EM ASIA CREDIT: Reliance Industries: Q2 2025 results – credit neutral

The New York Post reports that, according to its sources, US Treasury Secretary Scott Bessent's chief of staff, Dan Katz, is set to leave the administration to take up the post of first deputy managing director of the International Monetary Fund (IMF). Speaking on the sidelines of the IMF and World Bank spring meetings in Washington, D.C., earlier this year, Bessent criticised both organisations, claiming that “mission creep has knocked these institutions off course". 

• Bessent argued the IMF has the mission of "promoting global monetary cooperation and financial stability", but instead is focused on progressive social issues. Bessent: "The IMF and World Bank serve critical roles in the international system. And the Trump Administration is eager to work with them — so long as they can stay true to their missions.”
• If appointed, Katz would become the seniormost US official at the IMF, second only to Managing Director Kristalina Georgieva. Historically, the IMF has always been led by a European, while an American has served as president of the World Bank, although this is not a formalised split. The appointment of a senior Trump administration figure to such an influential role at the IMF would draw attention towards the global lender of last resort. 

• Just a 19 pips swing for now in the USDCAD, initially fell but remains fairly close to where it trading at pre decision.
• The one to watch is the EURCAD that did managed a new 16yrs high, highest since July 2009.
• Immediate resistance is still right here at 1.6330, this was the June and July 2009 highs.

(Chart source: MNI/Bloomberg Finance LP).

A comparison of September's rate announcement vs prior (July) in link below:

BOCStatementComparison-Sep2025.pdf