EUR/JPY-Commentary

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November 10, 2025

NOK, JPY flows: NOK firmer after CPI, JPY weaker on hopes of end to US shutdown
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November 10, 2025 7:38 AM UTC

NOK rallies as CPI comes out strong in October. JPY weaker as risk rallies on hopes of end to US government shutdown

November 07, 2025

EUR, JPY flows: USD lower after weak U Mich sentiment
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November 7, 2025 3:18 PM UTC

USD lower against European currencies post-Michigan senitment. JPY can play catch-up.

USD, EUR, JPY flows: Steadier picture overnight
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November 7, 2025 7:39 AM UTC

Stabilisation overnight after initial equity dip suggests mild corrective activity near term

November 05, 2025

USD, JPY flows: USD gains on strong ISM services
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November 5, 2025 3:18 PM UTC

ISM services gain strongly, JPY threatening recent lows

GBP, JPY, EUR flows: Little net change as equities bounce - GBP a focus
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November 5, 2025 7:54 AM UTC

German orders marginally firmer but trend softening. JPY reverses initial gains in Asia as equities bounce. GBP a focus as EUR/GBP makes new 2 year high

November 04, 2025

GBP, JPY, EUR flows: JPY cross gains extend
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November 4, 2025 2:54 PM UTC

GBP/JPY filling the gap?

USD, JPY, EUR flows: JPY gains as equities correct lower
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November 4, 2025 7:51 AM UTC

Equity dip triggers JPY gains, AUD losses

November 03, 2025

CHF, JPY flows: CHF slips on CPI, JPY awaits equity turn
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November 3, 2025 7:41 AM UTC

CHF softer after CPI. JPY still undermined by equity strength

October 31, 2025

USD, EUR, JPY flows: USD firm, JPY intervention risk increases
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October 31, 2025 7:59 AM UTC

USD firm helped by positive equity response to tech results. JPY gets brief support from Katayama comments. Little independent EUR movement after as expected German sales data

October 30, 2025

EUR flows: Mild recovery after ECB
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October 30, 2025 2:17 PM UTC

ECB statement slightly more upbeat after leaving rates unchanged but little EUR reaction

USD, EUR, JPY flows: Data mildly EUR positive
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October 30, 2025 9:41 AM UTC

European data helping the EUR hold its own against a stronger USD

USD, EUR, JPY flows: USD firm, JPY weak after Fed, BoJ decisions
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October 30, 2025 8:03 AM UTC

USD gains on less dovish Fed. JPY weak as Ueda still in no hurry. French data suggests EUR to get support from GDP

October 28, 2025

JPY flows: JPY firmer after Bessent/Katayama meeting
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October 28, 2025 7:43 AM UTC

JPY firmer as Bessent suggests need for tighter BoJ policy

October 23, 2025

JPY flows: JPY hits new low for the week, policy unclear
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October 23, 2025 6:52 AM UTC

Market may see new government as being happy with JPY weakness, but policy may be better supported by a stronger JPY

October 21, 2025

JPY flows: JPY weaker on Takaichi appointment
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October 21, 2025 6:57 AM UTC

JPY weaker on Takaichi PM appointment, but short JPY positioning is risky.

October 20, 2025

USD, JPY flows: Steady to mild risk positive tone
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October 20, 2025 6:45 AM UTC

Mildly more risk positive picture, but uncertainty remains. Likely Takaichi PM appointment offset by some BoJ hawkishness

October 13, 2025

USD, JPY, AUD flows: USD and riskier currencies weaker after Trump comments
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October 13, 2025 6:55 AM UTC

USD and riskier currencies weaker on Trump tariff threat to China, despite partial recovery in Asia

October 10, 2025

NOK, JPY flows: NOK little changed after CPI, JPY makes modest recovery
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October 10, 2025 6:54 AM UTC

Norwegna CPI much as expected, NOK remains in the centre of the range. JPY makes a modest recovery as political picture in Japan becomes more uncertain

October 09, 2025

JPY flows: JPY still weak
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October 9, 2025 6:45 AM UTC

USD/JPY makes new high in early Europe and near term trend remains weak although there is still scope for a longer term recovery

October 08, 2025

JPY, NZD, EUR, SEK flows: JPY and NZD down sharply, EUR resilient
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October 8, 2025 7:07 AM UTC

JPY extends weakness on weak wage data, NZD drops sharply on 50 bp RBNZ cut. EUR resilient despite likely erratically weak German production data 

October 07, 2025

EUR, JPY flows: EUR downside favoured after weak German orders, JPY weakness overdone
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October 7, 2025 6:57 AM UTC

EUR to stay soft as German orders add to evidence of slowdown. JPY weakness lacks rationale

October 06, 2025

USD, EUR flows: EUR down on French PM resignation
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October 6, 2025 8:41 AM UTC

EUR down across the board as French PM resigns after less than a month in office

USD, JPY flows: JPY weakness unlikely to persist
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October 6, 2025 6:50 AM UTC

JPY weakness on Takaichi election victory unlikely to persist

October 03, 2025

USD, JPY, EUR flows: EUR up JPY down after objectively soft ISM data
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October 3, 2025 2:28 PM UTC

EUR/JPY gains on ISM look to be more to do with end of week than the data itself. 

USD, JPY, EUR, AUD flows: JPY weaker, scope for some recovery in riskier currencies
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October 3, 2025 6:56 AM UTC

JPY weaker on Ueda comments, unemployment rise. Equities continue to gain

October 02, 2025

USD, JPY, CHF flows: Steady markets, JPY still has upside scope, CHF topping out
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October 2, 2025 6:49 AM UTC

USD steady overnight, equities making new highs (again) but JPY favoured going forward. CHF looking toppy.

October 01, 2025

USD, JPY, EUR flows: USD falls on weak ADP employment data
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October 1, 2025 12:31 PM UTC

USD softer across the board but JPY favoured going forward

USD, JPY, EUR flows: USD softer as US government shuts down
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October 1, 2025 6:48 AM UTC

USD softer and JPY stronger as US government shuts

September 26, 2025

USD, EUR, CHF, JPY flows: More tariffs may impact EUR and CHF
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September 26, 2025 6:48 AM UTC

New Trump tariffs may impact EUR and CHF. JPY still weak

September 25, 2025

USD flows: USD up on upward revision to Q2 GDP
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September 25, 2025 12:46 PM UTC

USD firmer on upward revision to GDP, particularly against the JPY

CHF, JPY, EUR flows: EUR/JPY approaches all time high, CHF in spotlight
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September 25, 2025 6:44 AM UTC

EUR/JPY contineus to rise towards the July 2024 all time high at 175.42. CHF strength in focus as SNB meets

September 24, 2025

AUD, JPY, EUR flows: AUD gains on CPI, JPY still weak
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September 24, 2025 6:47 AM UTC

AUD/NZD at a post 2022 high, EUR/JPY approaching all time high from July 2024

September 23, 2025

EUR flows: German services strength supports EUR
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September 23, 2025 7:15 AM UTC

The stronger German services PMI offset weakness elsewhere

September 22, 2025

USD, EUR, JPY flows: Neutral picture, risk premia remain very low
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September 22, 2025 6:50 AM UTC

USD steady, Japanese equities firmer, FX becalmed ahead of PMIs

September 18, 2025

USD, EUR, JPY, NOK flows: USD firmer after Fed, JPY soft, NOK could slip on Norges Bank
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September 18, 2025 6:52 AM UTC

USD firmer after Fed despite larger than expected 2025 rate cuts in the dots. JPY continues to underperform. NOK can slip on Norges Bank

September 10, 2025

USD, NOK, SEK, JPY flows: Quiet markets ahead of US price data
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September 10, 2025 6:47 AM UTC

FX markets briadly steady but JPY and NOK remain undervalued

September 09, 2025

USD, JPY, CHF, AUD flows: USD soft, JPY and AUD favoured
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September 9, 2025 6:39 AM UTC

JPY can close Monday's opening gaps on crosses. AUD/USD threatening top of recent range

September 08, 2025

JPY flows: Dip on Ishiba resignation unlikely to last
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September 8, 2025 6:59 AM UTC

JPY lower after Ishiba resignation, but has scope for major recovery

September 05, 2025

USD, CAD, JPY flows: US employment weak, Canadian weaker
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September 5, 2025 12:52 PM UTC

USD lower after weaker employment data, Canadian data much weaker still 

JPY flows: JPY supported by strong wage data
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September 5, 2025 8:27 AM UTC

JPY upside potential remains, downside risks decline as wages rise

September 03, 2025

USD flows: USD dips on JOLTS
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September 3, 2025 2:22 PM UTC

July JOLTS lowest since September 2024. USD and US yields lower

September 02, 2025

USD, JPY flows: USD slips after ISM, JPY has scope for recovery
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September 2, 2025 2:15 PM UTC

ISM manufacturing rises less than expected but new orders index encouraging. USD downside likely modest but scope for more general JPY recovery.

JPY flows: JPY under pressure as US and European yields rise
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September 2, 2025 6:47 AM UTC

JPY falls across the board as US and European yields rise despite hawkish comments from BoJ deputy governor Himino

August 28, 2025

USD flows: USD softer as yields move lower
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August 28, 2025 6:40 AM UTC

Declining US yields and negative Nvidia reaction to results put the USD under pressure

August 27, 2025

EUR flows: EUR has some downside risks as confidence slips
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August 27, 2025 6:46 AM UTC

German confidence follows French confidence decline

August 19, 2025

USD flows: Most pairs rangebound
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August 19, 2025 6:42 AM UTC

Little to move markets today as Ukraine Summit produces little of substance. Mild risk negative tone

August 04, 2025

USD, JPY, CHF flows: JPY recovery has legs, CHF under a little pressure
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August 4, 2025 7:33 AM UTC

Quiet start, CHF softer, JPY has potential to gain more longer term

August 01, 2025

USD flows: USD hit by downward revisions to employment
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August 1, 2025 1:14 PM UTC

Big downward revisions to May and June employment data undermine labour market perceptions and weaken the USD

USD, CAD, CHF, JPY flows: CAD, CHF hit by tariffs, JPY still weak
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August 1, 2025 7:12 AM UTC

CAD and CHF marginally weaker after higher tariff announcement, JPY still weak but verbal intervention has started

July 31, 2025

JPY flows: USD/JPY gains continue
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July 31, 2025 1:00 PM UTC

USD/JPY continues higher with longer term trend traders potentially being squeezed