USD flows: USD slightly lower after softer CPI

May 13, 2025 12:57 PM UTC

USD slightly lower after CPI but may still have potential for gains

USD/JPY flows: Retracing partial Monday gains

May 13, 2025 2:38 AM UTC

BoJ Dep Gov Uchida says there is upside & downside risk from US tariffs on Japan's prices
Japan finance minister Kato wants to discuss FX with Bessent

USD, JPY, EUR, AUD, CAD flows: Risk positive tone persists on hopes of US/China trade deal

May 12, 2025 6:59 AM UTC

Reports of progress in US/China trade talks trigger more risk positive moves in equities and FX. 

USD/JPY flows: Jump on positive U.S.-China development

May 12, 2025 1:30 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

JPY, AUD flows: USD lower, JPY outperforming

May 6, 2025 6:47 AM UTC

JPY largely reversed the weakness seen late last week, but may now hold near current levels. AUD recovery could extend

USD/JPY flows: Retest 144

May 6, 2025 2:21 AM UTC

USD/JPY tried to retest the 144 figure in early Asia

USD flows: Employment report should be broadly neutral

May 2, 2025 12:44 PM UTC

Net of revisions, the employment report looks close to consensus

JPY flows: JPY staying weak as risk appetite recovers, but...

May 2, 2025 6:42 AM UTC

EUR/JPY hit a new high for the year. Corrective activity possible pre-emloyment report, but turn in risk sentiment needed to halt JPY weakness

USD flows: ISM slightly better than expected, USD stays firm

May 1, 2025 2:10 PM UTC

ISM better than feared, USD firm

USD flows: USD resilient despite higher claims

May 1, 2025 1:10 PM UTC

Higher claism may be a sign of things to come, but USD still resilient for now

USD, JPY flows: USD stronger, JPY weaker on BoJ, Microsoft

May 1, 2025 6:41 AM UTC

The USD is generally stronger helped by positive Microsoft earnings, and the JPY has suffered from the BoJ cut to growth forecasts. But we still favour the JPY medium term

USD/JPY flows: BoJ Rates Left Unchanged

May 1, 2025 4:57 AM UTC

BoJ kept rates unchanged at 0.5%

USD flows: USD slightly softer after GDP

April 30, 2025 12:46 PM UTC

GDP came in at -0.3% in Q1 due to weakness in net exports, but underlying demand remains strong

USD/JPY flows: Trump May Ease Tariffs on Auto

April 30, 2025 4:29 AM UTC

Japanese government official expresses mixed feelings on Trump tariffs

USD flows: Asymmetrical data risk

April 28, 2025 6:56 PM UTC

The US has a heavy data calendar this week, Q1 GDP on Wednesday and April non-farm payroll on Friday being the highlights. Tomorrow sees advance goods trade and job openings for March and consumer confidence for April. 

USD, EUR, JPY flows: Steadier markets suggest scope for fiirmer USD short term

April 28, 2025 7:03 AM UTC

USD/JPY looks toppy medium terms but EUR/USD has scope for short term dip

USD, JPY flows: JPY weaker after UMich data

April 25, 2025 2:23 PM UTC

University of Michigan sentiment data shows further weakness in confidence and further rise in inflation expectations, but moves slightly smaller than expected. JPY correction lower looks near complete

USD/JPY flows: Tokyo CPI Hot

April 25, 2025 2:21 AM UTC

Japan April Tokyo CPI Above 3%

USD flows: Durables strong but core neutral, USD steady

April 24, 2025 12:59 PM UTC

Stronger durables were due to aircraft, and it's hard to see much FX action into the end of the week, although declining volatility may favour the riskier currencies

NOK, SEK, CAD, JPY flows: Potential for corrections

April 24, 2025 6:46 AM UTC

FX moves driven by the tariff driven risk sell off can correct in less volatile markets

USD flows: USD recovery extends after PMI

April 23, 2025 2:07 PM UTC

US composite PMI below consensus but manufacturing rises. USD correction can extend but underlying picture still negative

EUR, JPY flows: French and German PMIs mildly softer than consensus

April 23, 2025 7:48 AM UTC

While the French and German PMIs were both on the weak side of consensus forecasts, EUR/USD is not much changed and USD/JPY slightly higher, suggesitng they are not as bad as feared

USD flows: USD recovers modestly on Trump comments, PMIs in focus

April 23, 2025 7:03 AM UTC

Removal of threat to fire Powell supports USD, but promises on China too vague

USD/JPY flows: Shot Higher on Trump's "Kind" Words

April 23, 2025 2:15 AM UTC

Trump said had no intention of firing Fed Chair Powell
Trump says he is going to be very nice to China

USD flows: Trump said looking for a new Fed Chairman

April 17, 2025 7:14 PM UTC

The USD is a touch weaker after the WSJ reported Trump has spoken with former Fed Governor Kevin Warsh about replacing current Fed Chairman Powell, though it appears Warsh is not interested. If Trump persists in his search, he will have trouble finding someone who will have the market’s trust. 

USD/JPY flows: Starting on a positive note

April 17, 2025 1:32 AM UTC

Japan PM Ishiba says talks with the US were constructive
Bank of Japan Governor Ueda says Japan's real interest rate remains very low

GBP, CHF, JPY flows: GBP a little softer, CHF and JPY strength could be challenged

April 16, 2025 6:31 AM UTC

GBP edging lower more on the dip in risk sentiment than weak CPI. CHF and JPY remain strong, but CHF strength may fade if equity ranges hold

USD/JPY flows: Trade Concern Returns

April 16, 2025 1:46 AM UTC

US Treasury Secretary Bessent to meet South Korea’s fin min Choi next week to discuss trade issues
Hong Kong suspends postal service for good bound for US

EUR, USD, JPY, CHF, AUD, NOK flows: USD remains under pressure, risk steadier for now

April 14, 2025 7:06 AM UTC

USD still under pressure, risk sentiment stabilising but danger of renewed weakness

USD/JPY flows: U.S. equities opened higher

April 14, 2025 12:31 AM UTC

Japan Prime Minister Ishiba says cannot make continuous compromises in US talks

USD flows: Another partial climbdown from Trump, uncertainty persists

April 9, 2025 6:12 PM UTC

Stocks have surged on the latest Trump announcement, a 90-day pause on tariffs with the reciprocal rate lowered to an across the board 10%, coupled with a fresh escalation with China, moving to 125% from 104%.  It appears China’s retaliation has given Trump an excuse to partially back down elsewh

USD, AUD, JPY, CHF flows: USD and risky currencies being hit

April 9, 2025 1:42 PM UTC

USD and risky currencies under pressure versus JPY and CHF, but some stabilisation in risky currencies expected near current levels. USD may still have further to weaken

USD, EUR, JPY, CHF flows: Safe havens favoured as tariffs come into operation

April 9, 2025 7:05 AM UTC

US "reciprocal" tariffs have come into operation this morning, and safe havens still look likely to be favoured, with equity markets weak and US bonds being sold heavily.

USD/JPY flows: Broad USD Weakness

April 9, 2025 1:06 AM UTC

Japan Kato says Won’t sell us Treasury holdings just from standpoint of US-Japan relations

USD, EUR, JPY, AUD, NOK flows: JPY and AUD look good value

April 8, 2025 1:46 PM UTC

A mild risk reocvery is being seen, but whether it continues will depend on the news on tariffs. But there is value in JPY, AUD and NOK

USD, EUR, JPY, AUD, NOK flows: Mild risk recovery, but...

April 8, 2025 7:00 AM UTC

Equity markets recovering modestly but still value in JPY