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| Intra-day Market Moving News |
| 25 Nov 2025 |
13:39 |
USD/MAJORS... LSEG reported U.S. retail sales increased less than expected in September, taking a breather following a recent stretch of strong gains.
Retail sales rose 0.2% after an unrevised 0.6% gain in August, the Commerce Department's Census Bureau said on Tuesday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rising 0.4% following a previously reported 0.6% increase in August.
The report, originally due in mid-October, was delayed by the 43-day shutdown of the government.
Retail sales excluding automobiles, gasoline, building materials and food services fell 0.1% in September after a downwardly revised 0.6% increase in August. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously reported to have advanced 0.7% in August.
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| 25 Nov 2025 |
13:30 |
USD/MAJORS... LSEG news,
- US September retail sales +0.2% (consensus +0.4%) vs August +0.6% (previous +0.7%)
- US September retail sales ex-autos +0.3% (consensus +0.3%) vs August +0.6% (previous +0.7%)
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| 21 Nov 2025 |
09:31 |
GBP/USD - 1.3075... LSEG then reported British business growth ground almost to a halt this month, as companies put their plans on hold while they waited to see if next week's government budget will raise the tax burden for a second year running, according to a major survey.
The S&P Global Purchasing Managers' Index composite flash measure - a preliminary reading for the services and manufacturing sectors - dropped to 50.5 in November from 52.2 in October, barely above the 50 no-change mark.
The reading was below all economists' forecasts in a Reuters poll, and S&P said the slowdown suggested output would be flat in November and expand just 0.1% in the final quarter of 2025, matching the third quarter's weak growth.
The services PMI, which accounts for the bulk of the economy, dropped to 50.5 from 52.3 after new business fell for the first time since July, while the manufacturing PMI showed growth for the first time since September 2024, edging up to 50.2 from 49.7.
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| 21 Nov 2025 |
09:30 |
GBP/USD - 1.3082... LSEG news,
- UK CIPS/S&P global November flash composite PMI at 50.5 (forecast 51.8)
- UK CIPS/S&P global November flash manufacturing PMI at 50.2 (forecast 49.2)
- UK CIPS/S&P global November flash services PMI at 50.5 (forecast 52.0)
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| 21 Nov 2025 |
09:00 |
EUR/USD - 1.1541... LSEG news,
- euro zone HCOB November flash composite PMI at 52.4 (forecast 52.5)
- euro zone HCOB November flash manufacturing PMI at 49.7 (forecast 50.2)
- euro zone HCOB November flash services PMI at 53.1 (forecast 52.8)
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| 21 Nov 2025 |
08:31 |
EUR/USD - 1.1548... LSEG then reported Germany's private sector growth has lost momentum in November as the manufacturing sector has unexpectedly contracted and the service sector has not expanded as fast as hoped, a survey showed on Friday.
The HCOB preliminary German flash composite Purchasing Managers' Index, compiled by S&P Global, slipped to 52.1 in November from October's 53.9, marking a two-month low.
November marks the sixth month in a row that the composite index, which tracks the services and manufacturing sectors that together account for more than two-thirds of the euro zone's largest economy, was above the 50 mark indicating growth.
The manufacturing PMI dipped further into contraction territory, falling to 48.4 in November from 49.6 in October, in contrast to analysts' forecasts for a slight rise to 49.8.
Meanwhile, the services PMI dropped to 52.7 from 54.6, also a two-month low, and also below the forecast for a fall to 54.0.
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| 21 Nov 2025 |
08:30 |
EUR/USD - 1.1543 ... LSEG news,
- German HCOB November flash composite PMI at 52.1 (forecast 53.5)
- German HCOB November flash manufacturing PMI at 48.4 (forecast 49.8)
- German HCOB November flash services PMI at 52.7 (forecast 54.0)
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| 21 Nov 2025 |
08:28 |
Continues from previous update...
"If we only did a quarter of that, it would be sufficient to boost internal trade enough to fully offset the impact of U.S. tariffs on growth."
She listed wide-ranging economic reforms, from harmonising value-added taxes to creating EU-wide corporate law, and even proposed structural changes to the bloc's own functioning, like an opt-in framework known as the "28th regime".
Lagarde also praised fiscal spending, especially in Germany, for buffering the economy and said the ECB, which has sharply cut rates in 2024-25, would do its part.
"We will continue to adjust our policy as needed to ensure that inflation remains at our target," Lagarde said.
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| 21 Nov 2025 |
08:27 |
EUR/USD - 1.1551... LSEG reported the European Union can offset the impact of U.S. trade tariffs if it knocks down some of its internal barriers, European Central Bank President Christine Lagarde said on Friday.
Lagarde said the EU's export-oriented economic model has been upended by a protectionist turn at the global level, from U.S. President Donald Trump's trade levies to China's grip on rare earths.
But she argued the bloc could boost its fortunes if it made trade among its 27 members easier, citing the Netherlands, one of the club's most open economies, as a virtuous example.
"Our analysis shows that if all EU countries were merely to lower their barriers to the same level as that of the Netherlands, internal barriers could fall by about 8 percentage points for goods and 9 percentage points for services," she said at a conference in Frankfurt.
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| 21 Nov 2025 |
08:19 |
EUR/USD - 1.1547... LSEG reported Brussels is set to issue a formal warning to Rome over concerns that Italy's far-reaching "golden power" rules may breach European Union law, the Financial Times said on Friday, citing two European officials.
On Friday, Brussels was poised to issue a "letter of notice" to Italy, which marks the formal start of an infringement procedure under which Rome will be accused of potentially breaching EU law, the newspaper reported.
Reuters could not immediately confirm the report. The European Commission declined to comment on the Financial Times report.
Rome's so-called golden powers are aimed at safeguarding the national interest in strategic sectors such as defence and telecommunications. Italy is one of a number of EU countries which have also applied that legislation to the banking sector.
Reuters reported last month that Italian Economy Minister Giancarlo Giorgetti planned to seek clarification from the EU's financial services chief Maria Luis Albuquerque over disciplinary measures the European Commission is preparing to launch against the Italian legislation.
Reuters also reported in October that the Commission will act against Italy's golden power legislation as part of a push against EU countries hampering bank consolidation in Europe.
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| 21 Nov 2025 |
08:16 |
EUR/USD - 1.1549... LSEG then reported French business activity almost stabilised in November, according to a survey published Friday, as unexpected growth in the country's dominant service sector nearly offset a sharper than anticipated decline in manufacturing output.
The HCOB France flash purchasing managers index (PMI) for the services sector came in at 50.8 points this month. It is the first time in 15 months that the index has been above the 50 points threshold separating growth from contraction.
A Reuters poll forecast for the November flash services PMI stood at 48.4 and the final October figure was at 48.0.
But the flash manufacturing PMI for this month fell to 47.8 points - a nine-month low - from 48.8 in October, and also came in below a Reuters poll forecast for a figure of 49.0 points.
The flash November composite PMI - which comprises both the services and manufacturing sectors - rose to a 15-month high of 49.9 points, from 47.7 in October, and much higher than a forecast for a figure of 48.1 points.
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| 21 Nov 2025 |
08:15 |
EUR/USD - 1.1546... LSEG news,
- French flash services PMI rose to 50.8 points in November, forecast 48.4
- French flash manufacturing MPI fell to 47.8 points in November, forecast 49.0
- French flash composite PMI rose to 49.9 points in November, forecast 48.1
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| 21 Nov 2025 |
07:32 |
GBP/USD - 1.3084... LSEG then reported British retail sales tumbled in October and a closely watched gauge of household sentiment fell this month, adding to signs of waning consumer spending ahead of finance minister Rachel Reeves' budget next week.
Retail sales volumes fell by 1.1% in October compared with a month before, their first month-on-month fall since May, the Office for National Statistics said.
Economists polled by Reuters had expected sales to be flat compared with the previous month.
Compared with October a year ago, retail sales were just 0.2% higher, against forecasts for a 1.5% annual increase.
Sterling fell briefly against the dollar but soon recovered.
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| 21 Nov 2025 |
07:00 |
GBP/USD - 1.3075... LSEG news,
- UK Oct retail sales -1.1% m/m (Reuters poll 0.0% m/m)
- UK Oct retail sales +0.2% y/y (Reuters poll +1.5% y/y)
- UK Oct retail sales ex-fuel -1.0% m/m (Reuters poll -0.3% m/m)
- UK Oct retail sales ex-fuel +1.2% y/y (Reuters poll +2.5% y/y)
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| 13 Nov 2025 |
07:22 |
GBP/USD - 1.3120... LSEG reported Britain's economy barely expanded in the third quarter, held back by September's cyber attack on Jaguar Land Rover, according to data on Thursday that underlined the backdrop of slow growth as finance minister Rachel Reeves readies her budget.
The economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter.
Economists polled by Reuters, as well as the Bank of England, had forecast 0.2% growth in gross domestic product for the July-September period.
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