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Trade Deals Bolster Risk Appetites

July 23, 2025
Overview: The US has struck a trade deal with Japan, Indonesia, and the Philippines and Treasury Secretary Bessent has suggested the August 12 end of the US-China tariff truce will likely be extended next week. The dollar bloc leads the G10 currencies higher amid some creeping optimism, while the euro is the laggard, off about 0.20%. The yen is ho…
Trade Deals Bolster Risk Appetites Trade Deals Bolster Risk Appetites Reviewed by Marc Chandler on July 23, 2025 Rating: 5
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Tokyo Returns and Yen Stabilizes after Yesterday's Jump

July 22, 2025
Overview: The foreign exchange market is quiet. The greenback is narrowly mixed against the G10 currencies. Leaving aside thinner traded New Zealand dollar and Norwegian krone, the other currencies are mostly +/- 0.1%. Emerging market currencies are also mixed and mostly +/- 0.2%. The approaching August 1 expiration of the postponement of US "…
Tokyo Returns and Yen Stabilizes after Yesterday's Jump Tokyo Returns and Yen Stabilizes after Yesterday's Jump Reviewed by Marc Chandler on July 22, 2025 Rating: 5
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Yen Jumps as Governing Coalition Loses Majority in Upper House

July 21, 2025
Overview: The US dollar begins the new week with a softer bias, but it still needs to run the North American gauntlet, which has tended to be more constructive than other centers recently. As seemed likely, less than a year after losing its majority in the lower, the LDP and Komeito coalition lost its majority in the upper chamber yesterday. Japan…
Yen Jumps as Governing Coalition Loses Majority in Upper House Yen Jumps as Governing Coalition Loses Majority in Upper House Reviewed by Marc Chandler on July 21, 2025 Rating: 5
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Week Ahead: State of Dollar's Correction to be Determined

July 19, 2025
The US dollar rose against the G10 currencies and most emerging market currencies last week. But to the extent the upside correction this month has been spurred by a backing up of US rates, its recovery may be over or nearly so. The US two-year yield settled lower on the week and the 10-year yield saw its gains pared to less than three basis point…
Week Ahead: State of Dollar's Correction to be Determined Week Ahead: State of Dollar's Correction to be Determined Reviewed by Marc Chandler on July 19, 2025 Rating: 5
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Waller may be Alone in Advocating July Rate Cut, but it Weighs on the Greenback Waller may be Alone in Advocating July Rate Cut, but it Weighs on the Greenback Reviewed by Marc Chandler on July 18, 2025 Rating: 5
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Trial Balloon to Fire Powell went over like a Lead Zeppelin

July 17, 2025
Overview: A natural experiment of sorts unfolded yesterday. Heightened speculation, fanned in part by the White House itself, that after several threats, President Trump was going to fire Fed Chair Powell. Short-term rates fell but the curve steepened, the greenback sold off sharply, and stocks skidded lower. The main narrative is that seeing the …
Trial Balloon to Fire Powell went over like a Lead Zeppelin Trial Balloon to Fire Powell went over like a Lead Zeppelin Reviewed by Marc Chandler on July 17, 2025 Rating: 5
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USD Steadies after Yesterday's Surge, but Does it have Legs?

July 16, 2025
Overview: The dollar has steadied today after yesterday's jump. Asia and Europe do not seem to be as enthusiastic about the dollar as North America seemed to be yesterday. President Trump indicated that sectoral tariffs on semiconductor chips and pharmaceuticals could be announced as early as August 1. He also said that there will be more bila…
USD Steadies after Yesterday's Surge, but Does it have Legs? USD Steadies after Yesterday's Surge, but Does it have Legs? Reviewed by Marc Chandler on July 16, 2025 Rating: 5
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