On October 10 and 11, 2025, a series of major economic and financial developments unfolded across North America, Europe, and Asia, painting a dynamic picture of global markets and cross-border investment. From a surprise surge in Canadian employment to strategic international partnerships and robust corporate expansion plans, these events are already reshaping the economic landscape as 2025 draws to a close.
In Canada, the release of September’s Labour Force Survey by Statistics Canada sent a wave of optimism through financial markets. Economists had braced for a modest net gain of just 5,000 jobs. Instead, the country posted a robust increase of 60,000 positions—a 0.3% jump that far outstripped expectations and helped offset cumulative declines from the previous two months. The unemployment rate remained steady at 7.1%, narrowly beating the anticipated 7.2%. Notably, full-time employment soared by 106,000, while part-time roles declined, nudging the employment rate up to 60.6%.
The labor market’s positive momentum was especially pronounced among core-aged workers (25 to 54 years old), both men and women. However, employment among those aged 55 and older slipped, and the youth unemployment rate ticked up to 14.7%, underscoring persistent challenges for younger Canadians. Average hourly wages grew at a healthy 3.3% year-over-year pace, adding further evidence of labor market resilience. Alberta stood out as the regional leader, its job gains more than compensating for earlier provincial setbacks. Key sectors such as manufacturing, health care and social assistance, and agriculture contributed significantly to the overall uptick.
Despite the upbeat headline numbers, the report also spotlighted ongoing difficulties for highly educated recent immigrants, who continued to face elevated rates of overqualification and found themselves working in jobs unrelated to their fields of study. Still, the market reaction was swift: the Canadian dollar surged against its U.S. counterpart, dropping 40 pips to 1.398. The probability of an immediate Bank of Canada rate cut tumbled to just 36%, as investors recalibrated their expectations in light of the stronger-than-expected data.
South of the border, the U.S. dollar continued its winning streak. On October 9, the Dollar Index (DXY) broke through the 99 level, reaching its strongest point in two months. Much of this strength, according to reporting by Antonio Ruggiero, stemmed from weakness in the Japanese yen and the euro, but the greenback managed to extend its gains even as domestic labor data softened. The Federal Reserve Bank of Dallas released research suggesting that slower immigration means the U.S. no longer needs blockbuster job gains to maintain steady unemployment—a nuance that adds context to recent payroll declines. With markets increasingly focused on inflation rather than unemployment, the dollar’s rally may have legs well into 2026.
In Mexico, the peso (MXN) has been riding a wave of relative stability. Following mid-September’s turbulence around the U.S. Federal Reserve’s interest rate decision, the USD/MXN pair settled near 18.30, characterized by low volatility. The peso’s appeal remains underpinned by Mexico’s high interest rates and solid macroeconomic fundamentals. September saw headline inflation rise 0.23% month-on-month, pushing the annual rate from 3.57% in August to 3.76%—still within the central bank’s target range of 3% ± 1 percentage point. Banco de México aims to reach the 3% target by the second half of 2026, though analysts caution that persistent labor costs and long-term inflation expectations, now hovering between 3.6% and 3.7%, could slow progress. Core inflation edged up to 4.28% annually, with goods inflation driving the increase, but services inflation showed signs of easing, thanks to softer domestic demand.
Meanwhile, the euro continued its downward slide against the dollar for a fourth consecutive day as of October 10, breaching its 100-day moving average and touching two-month lows near 1.16. The European Central Bank’s (ECB) recently released minutes revealed that officials had considered a rate cut in September but ultimately held steady, citing inflation near target and a generally benign economic outlook. The ECB’s flexible stance, combined with the Fed’s renewed focus on inflation, left the euro exposed to bearish forces on both sides of the Atlantic.
Beyond the currency and labor market headlines, significant moves were afoot in international finance and corporate expansion. On October 11, Chairman Nguyen Van Duoc of the Ho Chi Minh City People’s Committee met with Nasdaq Vice Chairman Robert H. McCooey to discuss a landmark partnership: the development of an International Financial Center in Ho Chi Minh City. The city’s ambitions received a boost from the National Assembly’s approval of Resolution 222, which provides the legal foundation for the project. Both parties reached a consensus in principle to sign a memorandum of understanding (MoU) during Chairman Nguyen Van Duoc’s upcoming visit to the United States, scheduled for October 15 to 20.
Chairman Nguyen Van Duoc emphasized the city’s strong desire to foster comprehensive cooperation, particularly in areas where Nasdaq excels—technology, global connectivity, and its reputation with investors. "We want to focus on technology, global connectivity, and, most notably, Nasdaq’s reputation and credibility with investors, which play a crucial role in attracting capital flows from around the world," he stated. Nasdaq’s McCooey echoed this sentiment, highlighting that the exchange’s strengths lie in technology, human capital, and trust within the international investment community. He expressed hope that the International Financial Center in Ho Chi Minh City would emerge as the region’s leading fintech hub and called for active involvement from Vietnamese ministries and city authorities. Nasdaq’s commitment will be formalized through the upcoming MoU, with initial support focusing on workforce training, financial technology transfer, and investment promotion.
Corporate investment in North America also saw a notable boost. Swiss self-injection device manufacturer Ypsomed announced plans on October 10 to build its first U.S. factory in Holly Springs, North Carolina, with an initial investment of CHF 200 million (about $248 million). The facility, expected to begin supplying U.S. demand by the end of 2027, will initially create around 100 jobs, with management anticipating a doubling of that figure in subsequent years. This move is part of Ypsomed’s broader growth strategy, which also includes new production sites in China and major capacity expansions in Schwerin, Germany, and Solothurn, Switzerland. CEO Simon Michel has outlined a total investment plan of CHF 1.5 billion for infrastructure development over the next four years, underscoring the company’s aggressive push into global markets.
From resilient labor markets to cross-border partnerships and ambitious corporate investments, these developments underscore the interconnectedness of today’s global economy. As the final quarter of 2025 unfolds, all eyes will be on how these trends play out—shaping currencies, job prospects, and investment landscapes across continents.
