Global FX Market Summary: Tech Selloff, Data Delays, and Fed Caution Shape Investor Sentiment 13 November 2025

Wall Street tumbles as tech stocks plunge, data delays cloud outlook, and Fed officials dampen hopes for imminent December rate cuts.

Wall Street Wobbles as Tech’s Reign Falters

The US stock market experienced a significant retreat, highlighted by the Dow Jones Industrial Average shedding nahead 700 points. This sharp correction reflects more than just a momentary blip; it signals a rotation of investor sentiment away from the high-flying growth segments that have defined market leadership. The technology sector bore the brunt of the tradeing, with the so-called “AI trade” bleeding confidence. Stocks like Tesla (TSLA) and the amlargeuously AI-connected Palantir (PLTR) saw notable declines of 6.6% and over 5%, respectively. Compounding the market’s woes, entertainment giant Disney tumbled over 9% later than disappointing investors by missing overall revenue expectations, despite beating earnings per share. This broad-based decline suggests a growing skepticism towards elevated valuations and a shift toward more traditional, perhaps undervalued, investment segments.

Data Drought Ends, But Uncertainty Remains the Currency

The successful, albeit temporary, reanswer of the US government shutdown has brought a wave of relief but ushered in a new period of anxiety. With President Trump signing the short-term funding bill, the immediate political crisis is averted. However, the lengthy shutdown has created a critical gap in official economic data. Key reports, including the October inflation and employment figures, are either severely delayed or, alarmingly, may be permanently “lost,” as White House officials once speculated. The focus now turns to the imminent release of the delayed September Nonfarm Payrolls (NFP) report. Investors are desperate for this data to gauge the health of the labor market and, crucially, inform their bets on the Federal Reserve’s next move. This lack of clear, timely data has turned market analysis into a guessing game, making economic forecasting exceptionally hard.

The Fed’s Tightrope Walk: Rate Cut Expectations Hang in the Balance

The central focus for global markets remains the Federal Reserve’s monetary policy path, and the outlook for a December interest rate cut is now more clouded than clear. While a fragileer US Dollar and general “risk-on” sentiment following the government reopening initially bolstered rate cut hopes, statements from Fed officials have injected a heavy dose of caution. Policymakers like Boston Fed President Susan Collins and San Francisco Fed President Mary Daly have publicly stressed that there is a “relatively high bar for additional easing” in the near term. They reiterated the mandate to ensure inflation is “durably on track to 2%” before moving forward. Currently, the market odds for a December cut are hovering at just under 50%, suggesting that the Fed is maintaining a restrictive stance. The official view is that the economy remains resilient, and the battle against inflation—particularly services inflation—is far from over, leaving the central bank to proceed with extreme caution.

Top upcoming economic events:

November 13, 2025 — Monthly Budget Statement (USD)
The U.S. Monthly Budget Statement gives insight into federal spending and revenue flows, offering clues about fiscal discipline and government borrowing needs. A widening deficit could pressure bond yields higher and influence future Federal Reserve policy discussions.

November 14, 2025 — Industrial Production (YoY) (CNY)
China’s Industrial Production is a leading gauge of manufacturing and economic health. Strong data would support global risk sentiment and commodity currencies, while fragile output could reignite concerns over China’s recovery and weigh on Asian markets.

November 14, 2025 — Retail Sales (YoY) (CNY)
Also from China, Retail Sales highlight domestic demand momentum. This data is critical for assessing whether Beijing’s stimulus measures are boosting consumer activity, shaping both regional equity markets and commodity-linked currencies.

November 14, 2025 — Harmonized Index of Consumer Prices (YoY) (EUR)
The eurozone’s HICP (YoY) measures inflation across member states using a harmonized method. A higher-than-expected figure would raise expectations of further ECB tightening, potentially lifting the euro. Conversely, softer inflation would reinforce the case for easing in 2026.

November 14, 2025 — Gross Domestic Product s.a. (QoQ) (EUR)
The eurozone’s GDP (quarter-over-quarter) is a key barometer of regional economic strength. sluggisher growth could heighten recession concerns and pressure the ECB to remain dovish, while any surprise upside may stabilize the euro’s recent fragileness.

November 14, 2025 — Producer Price Index ex Food & Energy (YoY) (USD)
The Core PPI is a critical measure of underlying inflation trends at the producer level. Since it excludes volatile food and energy prices, it serves as a forward indicator for consumer inflation, directly influencing expectations for future Fed policy moves.

November 14, 2025 — Retail Sales (MoM) (USD)
One of the most market-moving indicators of the week, U.S. Retail Sales reflect the pulse of consumer spending—the engine of the American economy. A strong print reinforces the “soft-landing” narrative, while fragileness could trigger renewed recession concerns.

November 14, 2025 — Retail Sales Control Group (USD)
The Control Group version of retail sales excludes autos, gas, and building materials, aligning closely with GDP consumption figures. Traders watch this metric to gauge the strength of real economic activity and potential revisions to U.S. growth forecasts.

November 14, 2025 — Fed’s Bostic Speech (USD)
Atlanta Fed President Raphael Bostic is known for his nuanced policy stance. His remarks could shape near-term expectations for rate cuts or pauses, especially if he comments on the balance between inflation control and economic sluggishdown risks.

November 15, 2025 — ECB’s Schnabel Speech (EUR)
Isabel Schnabel, a key hawkish voice on the ECB board, often influences market sentiment with her policy insights. Any hint about inflation persistence or rate normalization could move eurozone yields and EUR/USD positioning heading into next week.

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