Flows

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January 06, 2026

IMM Commitment of Traders Reports w/e December 23rd
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January 6, 2026 8:29 AM UTC

Net speculative positioning is very short CHF, long EUR. Long EUR position highest since July 2023

EUR, GBP, AUD flows: EUR risks lower as French inflation eases
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January 6, 2026 8:11 AM UTC

EUR edges sligjtly lower after French CPI, riskier currencies well supported by equity strength

USD/JPY flows: Gains Curbed By Falling Monetary Base
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January 6, 2026 5:52 AM UTC

Japan’s monetary base continue to fall

AUD/USD flows: Risk upbeat
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January 6, 2026 4:38 AM UTC

Risk sentiment up beat

January 05, 2026

GBP flows: GBP edges up after money data
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January 5, 2026 9:46 AM UTC

GBP higher as money growth continues to accelerate

USD, GBP flows: USD firmer, GBP risks on the downside
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January 5, 2026 7:42 AM UTC

USD firmer on Venezuela. ISM the main data. GBP firm but risks on the downside.

USD/JPY flows: Heading North Again
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January 5, 2026 3:57 AM UTC

The opening gap did not last

AUD/USD flows: Turbulent Monday
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January 5, 2026 2:01 AM UTC

Trump Captured Venezuela's Maduro 

January 02, 2026

EUR, GBP flows: European manufacturing PMIs revised lower
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January 2, 2026 9:40 AM UTC

Downward revisions in manufacturing PMIs may favour GBP

EUR, USD, JPY, GBP, AUD, CAD flows: Early risk positive tone, JPY remains soft
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January 2, 2026 7:51 AM UTC

Likely to be a quiet Friday with holidays extended. Mild risk positive tone with JPY still weak

AUD/USD flows: Upbeat
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January 2, 2026 4:31 AM UTC

Risk sentiment upbeat

USD/JPY flows: Stay Solid
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January 2, 2026 2:19 AM UTC

USD/JPY points north
TACO on Italian Pasta from Trump

December 31, 2025

EUR/JPY, EUR/CAD flows: EUR up and 2026 Depends on Hedging
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December 31, 2025 4:19 PM UTC

The EUR has gained across the board this afternoon, helped by year end flows in thin markets.

USD, USD/CNY flows: China Only Modest Fiscal Stimulus
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December 31, 2025 3:30 PM UTC

With little news flow, traders did notice China announcement today of Yuan62.5bln for consumer trade in programs, as part of a wider initial Yuan300bln fiscal stimulus package for 2026.  

EUR/USD, USD/JPY flows: Initial Claims Drop, But
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December 31, 2025 1:39 PM UTC

USD helped by lower than expected weekly jobless claims, with the clearest reaction on USD/JPY. 

EUR/USD, USD/JPY flows: Market Expects Slower 2026 USD Decline
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December 31, 2025 10:05 AM UTC

Traders views for 2026 are biased towards further USD losses, but at a smaller scale than 2025.  

EUR/USD, USD/JPY flows: USD Consolidating in Europe
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December 31, 2025 8:08 AM UTC

European trading is seeing the USD move sideways, with the FOMC minutes having failed to provide direction. 

USD/JPY flows: USD Stronger on the Last Trading Day
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December 31, 2025 5:36 AM UTC

The USD is broadly higher 

NZD/USD flows: Led with Losses
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December 31, 2025 2:46 AM UTC

Kiwi led with losses as regional sentiment sours

December 30, 2025

USD/BRL, USD/CNY flows: Divergeing EMFX in 2026
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December 30, 2025 9:00 PM UTC

EM currency 2026 prospects come against a backdrop of a further but slower USD depreciation against DM currencies, but inflation differentials, domestic central bank policy and politics also matter. 

EUR/USD, USD/JPY flows: Dec FOMC Minutes Fail to Provide Direction
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December 30, 2025 7:40 PM UTC

The USD saw little reaction on the December FOMC minutes.

AUD/USD flows: Drifted Lower
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December 30, 2025 4:30 PM UTC

AUD has drifted off the highs, but we still like the AUD in 2026.  

EUR/USD, USD/JPY flows: Trump and Ukraine/Taiwan
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December 30, 2025 12:45 PM UTC

President Donald Trump comments yesterday are attracting some attention.

USD DXY and Gold flows: Gold Temporary Correction or More?
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December 30, 2025 10:40 AM UTC

Gold and Silver made modest gains after the Dec 29 sharp selloff, which traders feel was profit-taking by spec longs. 

EUR/USD, USD/JPY flows: Dec FOMC Minutes in Focus
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December 30, 2025 8:30 AM UTC

USD is trading sideways, with the December FOMC minutes in focus.  

USD/JPY flows: Trump Keeping the Headline Busy
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December 30, 2025 1:51 AM UTC

Trump warns Iran of renewed strikes

December 29, 2025

GBP/USD, EUR/GBP: BOE to Deliver Weaker GBP v EUR
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December 29, 2025 7:00 PM UTC

We see EUR/GBP to 0.90 by end 2026, but 1.3330 on GBP/USD due to a slightly weaker USD v EUR. 

EUR/NOK, NOK/SEK: NOK to Uprate in 2026
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December 29, 2025 11:30 AM UTC

We see EUR/NOK to 11.0 by end 2026.

AUD/USD flows: Vibrant Monday
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December 29, 2025 6:00 AM UTC

Silver Wild Swing
Geopolitical Negotiation Persists

USD/JPY flows: Summary of Opinions Seems Hawkish
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December 29, 2025 1:50 AM UTC

The Summary of Opinions Seems Hawkish

December 24, 2025

AUD/USD flows: Almost Christmas
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December 24, 2025 5:44 AM UTC

USD broadly soft heading to Christmas

USD/JPY flows: Washington delays semiconductor tariffs
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December 24, 2025 3:49 AM UTC

Washington delays semiconductor tariffs as it seeks China trade truce

December 23, 2025

EUR/USD flows: EUR Modest Gains for 2026?
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December 23, 2025 7:00 PM UTC

EUR/USD has scope to 1.20 by end 2026. 

AUD/USD: AUD Lagging and 2026 Rerating?
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December 23, 2025 3:45 PM UTC

AUD has lagged yield differentials and we see upside potential in 2026.  

USD Index flows: Fed Q1 Pause and AI & Equities
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December 23, 2025 2:21 PM UTC

USD continues to be firm in NY, especially against the JPY.  

USD/JPY, EUR/USD flows: USD up on Good GDP Data
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December 23, 2025 1:40 PM UTC

Initial reaction has been a higher USD on the better than expected Q3 U.S. GDP data.  

USD/JPY, EUR/USD flows: Bessent FOMC Changes
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December 23, 2025 11:55 AM UTC

Bessent has suggested some changes to the FOMC.   

GBP/USD, EUR/GBP: No Reaction of Some Cabinet Members Wanting EU Customs Entry
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December 23, 2025 10:05 AM UTC

GBP is edging higher again against the EUR on Tuesday. 

USD/JPY, EUR/USD flows: Focus on the JPY
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December 23, 2025 8:20 AM UTC

European trading is seeing a focus on the JPY.  

AUD/USD flows: Preparing for Christmas
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December 23, 2025 5:32 AM UTC

Quiet Tuesday

USD/JPY flows: More Jawboning Keep JPY Supported
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December 23, 2025 2:50 AM UTC

Japan’s finance minister said authorities have a “free hand” to act against speculative yen moves.

December 22, 2025

USD/JPY flows: JPY Rebound in 2026?
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December 22, 2025 6:55 PM UTC

USD/JPY has scope to 140 by end 2026. 

EUR/USD flows: EUR up in NY
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December 22, 2025 2:20 PM UTC

EUR is moving higher in NY trading against the USD.  

GBP/USD, EUR/GBP: GBP by Dimming BOE Cut Prospects
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December 22, 2025 10:20 AM UTC

GBP has gained ground versus the USD and EUR in Europe.

USD/JPY flows: Intervention Talk
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December 22, 2025 8:23 AM UTC

USD/JPY is the focus in the holiday week. 

AUD/USD flows: Risk Upbeat
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December 22, 2025 5:34 AM UTC

Risk sentiment upbeat

USD/JPY flows: USD weaker to start the Christmas week
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December 22, 2025 1:59 AM UTC

The USD is soft on Monday

December 19, 2025

GBP, JPY flows: GBP little changed after retail sales, JPY weak
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December 19, 2025 7:48 AM UTC

UK retail sales flattish in November, much as expected. GBP little changed. JPY weak despite higher JPY yields

USD/JPY flows: BoJ Hike by 25bps As Expected
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December 19, 2025 5:45 AM UTC

BoJ Hike by 25bps As Expected

USD/JPY flows: National CPI Supportive for BoJ's Rate Hike
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December 19, 2025 1:31 AM UTC

November National CPI at 2.9%, ex fresh food, ex fresh food & energy at 3%