USD flows: USD to stay firm after solid PMI

May 21, 2026 2:10 PM UTC

US S&P PMI solid suggesting upside risks vs Europe

USD flows: USD firm as yields rise

May 21, 2026 1:15 PM UTC

USD firmer as yields rise and equities fall despite neutral data

EUR/USD flows: Philly Fed stalls, claims steady, no change in mkt focus

May 21, 2026 12:51 PM UTC

Mixed Philly Fed detail, but claims still stable and focus elsewhere 

USD, JPY, EUR, AUD flows: Uranium standoff rumbles on

May 21, 2026 10:48 AM UTC

Market prisoner to the headlines intraday
Latest has Iran pushback on enriched uranium. Hard line on both sides leaves deal unresolved. 

GBP, EUR flows: UK PMI Matches 2023 and 2025 low

May 21, 2026 8:38 AM UTC

EUR and GBP both holding up remarkably well despite very weak PMIs, but risks remain on the downside

EUR flows: Eurozone PMI lowest since November 2023

May 21, 2026 8:07 AM UTC

EUR vulnerable after weak PMI

EUR flows: Weak French PMI pulling EUR lower

May 21, 2026 7:53 AM UTC

EUR dipping after very weak French PMI

USD, JPY, EUR, AUD flows: USD still firm, PMIs in focus

May 21, 2026 6:35 AM UTC

USD remains well supported, AUD softer, EUR may be vulnerable on PMIs

USD/JPY flows: Trade Balance Beats

May 21, 2026 5:08 AM UTC

Japan April Trade Balance Beats

AUD/USD flows: Australian Labor Market Slows

May 21, 2026 3:21 AM UTC

Australia unemployment jumps to 4.5%

USD flows: Draft agreement talk forces mkt to hedge

May 20, 2026 3:48 PM UTC

Al Arabiya News claim sees mkt forced to hedge
Many false dawns of course, but clearly the dominant focus now for the next few sessions

EUR/GBP, GBP/USD flows: BoE TSC cementing summer re-pricing

May 20, 2026 2:18 PM UTC

Comments so far from BoE TSC largely go with the grain of the summer wait and see
Mkt has priced back its overly aggressive hike odds for June-July

EUR/USD flows: sideways session looking likely for now

May 20, 2026 12:45 PM UTC

Subdued trade into next US events, needs more than brief buy the fact to offer UST relief
Expiries may be adding to the session's apathy
UK BoE TSC testimony offers interim interest

USD/JPY, EUR/JPY flows: A compelling argument for the BoJ to surprise with aggressive Operation Twist

May 20, 2026 8:53 AM UTC

Argument that the current BoJ mix is not being rewarded. Indeed, its being punished as trilemma narrative takes hold
A riff on 'Operation Twist' offers a strong way forward - hike policy rates while reduce the aggressive taper
Could actually be both macro supportive and market savvy
Best version of the

EUR/GBP, GBP/USD flows: CPI lower, but focus elsewhere

May 20, 2026 6:43 AM UTC

UK CPI below market showing core retreat, albeit stronger PPI highlighting Iran cost pressures
USD focus more of politics, geopolitics, yields and tech risk performance

AUD/USD flows: No improvement of risk atmosphere

May 20, 2026 4:51 AM UTC

Trump briefed on Iran strike options after pausing attack

AUD/USD, EUR/USD flows: Figure breaks

May 19, 2026 3:02 PM UTC

Dollar remains on n/t rise as AUD and EUR dip through figure levels

USD/JPY, EUR/USD flows: 20yr auction in focus Wed as UST losing hold

May 19, 2026 2:29 PM UTC

Event focus on Wednesday, including Nvidia earnings and US20yr auction
Latter comes as US long end is losing its grip of key ceiling levels, risking extension of selloff

USD/CAD flows: Weak Canada core CPI keeps trend up in 2026 range

May 19, 2026 1:14 PM UTC

Weak Canada CPI data (ignoring headline base effects), keeps BoC on the sidelines
Helps USD/CAD continue its daily trend up action in the 2026 range

EUR/USD, DXY flows: BofA survey contrary indicator highlights risks

May 19, 2026 12:52 PM UTC

BofA survey suggested the market went all in in May
Contrary indicator suggesting s/t over-bullish, under-risked, and underweight dollars

EUR/USD flows: Fed challenges suggest dollar outlook to remain complicated

May 19, 2026 10:23 AM UTC

Fed Warsh to be sworn in to a testing environment
Grand concept to run into current realities

EUR/GBP, GBP/USD flows: Still a nervy mkt, UK data soft

May 19, 2026 7:01 AM UTC

UK data overall soft, supports a cautious approach from the BoE
Even with the more positive, but erratic, Iran comments, mkt still edgy
Dual focus on the recent tech pullback, and upcoming earnings 

AUD/USD flows: Sentiment Still Sour

May 19, 2026 4:22 AM UTC

Trump says good chance of Iran deal after Gulf states secure attack pause

USD/JPY flows: GDP Beats

May 19, 2026 4:04 AM UTC

Japan Q1 GDP Beats

USD flows: Waiver allows some respite

May 18, 2026 1:01 PM UTC

Some respite on suggestions of US temporary waiver on Iran oil sanctions, before any final agreement
Mkt lifted by some US compromise and apparent responsiveness to fresh energy pressure
Day to day development swing too wildly to get carried away

USD flows: Dollar/EM could be a near-term tell

May 18, 2026 9:02 AM UTC

Looking at dollar price action more broadly suggests it could become the dominant n/t driver
USD/regionals diverse but broadly weak, some becoming unstable
Profit-taking evident even in the strong relative shock / terms-of-trade thematic gainers

AUD/USD flows: Spec positions super-stretched into pullback, GBP trimmed

May 18, 2026 7:25 AM UTC

IMM positions data showed mkt was stretched long AUD into pullback, albeit partly offset on cross
GBP shorts trimmed after positioning into anticipated political event
Overall, mkt was light dollars into any volatility pick up

USD flows: Watching volatility, USD/EM, for pointers (DXY, AUD, EUR, GBP)

May 18, 2026 6:44 AM UTC

FX moves slow into various big figure correction levels, but USD squeeze remains the risk
Watching background pointers such as MOVE, USD/EM for broader risk aversion

AUD/USD flows: Broader Sentiment Sour

May 18, 2026 4:52 AM UTC

Broader Sentiment Sour

USD/JPY flows: JGB Yields Jump Further

May 18, 2026 2:29 AM UTC

Fiscal Fear Drive Yields Higher

USD flows: more of the same from US data and shakeout (DXY, AUD, EUR, NOK)

May 15, 2026 1:25 PM UTC

US data shows strength on prices and activity, chipping away at dollar shorts
Backdrop remains skewed to stretched position reductions

USD flows: Feeling the stretch (DXY, AUD, EUR, GBP)

May 15, 2026 9:47 AM UTC

A clash of themes coming to a head as over-accelerating AI, risk and commodity complex trades run into ongoing Iran standoff and the mini dollar squeeze
The likes of AUD, semiconductors, Kospi, metals, have been overrunning m/t trends, not to maximum excess, but to degrees that are vulnerable to a lo

USD flows: Bit of a dollar squeeze; stretched risk pullback

May 15, 2026 6:57 AM UTC

Dollar squeeze spreads after cable lead; stretched metals and risk mkt pull backs help broaden
Some s/t chart shifts seen, such as in NOK

USD/JPY flows: Continue its March

May 15, 2026 5:00 AM UTC

USD/JPY continues its rally to 160

USD/JPY, EUR/USD, flows: some focus on the Strait; dollar does take out some levels

May 14, 2026 3:56 PM UTC

Some focus on movement in the Strait, equities and European bonds firmer, though not getting carried away
Dollar does make its mini break firmer, threatened over the last few days

EUR/USD, GBP/USD flows: Streeting resignation no surprise, retail sales resilient

May 14, 2026 12:44 PM UTC

Streeting resigns, hopes Starmer falls on his sword
Retail sales resilient but around expectation
Mkt still struggling for traction

EUR/GBP, GBP/USD flows: Better Q1 GDP old news, more leadership positioning

May 14, 2026 6:45 AM UTC

Rayner announces HMRC 'all clear' ready to enter the fray, still waiting on the kick off
Mar GDP better end to UK Q1 but Q2 seen flagging
Risk rally and key US yields levels provide the broader backdrop

USD/JPY flows: Xi-Trump Met

May 14, 2026 4:16 AM UTC

Xi is meeting with Trump

EUR/USD GBP/USD flows: PPI upside goes with the grain of cable slippage

May 13, 2026 12:48 PM UTC

Upside PPI prints see cable pressed through 1.35

EUR/GBP, GBP/USD flows: challenge still in the works?

May 13, 2026 11:10 AM UTC

Reports suggest imminent challenge still in the works

EUR/USD, EUR/GBP, GBP/USD flows: event risk focus as odds of UK PM departure lengthen; US-China meetings kick off

May 13, 2026 7:04 AM UTC

Iran rhetoric and lack of progress, US-China meeting kick off
UK PM exit tone less febrile, chances of departure drop off

USD/JPY flows: Challenging May High

May 13, 2026 4:49 AM UTC

U.S. assessments shows Iran rebuilds access to 30 of 33 Hormuz missile sites

EUR/USD, GBP flows: US CPI firm though doesn't move the dial; a look the Starmer betting..

May 12, 2026 12:49 PM UTC

US Core CPI on the stiff side but doesn't move the dial enough for much FX impact
A quick look at the betting odds for UK PM Starmer

GBP/USD, EUR/GBP flows: Having another stab at the 'political short' trade

May 12, 2026 7:44 AM UTC

Gilts spike at open after further news of Labour push to replace Starmer
Technicals had already suggested some scope for GBP correction
That said, the narrative is a bit one-dimensional, and there is already short spec positioning