USD, EUR, JPY flows: USD lower on ISM

April 1, 2025 2:16 PM UTC

A weak ISM survey pulling the USD lower against the JPY in particular

USD, EUR, JPY flows: Tariffs awaited

April 1, 2025 6:47 AM UTC

A quiet calendar today with tomorrow's reciprocal tariff announcement the main focus

EUR flows: German state CPIs broadly in line with consensus

March 31, 2025 8:20 AM UTC

Mixed German state CPIs. Mild upside risk but close enough to consensus for there to be no significant EUR impact.

USD, JPY, EUR flows: JPY gains as risk weakens

March 31, 2025 6:46 AM UTC

Weaker equities and lower yields on tariff concerns supporting JPY gains

USD flows: USD staying soft as confidence declines further

March 25, 2025 2:26 PM UTC

USD weaker in early US and the lower than expected Conference Board consumer confidence index should sustain the weaker tone. 

EUR flows: EUR steady as IFO rises in line with consensus

March 25, 2025 9:05 AM UTC

IFO in line with consensus but yield spreads still suggests EUR/USD could drift lower

USD flows: USD up after stronger PMI

March 24, 2025 2:31 PM UTC

USD gains across the board on stronger PMI, but gains look a little stretched, particularly versus the JPY

EUR flows: Mixed PMIs leave EUR/USD little changed

March 24, 2025 8:44 AM UTC

French PMIs improved, but stayed at low levels. German manufacturing PMI rose more than expected, but services fell

USD flows: US data mixed, initial USD gains look unjustified

March 17, 2025 12:51 PM UTC

USD gain after the US data look hard to justify goven slowing retail sales trend and weak Empire survey

USD flows: USD mixed, focus on US data

March 17, 2025 7:49 AM UTC

Commodity currencies storng but USD makes gains against the JPY overnight. US retail sales and Empire Manufacturing survey in focus

USD, EUR, JPY flows: USD recovers after initial post-CPI dip

March 12, 2025 1:47 PM UTC

USD recovering in more positive risk environment despite softer CPI

USD, CAD, EUR, JPY flows: USD recovers as JPY corrects lower

March 12, 2025 7:52 AM UTC

USD recovering modestly in moe neutral risk environment. EUR/JPY back in line with the historic risk premium correlation

USD, EUR, JPY flows: USD a little weaker after employment report

March 7, 2025 1:46 PM UTC

The employment report was marginally weaker than expected, and the USD has slipped lower in response, but we doubt we will see USD weakness extend further today

USD, EUR, JPY flows: EUR staying firm despite weaker German orders, JPY strong despite Kato comments

March 7, 2025 7:55 AM UTC

USD mixed overnight, gaining against the commodity currencies but falling against the EUR and JPY. But it may be ripe for a correction if the employment report is solid

USD, EUR, JPY flows: EUR marginally fimer after ECB, USD remains under pressure

March 6, 2025 2:23 PM UTC

ECB rate cut as expected, statement and comments broadly neutral. USD still under pressure

SEK flows: SEK continues to strengthen after stronger CPI, but...

March 6, 2025 7:39 AM UTC

SEK strength extends, but current levels are stretched, particularly versus NOK

USD flows: Data provides only minor support

March 5, 2025 3:35 PM UTC

USD still under pressure despite better ISM services data

EUR flows: EUR gains strongly as EUR yields rise

March 5, 2025 10:15 AM UTC

EUR benefiting from potential release of the German debt brake and increased European defence spending.

EUR, JPY, CAD, USD flows: German CPI near consensus. USD strength extends on tariffs, end of month, but...

February 28, 2025 9:23 AM UTC

German CPI close to consensus, EUR/USD to hold near 1.04. USD strength on tariffs and end of month can extend to end of day fixings, but JPY decline looks overdone

EUR flows: Weak French data limits EUR recovery

February 28, 2025 8:41 AM UTC

French CPI lower than expected and GDP also on the weak side suggesting EUR/USD will struggle to advance above 1.04

EUR, CAD flows: Trump tariff talk lifts CAD, hits EUR

February 26, 2025 6:19 PM UTC

The CAD has bounced and the EUR has slipped with Trump delaying tariffs on Canada and Mexico to April 2 but also stating tariffs on the EU will be 25% on autos and unspecified other things. While Trump’s repeated delays regarding Canada and Mexico are losing him credibility he is still talking pos

USD, JPY, NOK, SEK flows: USD stabilising but downside risks remain. NOK/SEK weakness is extreme

February 26, 2025 7:43 AM UTC

USD reocvered modestly overnight but downside favoured as long as concerns about slowing growth persist. NOK/SEK testing 2024 lows and continues to look very undervalued.

EUR, JPY flows: EUR cheered by German election, JPY stll firm

February 24, 2025 8:01 AM UTC

German election result seen as positive for German economy and the EUR. Narrowing yield spreads suggest more JPY strength to come

EUR/USD flows: Gaining on Conservative Election Edge

February 24, 2025 1:54 AM UTC

USD flows: Reciprocal tariffs, apparently also against VAT

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

February 13, 2025 1:47 PM UTC

Initial USD gains on US data fade

USD, CAD, JPY flows: Jobs data net strong

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

February 7, 2025 7:27 AM UTC

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