Weekly Wrap – Global Macro Recap (Sep 29 – Oct 3, 2025)

Weekly Wrap – Global Macro Recap (Sep 29 – Oct 3, 2025)

The past week in global markets was marked by central-bank caution and mixed macro signals across major economies. Below is a concise region-by-region recap for traders.

🇨🇳 China (CNY)
Official Manufacturing PMI eased to 49.4, remaining in contraction. Ongoing softness in activity keeps pressure on Asian risk assets and commodity-linked FX.

🇦🇺 Australia (AUD)
The RBA kept the Cash Rate at 3.60%. Statement and presser stressed a balanced stance as the labor market cools and inflation trends lower.

🇺🇸 United States (USD)
A data-heavy slate showed divergence: JOLTS 7.21M (solid openings), ADP −32K (surprise weakness), ISM Manufacturing 49.1 (soft), ISM Services 51.8 (modest expansion). Net effect: growth picture mixed, rate path sensitive to incoming labor data.

🇨🇭 Switzerland (CHF)
CPI −0.2% m/m underscored disinflation, keeping the SNB cautious.

🇯🇵 Japan (JPY)
BoJ Governor Ueda maintained an accommodative tone; near-term exit expectations remain muted. JPY under pressure, with haven flows limiting downside.

🇬🇧 United Kingdom (GBP)
BoE Governor Bailey struck a vigilant tone. Markets still price a dovish lean amid growth headwinds.

📌 Trader’s Note
The week’s theme: growth fragility vs. steady policy. While RBA/BoJ held course, US labor signals turned mixed and manufacturing stayed weak. Expect USD volatility around jobs data; haven FX and commodity currencies remain highly sensitive to global demand.

Developed via Global Markets Pulse – structured macro insights for traders.
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