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January 06, 2026
January 05, 2026
U.S. December ISM Manufacturing - Weaker on reversal in inventories
January 5, 2026 3:18 PM UTC
December’s ISM manufacturing index of 47.9 is unexpectedly down from 48.2 and the weakest since October 2024, though the details do not suggest much underlying change in the picture, which remains subdued and a little below neutral.
FX Weekly Strategy: January 5th-9th
January 5, 2026 9:58 AM UTC
US employment report the main focus, mildly stronger than expected gain seen
EUR could slip on weaker HICP
CAD strength could fade after recent outperformance
JPY weakness still needs intervention to reverse it
NOK looks attractive near long term lows
FX Weekly Strategy: Europe, January 5th-9th
January 5, 2026 4:08 AM UTC
US employment report the main focus, mildly stronger than expected gain seen
EUR could slip on weaker HICP
CAD strength could fade after recent outperformance
JPY weakness still needs intervention to reverse it
NOK looks attractive near long term lows
Asia Open - Overnight Highlights
January 5, 2026 12:00 AM UTC
EMERGING ASIA
EM currencies are trading individually against the greenback to kick start the new year of 2026. The biggest winners are MYR 0.16%, CNH 0.08% and TWD by 0.02%; while the biggest losers are KRW 0.34%, INR 0.25%, IDR 0.21%, HKD 0.09%, SGD 0.08% and PHP by 0.07%.
USD/CNH is trading lower at
January 04, 2026
FX Weekly Strategy: Asia, January 5th-9th
January 4, 2026 10:00 PM UTC
US employment report the main focus, mildly stronger than expected gain seen
EUR could slip on weaker HICP
CAD strength could fade after recent outperformance
JPY weakness still needs intervention to reverse it
NOK looks attractive near long term lows
FX Weekly Strategy: APAC, January 5th-9th
January 4, 2026 6:00 PM UTC
US employment report the main focus, mildly stronger than expected gain seen
EUR could slip on weaker HICP
CAD strength could fade after recent outperformance
JPY weakness still needs intervention to reverse it
NOK looks attractive near long term lows
January 02, 2026
Preview: Due January 13 - U.S. September and October New Home Sales - August overstated, but trend poised to improve
January 2, 2026 7:29 PM UTC
Delayed September and October new home sales data will be released on January 13. August data was surprisingly strong, up 20.5% to 800k, and despite signs of improvement in the housing sector since then, we expect September to be softer at 700k, before a bounce to 750k in October.
Preview: Due January 9 - U.S. September and October Housing Starts and Permits - Housing sector starting to pick up
January 2, 2026 4:21 PM UTC
The delayed housing starts and permits data for September in October will be released on January 9. We expect starts to rise by 1.8% in September and 3.0% in October, while permits rise by 0.8% in September and 2.2% in October, both reaching October levels of 1370k in October.
FX Weekly Strategy: January 5th-9th
January 2, 2026 3:59 PM UTC
US employment report the main focus, mildly stronger than expected gain seen
EUR could slip on weaker HICP
CAD strength could fade after recent outperformance
JPY weakness still needs intervention to reverse it
NOK looks attractive near long term lows
Preview: Due January 8 - U.S. October Trade Balance - Exports to correct from stronger September
January 2, 2026 3:40 PM UTC
We expect an October trade deficit of $60.5bn, up from September’s $52.8bn which was the narrowest since June 2020. The deficit would be marginally above August’s $59.3bn, while remaining well below July’s $77.2bn and March’s record $136.4bn when imports surged ahead of the tariff announceme
Preview: Due January 5 - U.S. December ISM Manufacturing - Stable slightly short of neutral
January 2, 2026 3:05 PM UTC
We expect December’s ISM manufacturing index to remain at November’s level of 48.2, which was down from 48.7 in October and the weakest since July. Trend is fairly stable slightly below neutral.
Preview: Due January 7 - U.S. December ADP Employment - Weekly data suggests November's decline will reverse
January 2, 2026 2:44 PM UTC
Weekly ADP data, showing an average weekly job increase of 11.5k in the four weeks to December 6, suggests a rebound in the December ADP employment report from a negative November, we expect by 50k, which would more than fully reverse November’s 32k decline while leaving trend subdued.
Psychology for major markets Jan 2
January 2, 2026 9:06 AM UTC
EUR/USD – EUR/USD remain depressed on the first trading day of 2026. Headlines are still lackluster so far.
USD/JPY – The pair is steadily higher but there hasn't been new triggers. Thus, it is likely more follow through momentum. And looking at the broader picture, USD/JPY has been in consolidat
Asia Open - Overnight Highlights
January 2, 2026 12:00 AM UTC
EMERGING ASIA
EM currencies are mostly closed for trading on the New Year day against the greenback. The biggest winners are SGD 0.03%; while the biggest losers are INR 0.1% and HKD 0.02%.
USD/CNH is trading lower at 6.9756 from 6.9757 previously closed. Onshore spot market is closed. 12 month NDF div
December 31, 2025
Psychology for major markets Dec 31
December 31, 2025 7:56 AM UTC
EUR/USD – EUR/USD turned lower on the last trading day of 2025 as USD is trading broadly stronger. It looks to retest the 1.17 figure.
USD/JPY – The pair has regained post Christmas losses. There hasn't been much headline and seems to be USD movement.
EUR/GBP – Unchanged for the day so far. Euro
Asia Open - Overnight Highlights
December 31, 2025 12:42 AM UTC
EMERGING ASIA
EM currencies are trading individually against the greenback as market participants prepare for the new year. The biggest winners are MYR 0.29%, followed by INR 0.21%, CNY 0.15%, TWD & IDR 0.11%, SGD 0.09% and CNH 0.07%; while the biggest losers are KRW 0.40%, THB 0.22%, THB 0.18% and P
December 30, 2025
Psychology for major markets Dec 30
December 30, 2025 9:45 AM UTC
EUR/USD – EUR/USD is little changed and remain in consolidation as market action wanes by year end.
USD/JPY – The pair stays choppy but is tilted lower. The latest impetus is from the BoJ summary of opinion, showing BoJ's stance on higher rate. However, such stance does not avoid their potential
FX Weekly Strategy: Europe, December 22nd - January 2nd
December 30, 2025 5:24 AM UTC
USD should be well supported by Q3 GDP
JPY the focus as it hits new lows in real trade-weighted terms
Japanese FX intervention looks necessary to reverse JPY weakness – probability of intervention now high
AUD and NOK look undervalued
December 29, 2025
FX Weekly Strategy: Europe, December 22nd - January 2nd
December 29, 2025 4:45 AM UTC
USD should be well supported by Q3 GDP
JPY the focus as it hits new lows in real trade-weighted terms
Japanese FX intervention looks necessary to reverse JPY weakness – probability of intervention now high
AUD and NOK look undervalued
Asia Open - Overnight Highlights
December 29, 2025 12:00 AM UTC
EMERGING ASIA
EM currencies are trading individually against the greenback as market participants haven't waken up from the Christmas hangover. The biggest winners are KRW 0.32%, followed by PHP 0.14%, THB 0.08%, TWD 0.07%, HKD 0.05%; while the biggest losers are INR 0.08%, MYR 0.05%, CNH & SGD 0.04%
December 24, 2025
Psychology for major markets Dec 24
December 24, 2025 9:03 AM UTC
EUR/USD – EUR/USD is consolidating recent gains as holiday mood persists.
USD/JPY – More selling momentum following through. After multiple verbal intervention attempt, JPY is retreating more recent high. Yet, progress in year end illiquid times may not be the stroy in the new year.
EUR/GBP – EU
FX Weekly Strategy: Europe, December 22nd - January 2nd
December 24, 2025 5:04 AM UTC
USD should be well supported by Q3 GDP
JPY the focus as it hits new lows in real trade-weighted terms
Japanese FX intervention looks necessary to reverse JPY weakness – probability of intervention now high
AUD and NOK look undervalued
Asia Open - Overnight Highlights
December 24, 2025 12:00 AM UTC
EMERGING ASIA
EM currencies are trading mostly stronger against the greenback as the USD seem no rebound until the U.S. session, triggered by strong GDP figure. The biggest winners are MYR 0.34%, followed by SGD 0.27%, THB 0.19%, CNH 0.17%, CNY 0.11%, HKD 0.04% and TWD 0.03%; while the biggest losers
December 23, 2025
U.S. Q3 GDP: Better Than Expected, But
December 23, 2025 1:54 PM UTC
Q3 GDP came in better than expected due to a big net export contribution to growth. Gross domestic purchases at 2.7% were more in line with expectations, with mixed performance in key expenditure sectors. We see growth slowing in Q4, with net exports unlikely to repeat the Q3 outcome and consume
Psychology for major markets Dec 23
December 23, 2025 9:19 AM UTC
EUR/USD – EUR/USD continue to perform strongly closer to Christmas and is fast approaching last Tuesday's high at 1.1804. But the strength seems to be derived from USD weakness.
USD/JPY – The pair is facing more verbal intervention from multiple Japanese officials. The escalation of language has