October 2025 in Figures – Currency Thoughts
October 2025 in Figures
October 31, 2025
Ten-year sovereign debt yields declined substantially in the U.K. and Canada but experienced much smaller net changes during October in other economies in the table below. A 25-basis point cut in the federal funds target late in the month contrasted with decisions in Japan and Euroland not to change policy. Central bank policy reviews were not scheduled in either Switzerland or the U.K., and analysts are not anticipating a rate change when the Bank of England’s Monetary Policy Committee meets next week.
Countries not included in the table below where central bank policy interest rates were changed during October 2025 included Egypt and Turkey (each down 100 basis points), Kyrgyzstan (-75 basis points), Russia (-50 basis points), New Zealand (also -50 basis points) and Hong Kong, Macao, Poland and Canada (each down 25 basis points). Alternatively, a central bank rate hike of 150 basis points was engineered by the National Bank of Kazakhstan.
Stock markets appreciated in all of the economies featured in the table, but gains ranged widely from just 0.3% in the German Dax to more than 10% in the Japanese Nikkei-225. Whereas a modest price decline occurred in oil, Bitcoin and especially gold experienced more significant advances during the past month.
| 10-Yr Yield | 10/31/25 | 09/30/25 | October Chg |
| U.S. | 4.09% | 4.15% | -6 Basis Points |
| Germany | 2.63% | 2.71% | -8 |
| Japan | 1.66% | 1.64% | +2 |
| U.K. | 4.41% | 4.74% | -33 |
| Canada | 3.12% | 3.68% | -56 |
| Switzerland | 0.07% | 0.14% | -7 |
| CB Policy Rate | 10/31/25 | 09/30/25 | October Chg |
| Fed funds target | 3.75-4.00% | 4.00-4.25% | -25 Basis Points |
| ECB deposit rate | 2.00% | 2.00% | 0 |
| BOJ policy rate | 0.50% | 0.50% | 0 |
| BOE Bank Rate | 4.00% | 4.00% | 0 |
| Swiss Policy Rate | 0.0% | 0.0% | 0 |
| FX Rates | 10/31/25 | 09/30/25 | Oct Chg in $ |
| EUR/USD | 1.1529 | 1.1734 | +1.8% |
| USD/JPY | 154.11 | 147.96 | +4.2% |
| USD/CHF | 0.8048 | 0.7965 | 1.0% |
| GBP/USD | 1.3143 | 1.3440 | +2.3% |
| AUD/USD | 0.6545 | 0.6563 | +0.3% |
| NZD/USD | 0.5724 | 0.5793 | +1.2% |
| USD/CAD | 1.4018 | 1.3926 | +0.7% |
| USD/CNY | 7.1174 | 7.1195 | 0.0% |
| Equities | 10/31/25 | 09/30/25 | Change in Oct |
| S&P 500 | 6840 | 6688 | +2.3% |
| Nasdaq | 23725 | 22660 | +4.7% |
| Djia | 47563 | 46398 | +2.5% |
| Dax | 23958 | 23881 | +0.3% |
| Nikkei | 52411 | 44933 | +16.6% |
| Ftse | 9717 | 9350 | +3.9% |
| Canada TSE | 30281 | 30023 | +0.9% |
| Swiss SMI | 12235 | 12109 | +1.0% |
| Commodities | 10/31/25 | 09/30/25 | Change in Oct |
| Oil, $ per barrel | 60.88 | 62.37 | -4.3% |
| Gold, $ per ounce
Bitcoin, $ |
4011.00
109,658 |
3873.20
114,745 |
+17.1%
+6.6% |
Copyright Larry Greenberg 2025. All rights reserved. No secondary distribution without express permission.
Tags: financial market changes in October 2025
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