EUR/JPY-Commentary

May 26, 2026

USD/JPY, EUR/JPY flows: Strong month for the N225 worth watching this week

May 26, 2026 1:28 PM UTC

Minor US data albeit still showing overall economic resilience
Some focus on any potential USD/JPY month-end hedging demand on N225 (headline) outperformance
See if it adds to temporary upside pressure into intervention zone

EUR flows: EUR marginally firmer after hawkish Schnabel, but..

May 26, 2026 8:24 AM UTC

Schnabel calls for June rate hike, EUR modestly firmer, but upside limited

May 22, 2026

EUR flows: Steady after IFO and INSEE surveys

May 22, 2026 8:23 AM UTC

IFO and INSEE both slightly stronger thna expected, but underlying picture in Europe still weak

GBP flows: GBP marginally softer after UK data

May 22, 2026 6:24 AM UTC

UK retail sales soft and borrowing higher but GBP only slightly softer. But medium term risks on the downside

May 21, 2026

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

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

May 20, 2026

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

May 07, 2026

USD, JPY, EUR flows: Focus on US/Iran deal

May 7, 2026 6:24 AM UTC

Markets await Iran's response to teh US proposal to end hostilities. Market risks may be skewed towards a risk negative response after the moves of the last few days priced in a positive outcome

May 06, 2026

USD flows: USD little changed after ADP

May 6, 2026 12:28 PM UTC

ADP broadly in line with consensus. USD better bid after early European losses but underlying tone remains weak as long as risk sentiment remains positive.

SEK, USD, JPY flows: SEK softer on weaker CPI, USD falls, JPY gains on suspected intervention

May 6, 2026 6:40 AM UTC

SEK dips as CPI comes out weaker than expected - further decline possible. USD generally softer on hopes of US/Iran deal. JPY surges on suspected intervention.

May 05, 2026

USD, JPY, AUD flows: Risk positive tone persists, US trade data much a expected

May 5, 2026 12:42 PM UTC

Riskier currencies continue to rally after early dip, JPY weakness remains

USD, JPY flows: JPY soft as risk recovers, but...

May 5, 2026 8:47 AM UTC

Riskier currencies rally after early dip, JPY weakness remains

USD flows: Mild USD bid as US and Iran skirmish

May 5, 2026 6:45 AM UTC

USD seeing modest bid as US and Iran skirmish with AUD slipping lower

January 20, 2026

USD flows: Repeat of reciprocal tariff sell off?

January 20, 2026 8:48 AM UTC

USD generally weaker as Greenland spat revives memories of USD sell off on reciprocal tariff announcement last April

JPY flows: Renewed sell off on election fears

January 20, 2026 8:17 AM UTC

JPY renews downtrend as Takaichi call election and pledges to suspend food tax

January 19, 2026

USD flows: USD lower on Greenland

January 19, 2026 8:07 AM UTC

Greenland furore underminign equities and weakening the USD. EUR and CHF best performers so far but JPY preferred

January 16, 2026

JPY flows: JPY firmer on intervention threat

January 16, 2026 7:54 AM UTC

JPY firmer as Finance Minister Katayama suggests joint US/Japan intervention is possible

January 14, 2026

USD flows: Data neutral, some negative event risk

January 14, 2026 2:00 PM UTC

Retial sale sand CPI much as expected, but consistent with a strong US Q4. Geopolitics and the Supreme Court could have an impact

USD, JPY flows: USD firm, JPY weak on election speculation

January 14, 2026 7:56 AM UTC

USD stays firm despite softer CPI, JPY weak as election speculation continues.

January 13, 2026

JPY flows: New JPY lows as market continues to trade election expectations

January 13, 2026 7:56 AM UTC

The JPY has hit a new all time low against the EUR and new one year low against the USD as markets price in more fiscal easing. The rationale for the JPY decline is weak, but the momentum is strong. Intervention looks necessary to halt the decline.

January 12, 2026

USD, JPY flows: USD softer on Powell/Trump rift, JPY still weak

January 12, 2026 8:13 AM UTC

The USD is softer overnight as Powell reveals threats of criminal indictment. JPY still weak as Japan snap election anticipated

January 09, 2026

JPY flows: New one year high in USD/JPY

January 9, 2026 3:23 PM UTC

JPY weakness continues to break records. Intervention likely necessary to turn the trend

January 07, 2026

USD flows: USD gains slightly on ISM

January 7, 2026 1:36 PM UTC

USD slightly firmer on stroner than expected non-manufacturing ISM

EUR flows: EUR edges lower on softer data

January 7, 2026 7:26 AM UTC

EUR edges slightly lower after weaker German retail sales data

January 05, 2026

USD, GBP flows: USD firmer, GBP risks on the downside

January 5, 2026 7:42 AM UTC

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

January 02, 2026

EUR, USD, JPY, GBP, AUD, CAD flows: Early risk positive tone, JPY remains soft

January 2, 2026 7:51 AM UTC

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

December 31, 2025

EUR/JPY, EUR/CAD flows: EUR up and 2026 Depends on Hedging

December 31, 2025 4:19 PM UTC

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

December 18, 2025

JPY flows: New all time high in EUR/JPY

December 18, 2025 7:54 AM UTC

JPY weakness extends with little rationale

December 16, 2025

EUR, JPY flows: EUR softer after weaker German PMI

December 16, 2025 8:37 AM UTC

EUR slips a little after weaker German PMI, EUR/JPY vulnerable

December 12, 2025

JPY flows: Another new high in EUR/JPY - looks unsustainable

December 12, 2025 10:33 AM UTC

EUR/JPY hits another new high as S&P 500 also hits new high.

December 11, 2025

USD flows: USD lower after claims

December 11, 2025 2:15 PM UTC

USD slips lower after initial claims rise

USD, EUR, JPY, AUD flows: USD slightly lower post-FOMC

December 11, 2025 7:57 AM UTC

USD slips lower post-FOMC. Scope for modest JPY recovery on crosses

December 10, 2025

NOK, SEK, JPY flows: SEK still firm after GDP decline, JPY weakness continues

December 10, 2025 7:51 AM UTC

SEK still strong despite drop in October GDP. JPY weakness continues, intervention likely necessary soon.

December 09, 2025

JPY, GBP flows: JPY under pressure, GBP/JPY to 17 year highs

December 9, 2025 8:16 AM UTC

JPY under pressure, risks of intervention rising, GBP/JPY hits new 17 year high.

December 05, 2025

EUR flows: German orders and French output data EUR supportive, but...

December 5, 2025 7:57 AM UTC

EUR firm in early trade after better German and French data, but underlying picture suggests downside risks on the crosses

December 02, 2025

USD, JPY, AUD, EUR flows: JPY reverses Monday's gains, USD generally firmer

December 2, 2025 7:53 AM UTC

JPY reverses Monday's gains, AUD the best of the riskier currencies

December 01, 2025

JPY flows: JPY firmer after Ueda as equities dip

December 1, 2025 7:49 AM UTC

USD/JPY dips after Ueda comments helped by weaker equities

November 28, 2025

EUR, AUD, JPY flows: Quiet markets but EUR may be vulnerable on the crosses

November 28, 2025 7:30 AM UTC

German retail sales a touch softer, some downside risks for the EUR on the crosses

November 26, 2025

USD, AUD, NZD, JPY, GBP flows: Risk positive moves overnight, JPY weak, GBP a focus today

November 26, 2025 8:22 AM UTC

NZD and AUD gain on RBNZ, higher Australian CPI and risk positive market tone. JPY weakness on the crosses looks overdone. GBP in focus ahead of UK Budget

November 25, 2025

USD flows: Post-data dip short-lived

November 25, 2025 1:40 PM UTC

US September PPI and retail sales on the soft side, but impact very limited

JPY flows: Mild gains as BoJ rate hike prospects increase

November 25, 2025 7:59 AM UTC

JPY slightly firmer, but move still just corrective for now, although JPY bottom is likely close

November 21, 2025

GBP, AUD, JPY flows: GBP dips briefly on retail sales, risk negative tone

November 21, 2025 7:45 AM UTC

GBP dips briefly on weaker retail sales. Mild risk negative tone perissts. PMIs awaited

USD/JPY flows: CPI Supportive for a Hike?

November 21, 2025 1:05 AM UTC

Japan November National Headline CPI 3.0%

November 20, 2025

JPY flows: No mercy for the JPY, intervention necessary

November 20, 2025 7:48 AM UTC

New post-January highs for USD/JPY, new all time highs for EUR/JPY

USD/JPY flows: No mercy for the JPY

November 20, 2025 2:12 AM UTC

BOJ’s Koeda signals need for further tightening as inflation holds near 2%

November 19, 2025

JPY flows: JPY hitting new lows after Katayama press conference

November 19, 2025 10:01 AM UTC

Finance minister Katayama provides no comfort to JPY bulls

JPY flows: JPY hitting new lows ahead of Katayama press conference

November 19, 2025 9:04 AM UTC

JPY still weak with Finance minister Katayama set to hold a press conference after a meeting with BoJ governor Ueda

USD/JPY flows: Conflict with China Persists

November 19, 2025 5:25 AM UTC

China intends to renew a ban on Japanese seafood imports