Flows

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February 18, 2025

GBP, SEK flows: GBP and SEK slightly firmer after data
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February 18, 2025 7:18 AM UTC

UK employment data a little stronger than expected. Swedish CPI in line with consensus. Limited upside for both GBP and SEK

USD/JPY flows: USD broadly higher
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February 18, 2025 5:40 AM UTC

USD is trading broadly higher on Tuesday

AUD/USD flows: Front running RBA
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February 18, 2025 1:53 AM UTC

Market participants pricing in a RBA cut

February 17, 2025

IMM Commitment of Traders Reports w/e February 11th
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February 17, 2025 8:01 AM UTC

Net short CAD, NZD and CHF positions remain high, net JPY positioning starting to move significantly long

USD, JPY, AUD flows: USD soft on positive risk sentiment and strong Japanese data
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February 17, 2025 7:42 AM UTC

Rising equities and storng Japanese GDP keeping the USD on the back foot

AUD/USD flows: Positive Start for the week
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February 17, 2025 4:20 AM UTC

The risk space is having a positive start for the week

USD/JPY flows: Strong Japan Q4 GDP
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February 17, 2025 1:18 AM UTC

Japan Q4 GDP surprised higher at 2.8% y/y

February 14, 2025

USD, JPY, AUD flows: USD under pressure
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February 14, 2025 7:46 AM UTC

USD weaker after Trump tariff announcement

AUD/USD flows: Sentiment broadly positive
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February 14, 2025 3:44 AM UTC

Risk sentiment is broadly positive on Friday

USD/JPY flows: Continue its reversal
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February 14, 2025 1:30 AM UTC

Japan chief cabinet secretary Hayashi will respond appropriately to US tariffs

February 13, 2025

USD flows: Reciprocal tariffs, apparently also against VAT
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February 13, 2025 7:10 PM UTC

The USD saw a bounce, temporarily erasing earlier losses as Trump’s tariff announcement arrived, with the biggest shock probably that those countries applying VAT will be considered as using tariffs. 

USD flows: Little impact from US data
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February 13, 2025 1:47 PM UTC

Initial USD gains on US data fade

EUR flows: EUR gains on Ukraine look optimistic
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February 13, 2025 9:33 AM UTC

EUR gains on the back of rising expectations of an end to the Ukraine war look optimistic

GBP flows: GBP slightly firmer after GDP, but...
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February 13, 2025 7:50 AM UTC

UK Q4 GDP rises due to services and inventories but detail unimpressive.  GBP gains modestly but upside limited

AUD/USD flows: Improving Sentiment
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February 13, 2025 3:58 AM UTC

Risk sentiment improves 

USD/JPY flows: Taking a breather after stronger U.S. CPI
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February 13, 2025 1:40 AM UTC

Japan PPI for January is +4.2%y/y

February 12, 2025

USD flows: USD gains on higher than expected CPI
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February 12, 2025 1:55 PM UTC

US January CPI comes in much stronger than expected, killing hopes of an early Fed rate cut and boosting US yields and the USD

JPY flows: JPY weakness looks corrective and unsupported by news
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February 12, 2025 7:51 AM UTC

JPY losses overnight look hard to justify based on news. Decline looks mainly technical and likely to meet JPY buying near current levels

AUD/USD flows: Sentiment Soft
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February 12, 2025 3:53 AM UTC

Trump says "we'll see" when asked if reciprocal tariffs are coming Wednesday

USD/JPY flows: Rebound continues
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February 12, 2025 1:28 AM UTC

Japan Industry Minister requested the US exclude Japan from steel & aluminum tariffs

February 11, 2025

USD flows: Muted response to Powell
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February 11, 2025 3:09 PM UTC

Powell triggering slightly firmer yields but USD not much changed

GBP flows: Little impact from Mann but GBP risks on the downside
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February 11, 2025 9:28 AM UTC

Mann's comments suggest she could remain a dove near term. GBP risks on the downside unless we see EU targeted tariffs 

NOK flows: NOK steady despite weak GDP
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February 11, 2025 7:31 AM UTC

Norwegian GDP disappoints but NOK downside limited

USD/JPY flows: No break from the tariff man
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February 11, 2025 4:22 AM UTC

USD broadly higher

AUD/USD flows: Sentiment Soft
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February 11, 2025 3:10 AM UTC

White House says 25% steel tariffs will apply to all countries
Australia February Consumer Sentiment +0.1% 

February 10, 2025

IMM Commitment of Traders Reports w/e February 4th
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February 10, 2025 8:26 AM UTC

Net short CAD, NZD and CHF positions remain high.

USD, NOK, SEK flows: Focus on tariffs, scope for scandi gains
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February 10, 2025 7:46 AM UTC

USD may benefit from latest tariff announcement. Scandis have upside scope

AUD/USD flows: Sentiment rebounds
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February 10, 2025 4:45 AM UTC

25% Universal Tariff on Steel and Aluminum Scared the market initially

USD/JPY flows: 10yr JGB yields reach new high
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February 10, 2025 3:08 AM UTC

10yr JGB yields reach 1.321%, a decade high

February 07, 2025

JPY flows: JPY strong on the back of UMich data
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February 7, 2025 3:14 PM UTC

University of Michigan inflation expectations rose sharply and confidence fell, weakening equities and supporting the JPY.

USD, CAD, JPY flows: Jobs data net strong
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February 7, 2025 1:48 PM UTC

The January payroll number was a little lower than expected, but otherwise the US report was generally strong. The Canadian data was also stronger than expected

USD, EUR, JPY, AUD, GBP flows: Awaiting US jobs data
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February 7, 2025 7:27 AM UTC

German production and trade data has little impact. JPY stays firm, AUD supported by better risk tone

AUD/USD flows: Regional sentiment positive
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February 7, 2025 4:30 AM UTC

Chinese and Hong Kong Equities Solid

USD/JPY flows: Improving Household Spending
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February 7, 2025 3:36 AM UTC

Japan government official says December household spending best since August 2022

February 06, 2025

GBP flows: GBP softer after BoE cuts rates
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February 6, 2025 12:19 PM UTC

EUR/GBP rises as UK yields fall following the BoE decision to cut rates, with two votes for a 50bp cut providing a mild dovish signal

SEK, EUR flows: SEK firmer after higher CPI, EUR steady after recovery in German orders
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February 6, 2025 7:37 AM UTC

Swedish CPI rises sharply, German orders recover but trend remains uncertain

USD/JPY flows: Hawkish Tamura Kept JPY Supported
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February 6, 2025 3:36 AM UTC

Tamura says BoJ must raise short-term interest rates to at least 1% by the H2 fiscal 2025

AUD/USD flows: A calmer start
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February 6, 2025 1:03 AM UTC

Softer Trade Balance

February 05, 2025

JPY flows: JPY gains on strong wage data, further upside seen
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February 5, 2025 7:29 AM UTC

Japanese December wage data surges pulling JPY higher. Yield spreads indicate further JPY gains

AUD/USD flows: Sea of Red
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February 5, 2025 3:29 AM UTC

Major equity indexes are in the red

USD/JPY flows: Strong December Wage Growth
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February 5, 2025 1:26 AM UTC

Japan Overall Labour Cash Earnings for December 2024 +4.8% y/y

February 04, 2025

CAD, EUR, JPY flows: CAD bounces on tariff reprieve, EUR and JPY have upside scope
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February 4, 2025 8:06 AM UTC

Most currencies back to Friday's close as Trump suspends Canadian and Mexican tariffs for a month

AUD/USD flows: Regional sentiment fares better
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February 4, 2025 4:12 AM UTC

Regional sentiment fares better than U.S. equity space

USD/JPY flows: Chinese tariff in focus
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February 4, 2025 2:24 AM UTC

The 10% tariff on China will be imposed soon

February 03, 2025

USD flows: US falls as gaps close but underlying story remains
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February 3, 2025 3:49 PM UTC

USD weakes as opening gaps close but downside limited except against the JPY

IMM Commitment of Traders Reports w/e January 28th
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February 3, 2025 8:38 AM UTC

Net short CAD, NZD and CHF positions remain high.

USD, CAD, EUR, JPY flows: USD and JPY strength to be sustained near term
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February 3, 2025 7:57 AM UTC

Imposition of tariffs on Canada, Mexico and China was clearly not priced in. USD and JPY gains to be systained, with JPY strength to potentially increase if equities weaken further

USD/JPY flows: Barely keeping the balance
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February 3, 2025 3:29 AM UTC

JPY Barely Surviving

AUD/USD flows: Everyone Takes a Beating from the Greenback
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February 3, 2025 1:43 AM UTC

USD trumps 

January 31, 2025

USD/CAD flows: Tariffs back on for February 1, at least for now
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January 31, 2025 7:16 PM UTC

Contradicting an earlier Reuters report that tariffs would be delayed to March 1, the White House has stated that tariffs will start on February 1, 25% on Mexico and Canada and 10% on China. It is unclear whether there will be exceptions, energy imports having previously been suggested.