Trump, Albo meet
The Australian dollar rose on Monday after a mostly successful meeting between US president Donald Trump and Australian prime minister Anthony Albanese.
President Trump reaffirmed his support for the AUKUS defence pact and signed a deal to expand the supply of rare earths produced in Australia.
The AUD/USD gained 0.2%.
The NZD/USD also rose, up 0.3% after September quarter headline inflation was reported at 3.0% — up from 2.7% in the previous quarter and right at the top of the Reserve Bank of New Zealand’s inflation-targeting band.
China GDP hangs on
Chinese September-quarter annualised GDP slightly beat expectations, coming in at 4.8% versus 4.7% expected, though down from the previous quarter’s 5.2%.
Chinese growth has held up relatively well despite this year’s geopolitical tensions. Surprisingly, exports have been the major driver, with Chinese export volumes to Latin America, Africa, India and ASEAN countries all hitting records in 2025.
The USD/CNH was steady after the release.
The USD/SGD fell 0.2%.
Euro, GBP fall from recent highs
The euro and GBP both fell on Monday, with their biggest losses seen across APAC.
EUR and GBP had strengthened last week on hopes the US Federal Reserve might cut rates at its 29 October meeting. The rally saw the euro climb to three-year highs versus the SGD and 15-year highs versus the NZD. The AUD/EUR hit a six-month low.
The GBP also gained.
Overnight, the euro and GBP reversed, signalling a shift in technical momentum that could see further declines this week. Both AUD/EUR and AUD/GBP have moved into short-term technical uptrends after reaching new lows last week.
EUR, GBP reverse from highs
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 20 – 25 October
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
