Third Quarter 2025 in Figures – Currency Thoughts
Third Quarter 2025 in Figures
October 1, 2025
The Bank of England and Federal Reserve Bank interest rates were each lowered 25 basis points during the third quarter, whereas central banks were not changed in Euroland, Japan or Switzerland. Ten-year sovereign debt yields rose in Euroland, Great Britain, Japan, Switzerland and Japan but dropped in the United States.
Net changes in the dollar were much smaller than in the second quarter. The weighted DXY dollar index appreciated slightly less than 1.0%. With the exception of Germany and Switzerland in the table below, equities experiences a stellar quarter.
The price of oil fell, while gold was made a strong gain in 3Q. Bitcoin rose, too, but to a lesser extent.
| 10-Yr Yield | 06/30/25 | 09/30/25 | 3rd Qtr Chg |
| U.S. | 4.24% | 4.15% | -9 Basis Points |
| Germany | 2.60% | 2.71% | +11 |
| Japan | 1.42% | 1.64% | +22 |
| U.K. | 4.49% | 4.74% | +25 |
| Canada | 3.27% | 3.68% | +41 |
| Switzerland | 0.37% | 0.14% | -14 |
| CB Policy Rate | 06/30/25 | 09/30/25 | 3nd Qtr Chg |
| Fed funds target | 4.25-4.50% | 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 | 4.25% | 4.00% | -25 |
| Swiss Policy Rate | 0.0% | 0.0% | 0 |
| FX Rates | 06/30/25 | 09/30/25 | 3Q25 Chg in $ |
| EUR/USD | 1.1778 | 1.1734 | +0.4% |
| USD/JPY | 144.12 | 147.96 | +2.7% |
| USD/CHF | 0.7935 | 0.7965 | -0.4% |
| GBP/USD | 1.3725 | 1.3440 | +2.1% |
| AUD/USD | 0.6582 | 0.6563 | +0.3% |
| NZD/USD | 0.6063 | 0.5793 | +4.7% |
| USD/CAD | 1.3625 | 1.3926 | +2.2% |
| USD/CNY | 7.1641 | 7.1195 | -0.6% |
| Equities | 06/30/25 | 09/30/25 | Change in 3Q |
| S&P 500 | 6203 | 6688 | +7.8% |
| Nasdaq | 20599 | 22660 | +10.0% |
| Djia | 44129 | 46398 | +5.1% |
| Dax | 23910 | 23881 | -0.1% |
| Nikkei | 40487 | 44933 | +11.0% |
| Ftse | 8761 | 9350 | +6.7% |
| Canada TSE | 26835 | 30023 | +11.9% |
| Swiss SMI | 11921 | 12109 | +1.6% |
| Commodities | 06/30/25 | 09/30/25 | Change in 3Q |
| Oil, $ per barrel | 65.16 | 62.37 | -4.3% |
| Gold, $ per ounce
Bitcoin, $ |
3307.70
107,605 |
3873.20
114,745 |
+17.1%
+6.6% |
Copyright Larry Greenberg 2025. All rights reserved. No secondary distribution without express permission.
Tags: major financial market moves in 3Q25
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