIE BONDS: Modestly Cheaper Ahead Of Tomorrow's RBA Minutes & Wed's WPI

ACGBs (YM -2.5 & XM -4.0) are weaker on a data-light session.

• Cash ACGBs are 2-4bps cheaper with the AU-US 10-year yield differential at +33bps.
• The bills strip is -2 to -3 across contracts.
• Interest rate expectations in Australia out to mid-2026 have firmed just shy of 10bps over the past week. The key driver of this move was October’s employment data. The labour market normalised, with unemployment returning to 4.3% after September’s 4.5% spike. OIS pricing implies just a 1% probability of a 25bp December cut (9% pre-data), with cumulative easing of 9bps priced by mid-2026 (down from 17bps pre-data). (see chart)
• Even still, as previously noted, markets may still be overestimating the likelihood of further cuts, given that rising annual inflation has historically ended RBA easing cycles.
• Tomorrow, the local calendar will see RBA Minutes of the Nov. Policy Meeting ahead of the Wage Price Index on Wednesday.
• This week, the AOFM plans to sell A$300mn of the 4.75% 21 June 2054 bond on Tuesday, A$1000mn of the 2.75% 21 June 2035 bond on Wednesday and A$700mn of the 1.25% 21 May 2032 bond on Friday.

Figure 1: RBA-Dated OIS – Current Vs. Pre-Jobs

Source: Bloomberg Finance LP / MNI

BONDS: NZGBS: Cheaper But Best In $-Bloc, Nov Cut Hopes Stable

NZGBs closed showing a modest bear-steepener, with benchmark yields 1-2bps higher.

• Today’s move leaves the 2/10 yield curve around cycle highs, the highest since 2021.
• NZGBs outperformed their $-bloc counterparts, with the NZ-US and NZ-AU 10-year yield differentials 1-2bps tighter.
• “On average, respondents believed there was a 38% chance of finding a new job, down from 41.2% in 3q and the lowest since the survey began in 1q 2022.” - RBNZ via BBG
• “October selected prices update presents no obstacles to another rate cut from the RBNZ at next week's policy meeting, said Westpac in a report on Monday. Westpac has revised its forecast for December quarter inflation to +0.3% and +2.8% for the year to December, both down 0.1 percentage points from the bank's earlier forecast.” - BBG
• Swap rates closed 2-3bps higher.
• RBNZ dated OIS pricing closed little changed across meetings. 25bps of easing is priced for November, with a cumulative 34bps by February 2026. Pricing has been relatively stable over the past month. (see chart)
• Tomorrow, the local calendar will see Non-Resident Bond Holdings.

Bloomberg Finance LP

FOREX: Asia-Pac USD: BBDXY Moves Higher, Support Building Around 1213

The BBDXY has had a range today of 1216.04 - 1218.27 in the Asia-Pac session; it is currently trading around 1218, +0.15%. The USD has drifted higher in our session thanks to demand across USD/Asia, this might be differentiated when London comes in with risk turning higher after opening under early pressure. The USD again found support on Friday in the 1210-1215 area and is looking to build a base from which to move higher. I expect we do some more work around these levels but I would be looking for signs of a base forming from which to potentially move higher again. Short-term the 1221-1222 area remains the pivot on the topside and we would need a move back above there to build for a retest of the 1230-35 area.

• EUR/USD -  Asian range 1.1597 - 1.1625, Asia is currently trading 1.1600. The pair stalled and moved lower after finding some decent resistance toward the 1.1650-1.1700 area. This has been the pivot within the larger 1.1400-1.1900 range over the past few months.
• GBP/USD - Asian range 1.3142 - 1.3176, Asia is currently dealing around 1.3145. I continue to favor fading rallies, as GBP looks to have put in a medium term top. A sustained move back below 1.3080-1.3100 support would see the momentum lower reinstated and focus turn back toward the 1.3000 area. Suspect rallies back toward the 1.3250-1.3300 will be sold into if we see a bounce.
• Cross asset : SPX +0.40%, Gold $4080, US 10-Year 4.144%, BBDXY 1216, Crude Oil $59.57
• Data/Events : France Bloomberg Nov. France Economic Survey, EZ Bloomberg Nov. Eurozone Economic Survey/European Commission Publishes Autumn Economic Forecasts, Spain Bloomberg Nov. Spain Economic Survey, Italy Bloomberg Nov. Italy Economic Survey, Germany Bloomberg Nov. Germany Economic Survey/CPI

Fig 1: BBDXY Spot 4H Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia-Pac: USD/JPY Looking To Mount Another Challenge Of 155.00

The USD/JPY range today has been 154.42 - 154.79 in the Asia-Pac session, it is currently trading around 154.70, +0.10%. The pair has traded better bid together with USD/Asia across the board in the Asian session. Usd/Jpy seems to remain well supported on dips as the market remains wary of the new leadership policies and a US December rate cut comes into doubt. The price action points to a renewed challenge to the resistance toward 155.00, a sustained break above here and it could start to pick up momentum to the topside again potentially targeting another push toward 160.

• "Japan Plans Bigger Extra Budget This Fiscal Year”: Media Reports. "The Finance Ministry plans an economic package worth about ¥17 trillion ($110 billion), the Nikkei reported on Saturday, without identifying its sources. The supplementary budget to fund the spending is expected to reach about ¥14 trillion, exceeding last year’s ¥13.9 trillion compiled under former Prime Minister Shigeru Ishiba, the report said." - BBG
• "JAPAN ECONOMY MINISTER KIUCHI ON JULY-SEPT GDP: NO CHANGE TO OUR VIEW ECONOMY GRADUALLY RECOVERING, WILL COMPILE ECONOMIC STIMULUS PLAN SWIFTLY" RTRS
• Options : Close significant option expiries for NY cut, based on DTCC data: 155.00($1.39b), 154.70($400m). Upcoming Close Strikes : 155.00($1.31b  Nov 20), 150.00{$1.3b Nov 20) - BBG.
• The USD/JPY Average True Range(ATR) for the last 10 Trading days: 85 Points

Fig 1 : USD/JPY Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia-Pac: AUD/USD Drifts Lower As USD/ASIA Extends Higher

The AUD/USD has had a range today of 0.6512 - 0.6537 in the Asia- Pac session, it is currently trading around 0.6520, -0.30%. The AUD/USD has drifted lower in our session being led by the move higher in USD/Asia. The AUD/USD tested the 0.6500 area on Friday but bounced into the weekend with US stocks. The AUD/USD looks a little lost and is chopping around in a clearly defined range. Bitcoin gapped lower on the open but has since recouped all its losses moving back above $95k, the moves in crypto have recently been leading the market but for this to get legs it would need to break below the pivotal $90k area  to add to the current market malaise. The AUD/USD has basically traded 0.6350-0.6650 since April this year and we will need a catalyst for this to break, otherwise it looks like more of the same unfortunately. 

• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6525(AUD394m). Upcoming Close Strikes : 0.6400(AUD913m Nov 18), 0.6550(AUD674m Nov 20), 0.6600 (AUD679m Nov 18) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 39 Points

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia-Pac: NZD/USD Drifts Back Toward 0.5650 Area

The NZD/USD had a range today of 0.5658 - 0.5681 in the Asia-Pac session, going into the London open trading around 0.5665, -0.30%. The NZD/USD has drifted lower in our session being led by the move higher in USD/Asia. The NZD is one of those currencies in which positioning can become an issue because of the size of the market so when it grinds higher like it did at the back of last week while risk turned lower it is price action worth noting. The place to fade NZD again is closer toward 0.5800 should we see that area again. 

• Bloomberg reports: “Nomura Likes Long NZD/USD on Expectation RBNZ Will Hold Rates.  The Reserve Bank of New Zealand will refrain from lowering borrowing costs at its meeting on Nov. 26, even though the market is pricing in a reduction, according to Nomura strategists. “The market has been pricing in too aggressive an easing path for the RBNZ,” they wrote in a Friday note. “The RBNZ has hinted that it sees the activity outlook as having bottomed and that prior easing will start to have a more positive impact on economic momentum.”
• MNI AU -  Oct Services PMI Up But Still Sub 50, Pointing To Tepid Recovery: The Oct services PMI (via BNZ and Business NZ) edged up to 48.7 from 48.3 in Sep. We look to be on a steady improvement trend, but from depressed levels and the index hasn't been above the 50.0 expansion/contraction point since early 2024. The sub indices mostly ticked higher, but also remained under 50.0. Activity was 48.9, versus 48.0 prior, employment up to 48.8, versus 47.9 in Sep. The employment index eased back to 49.5 from 49.7 prior. The outcome doesn't point to a sharp turn higher in early Q4 economic momentum. BNZ noted (via BBG): "Sector continues to struggle for forward momentum with the sub-component gauges all below long-term averages and making for "dreary reading".
• Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5675(NZD300m Nov 20), 0.5730(NZD434m Nov 19), 0.5835(NZD300m Nov19) - BBG
• The NZD/USD Average True Range for the last 10 Trading days: 35 Points

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: Mixed Trends, Japan Down On China Concerns, Philippines Rebounds

Asia Pac stocks are mixed so far in Monday trade. Japan and China stocks sit weaker, while South Korea and Taiwan are higher. In South East Asia, the Philippines is the standout up over 3% (after making fresh multi year lows in recent dealings). US equity futures are tracking higher, led by Nasdaq futures, up close to 0.70% (Eminis are around +0.45% firmer). Focus is on crypto for broader risk trends, with Bitcoin up +1.65% so far today and likely aiding the US equity futures moves. 

• Japan stocks are down modestly, the NKY off around 0.35%, while the Topix is off by 0.55% at the time of writing. The NKY is still above 50k at this stage. Near term focus is on China-Japan tensions. This is weighing on tourism and retail related stocks, which benefit from China visitors. Via BBG: "Yuyuantantian, a social media account linked to China’s state broadcaster and frequently used to signal official policy, published a commentary this weekend warning that Beijing “has made full preparations for substantive retaliation.” This comes after new Japan PM Takaichi made comments regarding Taiwan recently. Q3 GDP in Japan printed above expectations, but still fell in the quarter. The underlying resilience of business spending will be welcome though.
• Hong Kong's market is softer, the HSI down 0.80%, while HSTECH is down 1.2%, and looking poorer from a technical standpoint. The CSI 300 on the Mainland is off close to 0.70%.
• South Korea's Kospi is up over 1.6%, with dips supported near 4000. The Taiex is up around 0.60%. Last Friday saw close to $2bn in outflows from both markets by offshore investors. Today's better risk tone in US equity futures may be helping at the margin.
• The Philippines bourse is up a little over 3%, putting the index back to 5750/55. On Friday the index did make fresh lows back to 2020, so may be seeing some dip buyers emerge. Domestic fundamentals remain focused on fallout from the corruption scandal. From the weekend and via BBG: " More than half a million people took part in a rally organized by an influential church in Manila, calling for accountability in the Philippine government over a widening corruption scandal." 

OIL: Benchmarks Down, Trump Ok With Sanctions On Russian Trading Partners

Oil benchmarks sit off recent highs, Brent last around $63.85/bbl, unable to breach above the $65 level from late last week. So far we are down around 0.85% versus end Friday levels. WTI was last close to $59.50/55/bb, off by a similar amount (with Friday highs at $60.65/bbl). BBG notes signs of a resumption in supply from a key Russian port, (which was attacked by Ukraine last week) has been a factor in downside pressure today. 

• Trump also spoke to reporters late US time on Sunday, noting he would support Senate legislation that targeted countries that were buying oil from Russia. Via BBG: "President Donald Trump said proposed Senate legislation to sanction countries conducting business with Russia would be “okay with me”."
• Broader surplus concerns still keep downside risks in play for oil. For WTI, from a technical standpoint, a continuation lower would pave the way for a move towards key support and the bear trigger at $55.96, the Oct 20 low. Clearance of this level would confirm a resumption of the downtrend. Note that it is still possible a bullish corrective cycle remains in play. Resistance to watch is $62.59, the Oct 24 high. Clearance of this hurdle would signal scope for a stronger correction.

Gold - Drops Back, Support Seen Back Toward The $$3,900-$4,000 Area

The range Friday night for gold was $4,032.31/oz - $4,186.98/oz, Asia is currently trading around $4,090/oz, +0.15%. Gold slipped lower on Friday as the market looked toward eventually having a look at some US data starting this week and the implications of a Fed that seems to be pushing back on a December rate cut for the moment. Gold has technically put in a lower high now around the  $4,250/oz area but strong support is seen back toward the $3,900/oz area. The market is trying to form a base from which to test higher again, while the $3900-$4000 area continues to hold dips should continue to be supported.

• Otavio Costa of Crescat Capital reiterated he believes more cuts in the US to come on X, “The Cass Freight index is now back to levels last seen during the pandemic. Unlike the labor data, this can’t be spun as an AI-displacement narrative. It’s a clear sign that economic activity is deteriorating sharply. Major rate cuts are still ahead of us, in my view.”

Fig 1 : Gold Daily Chart

Source: MNI - Market News/Bloomberg

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
17/11/2025	0800/0900		CH	Flash GDP
17/11/2025	0815/0915		EU	ECB de Guindos Speech at Euro Finance Week
17/11/2025	0900/1000	**	IT	Italy Final HICP
17/11/2025	1000/0500	*	CA	CREA Existing Home Sales
17/11/2025	1315/0815	**	CA	CMHC Housing Starts
17/11/2025	1320/1320		GB	BOE Mann on DMP and MonPol
17/11/2025	1330/0830	*	CA	International Canadian Transaction in Securities
17/11/2025	1330/0830	***	CA	CPI
17/11/2025	1330/0830	**	US	Empire State Manufacturing Survey
17/11/2025	1400/0900		US	New York Fed's John Williams
17/11/2025	1430/0930		US	Fed Vice Chair Philip Jefferson
17/11/2025	1445/1545		EU	ECB Lane Lecture on ECB MonPol
17/11/2025	1500/1000	*	US	Construction Spending
17/11/2025	1500/1000	*	US	Construction Spending
17/11/2025	1600/1700		EU	ECB Cipollone at ECON Digital Euro Hearing
17/11/2025	1630/1130	*	US	US Treasury Auction Result for 26 Week Bill
17/11/2025	1630/1130	*	US	US Treasury Auction Result for 13 Week Bill
17/11/2025	1800/1300		US	Minneapolis Fed's Neel Kashkari
17/11/2025	2035/1535		US	Fed Governor Christopher Waller
18/11/2025	1000/1100		EU	ECB Elderson at Banking Supervision Press Conference
18/11/2025	1300/1300		GB	BOE Pill Fireside Chat on MonPol
18/11/2025	1330/0830	**	US	Import/Export Price Index
18/11/2025	1355/0855	**	US	Redbook Retail Sales Index