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Politics in the driver’s seat
The dollar is a little stronger into North America as political headlines continue to drive markets, with President Trump easing pressure on the Fed and Iran and overall data pointing to steady but unspectacular global growth.
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Yen recovers as slide becomes too much
Markets open with USDJPY pulling back from an 18-month high after Japanese officials warned against excessive moves, as investors also focus on rising political uncertainty in Japan, key US data and Fed speakers, strong Chinese trade, and fresh geopolitical tensions over Greenland.
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FX steady, Yen slumps into US CPI
Markets are largely steady ahead of US CPI, but the yen has weakened sharply on rising Japanese political risk, prompting US-Japan FX concerns, while global central banks back Fed Chair Powell and investors await key US inflation and labor data.
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Dollar slips as Fed independence fears grow
The dollar is under pressure as concerns over Federal Reserve independence intensify following news of a criminal investigation into Chair Powell, undermining its safe-haven appeal and shifting rate-cut expectations toward later this year. Geopolitical risks are also rising, with the US weighing intervention in Iran and Europe discussing a military presence in Greenland, while markets […]
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FX steady as US jobs data looms
FX markets are largely unchanged from last night as investors position for a heavy slate of US labor market data over the coming days, starting with December ADP payrolls today, followed by the services ISM employment component and November JOLTS figures, ahead of weekly claims and Friday’s key December nonfarm payrolls report.
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Euro slips as ECB doubts grow
Overnight FX moves were led by a softer euro after benign French December CPI and weaker-than-expected German state CPI readings, particularly in the core components, prompting growing questions about whether the ECB’s December forecasts may have been overly hawkish despite prior efforts to correct earlier dovish bias.
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Dollar flexes as geopolitics return to center stage
The dollar begins the first full week of 2026 on a strong footing, with the Dollar Index pushing to its highest level since mid-December—after weekend reports that the US captured Venezuelan President Maduro, who is set to appear in a New York court today.
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Quiet FX, louder politics
FX markets remain subdued as we sit in the quiet window between Christmas and New Year, with limited follow-through across major pairs.
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FX consolidates as silver whipsaws
U.S. data flow picks up through the week, but the key focus for markets is likely to be the release of the December FOMC meeting minutes tomorrow, which should provide further insight into the Fed’s policy path.
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Policy noise weighs on Dollar
The US dollar heads into the holiday period under renewed pressure after a brief bounce driven by a strong US Q3 GDP print, though the data comes with notable caveats, particularly the outsized contribution from healthcare spending.
