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Dollar Sold Broadly, while Yen Soars on Fear of Joint Intervention

January 26, 2026
The US dollar came under strong selling pressure at the start of today’s trading. The fear of joint intervention after the pre-weekend Fed checking on rates, ostensibly on behalf of the US Treasury, and underscored by Japanese officials, including Prime Minister Takaichi. Meanwhile, another tragic ICE related death in Minnesota has sparked a threa…
Dollar Sold Broadly, while Yen Soars on Fear of Joint Intervention Dollar Sold Broadly, while Yen Soars on Fear of Joint Intervention Reviewed by Marc Chandler on January 26, 2026 Rating: 5
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Week Ahead: Standpat Fed, Bank of Canada, and Norges Bank, while Cat-and-Mouse with Officials on Yen Continues Week Ahead: Standpat Fed, Bank of Canada, and Norges Bank, while Cat-and-Mouse with Officials on Yen Continues Reviewed by Marc Chandler on January 24, 2026 Rating: 5
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BOJ Maintains Steady Policy, Heightened Intervention Watch, while PBOC sets Dollar Fix Below CNY7.0 BOJ Maintains Steady Policy, Heightened Intervention Watch, while PBOC sets Dollar Fix Below CNY7.0 Reviewed by Marc Chandler on January 23, 2026 Rating: 5
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A Collective Sigh of Relief

January 22, 2026
The two sources of strain on the global capital markets have eased. President Trump has backed away from military threats to take Greenland and will not go forward with tariff threat on European countries for February 1. After a dramatic sell-off on Tuesday, which some compared to what happened to the UK under Prime Minister Truss, the Japanese bo…
A Collective Sigh of Relief A Collective Sigh of Relief Reviewed by Marc Chandler on January 22, 2026 Rating: 5
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Eerie and Nervous Calm in Capital Markets

January 21, 2026
There are many moving pieces and Japan’s finance minister call for market calm seemed to help. Japan’s 30- and 40-year yields fell around 15 bp today after yesterday’s surge. There is a fragile calm in the capital markets today, and the dollar is mostly consolidating against the G10 currencies. Meanwhile, President Trump will speak at Davos shortl…
Eerie and Nervous Calm in Capital Markets Eerie and Nervous Calm in Capital Markets Reviewed by Marc Chandler on January 21, 2026 Rating: 5
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Drama Unfolds: Stocks, Bonds, and the Dollar have Been Sold

January 20, 2026
The markets are reacting dramatically to recent developments. Stocks and bonds have been sold, gold and silver are at record highs, and the US dollar has been sold aggressively. President Trump is in Davos and has not relented on his demand for Greenland and he seeks to cajole others into joining the board to oversee the reconstruction of Gaza. US…
Drama Unfolds: Stocks, Bonds, and the Dollar have Been Sold Drama Unfolds: Stocks, Bonds, and the Dollar have Been Sold Reviewed by Marc Chandler on January 20, 2026 Rating: 5
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Greenback Slips Amid Heightened Tensions over Greenland

January 19, 2026
The US stepped up its attempt to secure Greenland for national security purposes, even though it has reduced its presence there. The latest attempt included a threat to impose 10% tariffs on several EU countries starting next month and would rise to 25% in June. This is too much for many EU countries and some retaliation is being considered. An em…
Greenback Slips Amid Heightened Tensions over Greenland Greenback Slips Amid Heightened Tensions over Greenland Reviewed by Marc Chandler on January 19, 2026 Rating: 5
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