The euro traded just below $1.16 at the end of a week filled with economic data releases, central bank meetings, and easing US–China trade tensions. Eurozone inflation eased to 2.1% in October 2025, down from 2.2% in September and moving closer to the ECB’s 2% target. Among major economies, Germany, France, and Italy saw moderating price pressures, while Spain recorded a slight uptick in CPI. GDP grew 0.2% in Q3, slightly above expectations, driven by robust growth in Spain and France, whereas Germany and Italy remained largely flat. On the policy front, the ECB kept interest rates unchanged for a third consecutive meeting, noting that the inflation outlook remains broadly stable. Meanwhile, the Federal Reserve cut rates by 25bps in October, as expected, but Chair Powell signaled caution on further easing, stressing that a December rate cut is not guaranteed.