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Softer US Interest Rates Help the Greenback Steady and Talk of US-Japan Coordination Snaps the Yen's Five-Day Slide

September 25, 2026
Oil and US rates are softer today and these developments have helped steady the US dollar after this week’s surge. Even with a firmer tone today, four of the G10 currencies are off more than 1% this week. The yen would have been among them, but comments earlier today from Japan’s Finance Minister Katayama played up the ongoing coordination with th…
Softer US Interest Rates Help the Greenback Steady and Talk of US-Japan Coordination Snaps the Yen's Five-Day Slide Softer US Interest Rates Help the Greenback Steady and Talk of US-Japan Coordination Snaps the Yen's Five-Day Slide Reviewed by Marc Chandler on September 25, 2026 Rating: 5
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No Kings but King Dollar

September 24, 2026
The surge in US rates continues to underpin the greenback. The market anticipates a more aggressive tightening cycle than the Federal Reserve’s recent Summary of Economic Projections suggested. The Atlanta Fed’s GDP tracker points to 5.1% growth this quarter, which would surely surpass China’s. Treasury Secretary Bessent announced a two-month tari…
No Kings but King Dollar No Kings but King Dollar Reviewed by Marc Chandler on September 24, 2026 Rating: 5
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Greenback is Bid

September 23, 2026
The US dollar is stronger against all the G10 currencies and most emerging market currencies today. The euro has approached $1.14, despite firmer than expected preliminary September PMI. Japan’s markets re-open tomorrow for the first time this week, and the market has taken the dollar to almost JPY158, around where it peaked before last weekend. O…
Greenback is Bid Greenback is Bid Reviewed by Marc Chandler on September 23, 2026 Rating: 5
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Plaza Agreement, R.I.P.

September 22, 2026
The Plaza Agreement turns 41 today. The anniversary is worth remembering not simply because it was one of the great episodes of coordinated foreign-exchange policy, but because it is increasingly being invoked as a template for a new agreement to force the Chinese yuan higher.That analogy is appealing. It is also misleading.The Plaza Agreement was…
Plaza Agreement, R.I.P. Plaza Agreement, R.I.P. Reviewed by Marc Chandler on September 22, 2026 Rating: 5
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Lower Oil Prices Could Help Snap the Nearly Two-Week Rise in the US Two-Year Rate Lower Oil Prices Could Help Snap the Nearly Two-Week Rise in the US Two-Year Rate Reviewed by Marc Chandler on September 22, 2026 Rating: 5
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PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles

September 21, 2026
The US dollar is mostly consolidating in narrow ranges against the G10 currencies. Japanese markets are closed until Thursday, and despite the softer rates the yen is off about 0.20% through the European morning to rival the Canadian dollar as the weakest among the major currencies. The economic diary is light today and tomorrow, ahead of Wednesda…
PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles Reviewed by Marc Chandler on September 21, 2026 Rating: 5
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Week Ahead: Trump-Xi Meeting Highlight

September 19, 2026
The near-term dollar movement continues to be sensitive to changes in US rates. The Federal Reserve delivered the quarter-point hike that was widely anticipated by a unanimous decision, and still the two-year yield rose a little more than eight basis points on the week, with the bulk coming ahead of the weekend, even though the US reported an unex…
Week Ahead: Trump-Xi Meeting Highlight Week Ahead: Trump-Xi Meeting Highlight Reviewed by Marc Chandler on September 19, 2026 Rating: 5
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