FX Daily Strategy: Asia, May 13th

May 12, 2025 9:00 PM UTC

US CPI the main focus, but implications less clear
Weaker data might be seen as USD positive
GBP may slip lower on softer labour market data
JPY weakness reaching extremes

North American Summary and Highlights 12 May

May 12, 2025 7:44 PM UTC

Overview - The USD rose across the board after the US and China agreed to substantially cut tariffs on each other. 

FX Daily Strategy: APAC, May 13th

May 12, 2025 3:00 PM UTC

US CPI the main focus, but implications less clear
Weaker data might be seen as USD positive
GBP may slip lower on softer labour market data
JPY weakness reaching extremes

Psychology for major markets May 12

May 12, 2025 10:12 AM UTC

USD recovering on US/China trade deal

Europe Summary and Highlights 12 May

May 12, 2025 10:09 AM UTC

The USD gained ground across the board through the European morning, showing particular strength against the JPY and CHF as the US announced a trade deal with China with a reduction in reciprocal tariffs to 10% with other measures postponed for 90 days. 

FX Weekly Strategy: May 12th-16th

May 12, 2025 8:57 AM UTC

US CPI the focus but probably too early for much tariff impact
USD still likely to be favoured if CPI on the high side
GBP can extend recent recovery against the EUR
AUD needs positive US/China news to restore bullish tone

IMM Commitment of Traders Reports w/e May 6th

May 12, 2025 7:34 AM UTC

Net long JPY positioning remain extreme, long USD positions elsewhere modest

Asia Summary and Highlights 12 May

May 12, 2025 4:53 AM UTC

Trump says he is about to make "one of the most important and impactful" tweet ever
Trump says prescription drug and pharma prices will be reduced almost immediately
U.S. equities outperform regional equities on upbeat mood

FX Weekly Strategy: Asia, May 12th-16th

May 11, 2025 9:00 PM UTC

US CPI the focus but probably too early for much tariff impact
USD still likely to be favoured if CPI on the high side
GBP can extend recent recovery against the EUR
AUD needs positive US/China news to restore bullish tone

FX Weekly Strategy: APAC, May 12th-16th

May 11, 2025 5:00 PM UTC

US CPI the focus but probably too early for much tariff impact
USD still likely to be favoured if CPI on the high side
GBP can extend recent recovery against the EUR
AUD needs positive US/China news to restore bullish tone

North American Summary and Highlights 9 May

May 9, 2025 7:40 PM UTC

Overview - The USD was mostly slightly softer in a subdued day of trading. 

FX Weekly Strategy: May 12th-16th

May 9, 2025 2:56 PM UTC

US CPI the focus but probably too early for much tariff impact
USD still likely to be favoured if CPI on the high side
GBP can extend recent recovery against the EUR
AUD needs positive US/China news to restore bullish tone

Europe Summary and Highlights 9 May

May 9, 2025 10:09 AM UTC

The USD was a little softer against the EUR and JPY through the European morning, EUR/USD gaining 20 pips to 1.1245 and USD/JPY losing 20 pips to 145.25. 

Psychology for major markets May 9

May 9, 2025 10:05 AM UTC

USD recovering helped by more positive equity tone

FX Daily Strategy: N America, May 9th

May 9, 2025 9:31 AM UTC

JPY weakness looks aberrant but could still extend
Japanese wage data will be a focus
CAD starting to look vulnerable to weak employment data
NOK has potential to recover further unless CPI weakens more than expected

Asia Summary and Highlights 9 May

May 9, 2025 4:56 AM UTC

Japan March Labor Cash Earnings +2.1% y/y

FX Daily Strategy: Asia, May 9th

May 8, 2025 9:00 PM UTC

JPY weakness looks aberrant but could still extend
Japanese wage data will be a focus
CAD starting to look vulnerable to weak employment data
NOK has potential to recover further unless CPI weakens more than expected

North American Summary and Highlights 8 May

May 8, 2025 7:52 PM UTC

Overview - The USD advanced on optimism on trade. A deal with the UK helped, but the main impetus was Trump comments raising hopes for progress in weekend talks with China. 

FX Daily Strategy: APAC, May 9th

May 8, 2025 3:25 PM UTC

JPY weakness looks aberrant but could still extend
Japanese wage data will be a focus
CAD starting to look vulnerable to weak employment data
NOK has potential to recover further unless CPI weakens more than expected

Psychology for major markets May 8

May 8, 2025 10:09 AM UTC

USD recovering helped by more positive equity tone

Europe Summary and Highlights 8 May

May 8, 2025 10:08 AM UTC

USD/JPY gained nearly a big figure to near 145 in the European morning as equity markets continued to advance. 

FX Daily Strategy: N America, May 8th

May 8, 2025 9:02 AM UTC

BoE and Riksbank the main focuses
BoE cut seen, but GBP performance may hinge on growth forecasts
Riksbank unlikely to cut but market will watch Riksbank rate path forecast
JPY still looks to have the most potential for gains

Asia Summary and Highlights 8 May

May 8, 2025 5:16 AM UTC

Trump says he’ll announce “major” trade deal Thursday
Chinese Embassy in the US says China will not compromise its principles in trade talks

FX Daily Strategy: Europe, May 8th

May 8, 2025 4:23 AM UTC

BoE and Riksbank the main focuses
BoE cut seen, but GBP performance may hinge on growth forecasts
Riksbank unlikely to cut but market will watch Riksbank rate path forecast
JPY still looks to have the most potential for gains

FX Daily Strategy: Asia, May 8th

May 7, 2025 9:00 PM UTC

BoE and Riksbank the main focuses
BoE cut seen, but GBP performance may hinge on growth forecasts
Riksbank unlikely to cut but market will watch Riksbank rate path forecast
JPY still looks to have the most potential for gains

North American Summary and Highlights 7 May

May 7, 2025 8:00 PM UTC

Overview - The USD saw a marginal dip on the FOMC statement but ended firmer after Powell’s press conference. 

FX Daily Strategy: APAC, May 8th

May 7, 2025 2:39 PM UTC

BoE and Riksbank the main focuses
BoE cut seen, but GBP performance may hinge on growth forecasts
Riksbank unlikely to cut but market will watch Riksbank rate path forecast
JPY still looks to have the most potential for gains

Europe Summary and Highlights 7 May

May 7, 2025 10:00 AM UTC

The USD made modest gains through the European morning, rising around 0.1% against the JPY, GBP, CAD and AUD, but was little changed against the EUR and CHF. 

Psychology for major markets May 7

May 7, 2025 9:55 AM UTC

USD mixed but vulnerable as equities now toppy

FX Daily Strategy: N America, May 7th

May 7, 2025 8:51 AM UTC

FOMC the focus but limited scope for reaction
USD remains under pressure on a broad front
AUD may have most potential for gains in risk neutral markets
SEK unlikely to be moved by CPI
CHF the less attractive safe haven

Asia Summary and Highlights 7 May

May 7, 2025 5:22 AM UTC

India Launches Missile Strikes on Alleged Terror Camps in Pakistan
U.S.-China to meet on trade

FX Daily Strategy: Europe, May 7th

May 7, 2025 4:34 AM UTC

FOMC the focus but limited scope for reaction
USD remains under pressure on a broad front
AUD may have most potential for gains in risk neutral markets
SEK unlikely to be moved by CPI
CHF the less attractive safe haven

FX Daily Strategy: Asia, May 7th

May 6, 2025 9:00 PM UTC

FOMC the focus but limited scope for reaction
USD remains under pressure on a broad front
AUD may have most potential for gains in risk neutral markets
SEK unlikely to be moved by CPI
CHF the less attractive safe haven

North American Summary and Highlights 6 May

May 6, 2025 7:58 PM UTC

Overview - The USD was generally weaker, with losses becoming broader based in North American trade. 

FX Daily Strategy: APAC, May 7th

May 6, 2025 3:00 PM UTC

FOMC the focus but limited scope for reaction
USD remains under pressure on a broad front
AUD may have most potential for gains in risk neutral markets
SEK unlikely to be moved by CPI
CHF the less attractive safe haven

Psychology for major markets May 6

May 6, 2025 10:17 AM UTC

USD mixed but vulnerable as equities now toppy

Europe Summary and Highlights 6 May

May 6, 2025 10:15 AM UTC

The USD was mixed through the European morning, falling back against the JPY but gaining slightly against most of the riskier currencies. 

FX Weekly Strategy: May 5th-9th

May 6, 2025 8:56 AM UTC

Central bank meetings unlikely to deliver surprises
Equity market recovery may be overdone
JPY has potential for gains
SEK and CHF look expensive

IMM Commitment of Traders Reports w/e April 29th

May 6, 2025 7:01 AM UTC

Net long JPY positioning extends to new highs, long USD positions elsewhere reduced

Asia Summary and Highlights 6 May

May 6, 2025 5:15 AM UTC

Regional sentiment is upbeat on Tuesday

North American Summary and Highlights 5 May

May 5, 2025 7:36 PM UTC

Overview - The USD opened weaker on renewed trade policy concerns but saw some recovery after a stronger ISM services index. 

Psychology for major markets May 5

May 5, 2025 7:11 PM UTC

USD little changed after employment data