Foreign Exchange Market Update

November 28, 2025

Eurozone

Euro traded at 1.1598 against USD at 9:00 AM PST

Germany's unemployment rate remained unchanged in November. The jobless rate stood at 6.3% in November, the same rate as in October. On a seasonally adjusted basis, the number of unemployed increased by 1,000 from the previous month. The economic weakness persists, and the labor market remains sluggish.

Unemployment and underemployment declined in November, as is typical for the season. The number of employed people is stagnating, and labor demand remains subdued. There were 1.66 million unemployed in October. Unemployment increased by 5,000 in September. The adjusted jobless rate remained unchanged at 3.8%. Instead, the very gradual worsening of the German labor market is likely to continue, clearly complicating any comeback of private consumption. 11/28/2025 - 07:20:00 (RTTNews)

Germany's import prices declined at a faster pace in October due to the sharp fall in energy prices. Import prices slid 1.4% in October from a year ago, after falling 1.0% in September. Prices have been falling since April. The annual fall was largely driven by the 15.1% decline in energy prices. Moreover, prices of capital goods and consumer goods were down 0.5% and 1.0%. Meanwhile, intermediate goods prices edged up 0.1% and consumer goods prices rose 0.9%.

Excluding energy, import prices remained unchanged from the previous year. Export price inflation softened to 0.5% from 0.6% in September. Month-on-month, import and export prices moved up 0.2% each in October. 11/28/2025 - 04:24:00 (RTTNews)

German retail sales dropped in October. Retail sales decreased 0.3% month-on-month, offsetting the 0.3% increase in September. Retail sales of food products rose 1.2% in real terms, and the non-food retail sector dropped 0.7%. Online and mail-order sales declined 0.6% in real terms.

However, yearly, retail sales grew 0.9% in October, slightly faster than the 0.8% increase in September. In nominal terms, retail sales dropped 0.1% from September but increased 2.4% from a year ago. 11/28/2025 - 03:00:00 (RTTNews)

Spain's consumer price inflation slowed slightly in November. The CPI registered an annual increase of 3.0. At the same time, EU harmonized inflation softened to 3.1% from 3.2% in October. The rate was seen at 2.9%.

Meanwhile, underlying inflation rose slightly to 2.6% from 2.5% in the previous month. Month-on-month, the CPI gained 0.2% following a 0.7% rise in the prior month. The HICP remained flat after rising 0.5% in October.

Retail sales grew at a slower pace of 3.8% in October after September's 4.1% increase. Compared to the previous month, sales remained flat after posting a 0.4% rise in the previous month. Food sales logged a monthly fall of 0.5%, while non-food product sales grew 0.2%. 11/28/2025 - 08:50:00 (RTTNews)

France's inflation remained stable in November, remained within the comfort zone of the European Central Bank, and the economy logged a stronger growth in the third quarter. The CPI posted a steady increase of 0.9% in November. Similarly, EU harmonized inflation stabilized at 0.8% in November.

The stability of inflation should be attributed to a deceleration in service prices, primarily driven by communication services, and to a sharper decline in manufactured goods prices. Services’ inflation softened to 2.2% from 2.4% in the prior month. Manufactured product prices decreased 0.6% after a 0.5% fall. These effects were offset by a more moderate decrease in energy prices and a slight acceleration in food prices. Food inflation edged up to 1.4% from 1.3% and the decline in energy prices eased to 4.6% from 5.6%.

Monthly, consumer prices edged down 0.1%, offsetting October's 0.1% rise. Similarly, the HICP slid 0.2% after rising 0.1% a month ago. Producer prices in the domestic market fell 0.8% in October a year ago, after a 0.1% rise in September. Month-on-month, producer prices remained flat after a 0.1% drop.

The French economy grew at a faster pace of 0.5% in the third quarter, following a 0.3% rise in the second quarter. Household consumption edged up 0.1% and government consumption rose 0.5%. Gross fixed capital formation increased by 0.5%. Overall, final domestic demand excluding inventories contributed 0.3 points to GDP growth.

Exports advanced 3.2% and imports were up 1.3%. As a result, foreign trade contributed 0.6 points to GDP growth. Finally, the contribution of changes in inventories to GDP growth was -0.4 points. Household spending grew 0.4% in October after a 0.3% rise in September. Energy consumption and food consumption growth accelerated, while spending on engineered goods remained stable. 11/28/2025 - 06:33:00 (RTTNews)

Italy's economy rebounded in the third quarter, and the CPI held steady in November. GDP rose 0.1% sequentially in the third quarter, reversing a 0.1% decline in the second quarter.

On the demand side, national final consumption rose only 0.1%, and gross fixed capital formation advanced by 0.6%. Net foreign demand was also positive as exports grew 2.6% amid a comparatively slower increase of 1.2% in imports. Yearly, GDP advanced at a slightly faster pace of 0.6% versus a 0.5% increase in the second quarter. The rate of expansion was 0.4%.

Italy's consumer price inflation remained stable at 1.2% in November. Monthly, consumer prices dropped 0.2% versus a fall of 0.1%. Inflation based on transport services slowed to 0.8% from 2.0%, and that on unprocessed food moderated to 1.4% from 1.9%.

On the other hand, the annual price decline in regulated energy products deepened to 3.3% from 0.5%, and processed food accelerated to 2.7% from 2.5%. Excluding energy and fresh food, core inflation eased slightly from 1.9% to 1.8%. Inflation, based on the HICP, softened to 1.1% in November from 1.3% in the previous month. Monthly, the HICP decreased 0.2%. 11/28/2025 - 06:00:00 (RTTNews)

Japan Industrial Output Grows; Tokyo Inflation Remains Stable

Japan's industrial production grew in October, and Tokyo core inflation remained stable at the above target level. Industrial production grew 1.4% month-on-month in October; however, the increase was weaker than the 2.6% rise seen in September.

Yearly, growth in industrial output eased to 0.8% from 2.5% in September. Shipments and inventories increased 1.3% and 0.6% respectively. Meanwhile, the inventory ratio dropped 1.3%. Industrial production fluctuates indecisively.

Retail sales grew 1.6% in October from a month ago, when sales remained flat. Yearly, retail sales logged faster growth of 1.7%, following an increase of 0.2% in September.

Headline inflation in Tokyo remained unchanged at 2.7% in November. Core inflation held steady at 2.8% in November. The unemployment rate remained unchanged at 2.6% in October.

Housing started to increase for the first time in seven months in October by climbing 3.2%, in contrast to the 7.3% decrease in September. Meanwhile, construction orders declined for the first time in three months in October. Orders decreased 10.1% following a sharp growth of 34.7% posted in September.

The economy is recovering following a temporary contraction in the third quarter of 2025. Core inflation is likely to remain around current levels, driven by a weak Japanese yen and strong wage growth. 11/28/2025 - 02:19:00 (RTTNews)

Singapore Producer Price Inflation Eases to 6.9%

Singapore's producer prices increased for the fourth straight month in October, though the pace of growth eased slightly. The manufacturing price index for producers climbed 6.9% year-on-year in October, slower than the 7.3% rise in September.

The non-oil index grew 8.8% annually in October, led by the machinery and transport equipment index and higher prices for miscellaneous manufactured articles, food and live animals, and animal and vegetable oils. Meanwhile, the non-oil index dropped 3.6%. Domestic supply prices were 2.9% higher in October than a year ago, after a 3.7% increase in the prior month.

Monthly, producer prices climbed 1.2% in October versus a flat change in September. The import price index decreased 2.4% over the year, following a 1.1% drop in the previous month. The annual decline in export prices deepened to 3.7% from 3.2%. 11/28/2025 - 01:55:00 (RTTNews)