Chinese Politburo Meeting Drove Early Volatility

Market activity centered on the Chinese Politburo meeting which introduced high-impact volatility across regional benchmarks. Price action remained directional during the first half of the session before settling into a consolidation phase.

• Chinese Politburo Meetinghigh

  Key policy discussions triggered significant price movements in China-linked assets and broader regional sentiment.

• SGD Monetary Policy Statementmoderate

  The MAS policy update created localized price shifts and brief spikes in SGD pairs.

European data outperformed expectations while US manufacturing fell short

EUR/USD traded with a bullish bias during the morning as German Ifo data beat analyst forecasts. Positive UK retail sentiment and a softer US Durable Goods print at 13:30 further supported non-dollar strength before price movements leveled out toward the close.

• German Ifo Business Climatehigh

  Actual result of 86.6 surpassed the forecast of 86.0 and previous 85.7, providing immediate support for EUR pairs.

• US Durable Goods Ordershigh

  Missing expectations at 0.3% against a 2.5% forecast, this release weighed on USD strength in the latter half of the session.

• CBI Distributive Tradesmoderate

  The UK retail survey improved significantly to -26.0 from -54.0, contributing to GBP strength during the London midday.