USD flows: USD to stay firm after solid PMI

May 21, 2026 2:10 PM UTC

US S&P PMI solid suggesting upside risks vs Europe

USD flows: USD firm as yields rise

May 21, 2026 1:15 PM UTC

USD firmer as yields rise and equities fall despite neutral data

EUR/USD flows: Philly Fed stalls, claims steady, no change in mkt focus

May 21, 2026 12:51 PM UTC

Mixed Philly Fed detail, but claims still stable and focus elsewhere 

USD, JPY, EUR, AUD flows: Uranium standoff rumbles on

May 21, 2026 10:48 AM UTC

Market prisoner to the headlines intraday
Latest has Iran pushback on enriched uranium. Hard line on both sides leaves deal unresolved. 

GBP, EUR flows: UK PMI Matches 2023 and 2025 low

May 21, 2026 8:38 AM UTC

EUR and GBP both holding up remarkably well despite very weak PMIs, but risks remain on the downside

EUR flows: Eurozone PMI lowest since November 2023

May 21, 2026 8:07 AM UTC

EUR vulnerable after weak PMI

EUR flows: Weak French PMI pulling EUR lower

May 21, 2026 7:53 AM UTC

EUR dipping after very weak French PMI

USD, JPY, EUR, AUD flows: USD still firm, PMIs in focus

May 21, 2026 6:35 AM UTC

USD remains well supported, AUD softer, EUR may be vulnerable on PMIs

USD flows: Draft agreement talk forces mkt to hedge

May 20, 2026 3:48 PM UTC

Al Arabiya News claim sees mkt forced to hedge
Many false dawns of course, but clearly the dominant focus now for the next few sessions

EUR/USD flows: sideways session looking likely for now

May 20, 2026 12:45 PM UTC

Subdued trade into next US events, needs more than brief buy the fact to offer UST relief
Expiries may be adding to the session's apathy
UK BoE TSC testimony offers interim interest

USD/JPY, EUR/JPY flows: A compelling argument for the BoJ to surprise with aggressive Operation Twist

May 20, 2026 8:53 AM UTC

Argument that the current BoJ mix is not being rewarded. Indeed, its being punished as trilemma narrative takes hold
A riff on 'Operation Twist' offers a strong way forward - hike policy rates while reduce the aggressive taper
Could actually be both macro supportive and market savvy
Best version of the

USD/JPY flows: Crying for the Wolf

May 20, 2026 2:34 AM UTC

Trump says it will end very quickly again
Market expects Bank of Japan to change its bond purchase tapering in June

AUD/USD, EUR/USD flows: Figure breaks

May 19, 2026 3:02 PM UTC

Dollar remains on n/t rise as AUD and EUR dip through figure levels

USD/JPY, EUR/USD flows: 20yr auction in focus Wed as UST losing hold

May 19, 2026 2:29 PM UTC

Event focus on Wednesday, including Nvidia earnings and US20yr auction
Latter comes as US long end is losing its grip of key ceiling levels, risking extension of selloff

USD/CAD flows: Weak Canada core CPI keeps trend up in 2026 range

May 19, 2026 1:14 PM UTC

Weak Canada CPI data (ignoring headline base effects), keeps BoC on the sidelines
Helps USD/CAD continue its daily trend up action in the 2026 range

EUR/USD, DXY flows: BofA survey contrary indicator highlights risks

May 19, 2026 12:52 PM UTC

BofA survey suggested the market went all in in May
Contrary indicator suggesting s/t over-bullish, under-risked, and underweight dollars

EUR/USD flows: Fed challenges suggest dollar outlook to remain complicated

May 19, 2026 10:23 AM UTC

Fed Warsh to be sworn in to a testing environment
Grand concept to run into current realities

USD/JPY flows: GDP Beats

May 19, 2026 4:04 AM UTC

Japan Q1 GDP Beats

USD flows: Waiver allows some respite

May 18, 2026 1:01 PM UTC

Some respite on suggestions of US temporary waiver on Iran oil sanctions, before any final agreement
Mkt lifted by some US compromise and apparent responsiveness to fresh energy pressure
Day to day development swing too wildly to get carried away

USD flows: Dollar/EM could be a near-term tell

May 18, 2026 9:02 AM UTC

Looking at dollar price action more broadly suggests it could become the dominant n/t driver
USD/regionals diverse but broadly weak, some becoming unstable
Profit-taking evident even in the strong relative shock / terms-of-trade thematic gainers

AUD/USD flows: Spec positions super-stretched into pullback, GBP trimmed

May 18, 2026 7:25 AM UTC

IMM positions data showed mkt was stretched long AUD into pullback, albeit partly offset on cross
GBP shorts trimmed after positioning into anticipated political event
Overall, mkt was light dollars into any volatility pick up

USD flows: Watching volatility, USD/EM, for pointers (DXY, AUD, EUR, GBP)

May 18, 2026 6:44 AM UTC

FX moves slow into various big figure correction levels, but USD squeeze remains the risk
Watching background pointers such as MOVE, USD/EM for broader risk aversion

USD flows: more of the same from US data and shakeout (DXY, AUD, EUR, NOK)

May 15, 2026 1:25 PM UTC

US data shows strength on prices and activity, chipping away at dollar shorts
Backdrop remains skewed to stretched position reductions

USD flows: Feeling the stretch (DXY, AUD, EUR, GBP)

May 15, 2026 9:47 AM UTC

A clash of themes coming to a head as over-accelerating AI, risk and commodity complex trades run into ongoing Iran standoff and the mini dollar squeeze
The likes of AUD, semiconductors, Kospi, metals, have been overrunning m/t trends, not to maximum excess, but to degrees that are vulnerable to a lo

USD flows: Bit of a dollar squeeze; stretched risk pullback

May 15, 2026 6:57 AM UTC

Dollar squeeze spreads after cable lead; stretched metals and risk mkt pull backs help broaden
Some s/t chart shifts seen, such as in NOK

USD/JPY flows: Continue its March

May 15, 2026 5:00 AM UTC

USD/JPY continues its rally to 160

USD/JPY, EUR/USD, flows: some focus on the Strait; dollar does take out some levels

May 14, 2026 3:56 PM UTC

Some focus on movement in the Strait, equities and European bonds firmer, though not getting carried away
Dollar does make its mini break firmer, threatened over the last few days

USD/JPY flows: Xi-Trump Met

May 14, 2026 4:16 AM UTC

Xi is meeting with Trump

USD/JPY, EUR/USD, AUD/USD flows: Dollar touch firmer in ranges, firmer on regionals

May 12, 2026 7:01 AM UTC

Further Iran slating keeps dollar supported, but trade still in ranges
Lack of volatility belies uncertainty, while Asia regionals show a bit more dollar impetus
Market still reads glass half empty for JPY in US support

USD/JPY flows: Japan and U.S. Currency Talks

May 12, 2026 2:42 AM UTC

Japan and U.S. reaffirm currency cooperation after Bessent's Tokyo talks

USD, CAD, JPY, EUR flows: USD slightly weaker except against CAD after employment data

May 8, 2026 1:07 PM UTC

Weak Canadina data hits CAD, US data modestly strong but USD weaker elsewhere

USD, JPY, EUR, NOK, CAD oil flows: Ever present weekend risk

May 8, 2026 9:02 AM UTC

Recent pattern of hope for the best, hedge for the worst heading into w/e

USD, JPY, EUR flows: USD slightly firm as US and Iran skirmish

May 8, 2026 6:16 AM UTC

Skirmishing between the uS and Iran overnight has had only a modest USD positive and risk negative impact so far, but...

USD/JPY flows: Labor Earning Missed

May 8, 2026 1:56 AM UTC

Labor cash earnings rose 2.7% y/y

USD flows: Little change on US data

May 7, 2026 1:05 PM UTC

US data slightly on the strong side, but little market impact

USD, JPY, EUR flows: Focus on US/Iran deal

May 7, 2026 6:24 AM UTC

Markets await Iran's response to teh US proposal to end hostilities. Market risks may be skewed towards a risk negative response after the moves of the last few days priced in a positive outcome

USD flows: USD little changed after ADP

May 6, 2026 12:28 PM UTC

ADP broadly in line with consensus. USD better bid after early European losses but underlying tone remains weak as long as risk sentiment remains positive. 

SEK, USD, JPY flows: SEK softer on weaker CPI, USD falls, JPY gains on suspected intervention

May 6, 2026 6:40 AM UTC

SEK dips as CPI comes out weaker than expected - further decline possible. USD generally softer on hopes of US/Iran deal. JPY surges on suspected intervention.

USD, JPY, AUD flows: Risk positive tone persists, US trade data much a expected

May 5, 2026 12:42 PM UTC

Riskier currencies continue to rally after early dip, JPY weakness remains

USD, JPY flows: JPY soft as risk recovers, but...

May 5, 2026 8:47 AM UTC

Riskier currencies rally after early dip, JPY weakness remains

USD flows: Mild USD bid as US and Iran skirmish

May 5, 2026 6:45 AM UTC

USD seeing modest bid as US and Iran skirmish with AUD slipping lower

USD/JPY flows: Project Freedom Soon Begin?

May 5, 2026 3:52 AM UTC

Iran launches boats, missiles and drones at U.S. warships in Hormuz confrontation