North American Summary and Highlights 12 May

May 12, 2026 7:46 PM UTC

Overview - The USD made modest gains on Middle East risks but came off its highs in late trade. 

FX Daily Strategy: Asia, May 13th

May 12, 2026 3:00 PM UTC

Australia Wage Growth Unlikely Trigger another RBA Hike
Aussie Still Supported above 0.7200
U.S. April PPI Core rates to pick up

Europe Summary and Highlights 12 May

May 12, 2026 10:04 AM UTC

GBP sold as pressure on Starmer ramps up, and gilts spike at open, though trim off support/resistance tests
Oil creeps higher as standoff rolls on, keeping dollar supported

FX Daily Strategy: N America, May 12th

May 12, 2026 9:25 AM UTC

Volatility keeps compressing though maybe some tensions showing at the edges
No shift in ranges and trends yet, but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
GBP plays the 'political short' trade as gilts spike, though spec mkt was positioned
Foc

Psychology for major markets May 12

May 12, 2026 8:02 AM UTC

U.S. Treasury secretary Scott Bessent says U.S. and Japan both believe forex volatility is undesirable

Asia Summary and Highlights 12 May

May 12, 2026 5:29 AM UTC

Japan and U.S. reaffirm currency cooperation after Bessent's Tokyo talks
Iran is ready to dilute highly enriched uranium to levels of 3.7% and 20%
Trump said the ceasefire is "on life support"

FX Daily Strategy: Asia, May 12th

May 11, 2026 9:00 PM UTC

Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings

North American Summary and Highlights 11 May

May 11, 2026 7:48 PM UTC

Overview - In a quiet session the USD was little changed overall. 

FX Daily Strategy: APAC, May 12th

May 11, 2026 4:55 PM UTC

Volatility keeps compressing while the 'dash for compute' o/b rally and options arm wrestle goes on
No break in trend but if the fever breaks, USD and JPY correct
US CPI data to keep the Fed in defensive wait and see mode
Focus starts to turn to US-China meetings

Europe Summary and Highlights 11 May

May 11, 2026 10:29 AM UTC

Overnight moves faded as oil bounce trims, dollar back to pretty flat

FX Weekly Strategy: N America, May 11th-15th

May 11, 2026 9:18 AM UTC

Positive risk tone last week suggests good news largely priced in
JPY may have scope to gain on the crosses
CAD watching oil, but underperformance can extend
GBP likely toppy against the EUR

Psychology for major markets May 11

May 11, 2026 7:27 AM UTC

No Fireworks Over the Weekend

Asia Summary and Highlights 11 May

May 11, 2026 5:21 AM UTC

Weekend headlines pessimistic

FX Weekly Strategy: Europe, May 11th-15th

May 11, 2026 4:07 AM UTC

Positive risk tone suggests good news largely priced in
JPY may have scope to gain on the crosses
CAD weakness can extend
GBP likely toppy against the EUR

FX Weekly Strategy: Asia, May 11th-15th

May 10, 2026 9:00 PM UTC

Positive risk tone suggests good news largely priced in
JPY may have scope to gain on the crosses
CAD weakness can extend
GBP likely toppy against the EUR

FX Weekly Strategy: APAC, May 11th-15th

May 10, 2026 5:00 PM UTC

Positive risk tone suggests good news largely priced in
JPY may have scope to gain on the crosses
CAD weakness can extend
GBP likely toppy against the EUR

North American Summary and Highlights 8 May

May 8, 2026 7:13 PM UTC

Overview - The USD was weaker in Europe and did not pick up after a stronger than expected US non-farm payroll. 

FX Weekly Strategy: May 11th-15th

May 8, 2026 2:51 PM UTC

Positive risk tone suggests good news largely priced in
JPY may have scope to gain on the crosses
CAD weakness can extend
GBP likely toppy against the EUR

Europe Summary and Highlights 8 May

May 8, 2026 10:18 AM UTC

USD modestly weaker through European morning, NOK strong 

FX Daily Strategy: N America, May 8th

May 8, 2026 9:02 AM UTC

US and Canadian employment data offer some USD upside risks
Focus remains on US/Iran negotiations with some good news already priced in
Japanese wage data misses
GBP vulnerable to political fallout from local elections

Psychology for major markets May 8

May 8, 2026 7:05 AM UTC

The U.S.-Iran Ceasefire being Tested

Asia Summary and Highlights 8 May

May 8, 2026 4:17 AM UTC

UAE says it is responding again to a missile threat
Japan Labor cash earnings rose 2.7% y/y

FX Daily Strategy: Asia, May 8th

May 7, 2026 9:00 PM UTC

US and Canadian employment data offer some USD upside risks
Focus remains on US/Iran negotiations with some good news already priced in
Japanese wage data could support BoJ rate hike expectations
GBP vulnerable to political fallout from local elections

North American Summary and Highlights 7 May

May 7, 2026 7:44 PM UTC

Overview - The USD erased European losses and more in North America as Middle Eastern risk picked up again. 

FX Daily Strategy: APAC, May 8th

May 7, 2026 2:48 PM UTC

US and Canadian employment data offer some USD upside risks
Focus remains on US/Iran negotiations with some good news already priced in
Japanese wage data could support BoJ rate hike expectations
GBP vulnerable to political fallout from local elections

Europe Summary and Highlights 7 May

May 7, 2026 10:09 AM UTC

USD modestly weaker through European morning, NOK strong on Norges Bank rate hike

FX Daily Strategy: N America, May 7th

May 7, 2026 9:13 AM UTC

ECB speakers may be mildly EUR supportive
NOK rallies as Norges bank hike 
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading if US/Iran deal is not completed

Psychology for major markets May 7

May 7, 2026 8:00 AM UTC

Al Arabiya is reporting that intense communications to gradually reopen the Strait of Hormuz are ongoing 

Asia Summary and Highlights 7 May

May 7, 2026 5:44 AM UTC

Iran to deliver response to U.S. war-ending proposal via Pakistan mediators on Thursday 
Saudi base ban forced Trump to pause Strait of Hormuz shipping operation

FX Daily Strategy: Europe, May 7th

May 7, 2026 4:00 AM UTC

ECB speakers may be mildly EUR supportive
Norges bank likely to leave rates unchanged
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading

FX Daily Strategy: Asia, May 7th

May 6, 2026 9:00 PM UTC

ECB speakers may be mildly EUR supportive
Norges bank likely to leave rates unchanged
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading

North American Summary and Highlights 6 May

May 6, 2026 7:53 PM UTC

Overview - The USD was generally weaker on Middle East peace hopes, but came off its lows in North America. 

FX Daily Strategy: APAC, May 7th

May 6, 2026 2:45 PM UTC

ECB speakers may be mildly EUR supportive
Norges bank likely to leave rates unchanged
GBP vulnerable on local elections
Risk of reversal of recent risk positive trading

Europe Summary and Highlights 6 May

May 6, 2026 10:28 AM UTC

USD modestly weaker through European morning as oil drops and equities gain

FX Daily Strategy: N America, May 6th

May 6, 2026 9:20 AM UTC

Slightly stronger USD favoured on ADP data
Middle East risks suggest equities and riskier currencies vulnerable, but hopes of US/Iran deal maintain positive sentiment for now
JPY weakness against European currencies looks increasingly hard to justify
GBP strength against the EUR is likely reaching its

Psychology for major markets May 6

May 6, 2026 7:44 AM UTC

Another Round of Japan Intervention

Asia Summary and Highlights 6 May

May 6, 2026 5:04 AM UTC

Australia to build A$10bn fuel reserve as Middle East crisis drives stockpile push
Potential Japan Intervention Again

FX Daily Strategy: Europe, May 5th

May 6, 2026 4:12 AM UTC

Slightly stronger USD favoured on ADP data
Middle East risks suggest equities and riskier currencies vulnerable
JPY weakness against European currencies looks increasingly hard to justify
GBP strength against the EUR is likely reaching its peak

FX Daily Strategy: Asia, May 5th

May 5, 2026 9:00 PM UTC

Slightly stronger USD favoured on ADP data
Middle East risks suggest equities and riskier currencies vulnerable
JPY weakness against European currencies looks increasingly hard to justify
GBP strength against the EUR is likely reaching its peak

North American Summary and Highlights 5 May

May 5, 2026 7:23 PM UTC

Overview - Despite gains in USD/JPY, the USD was little changed overall. 

FX Daily Strategy: APAC, May 5th

May 5, 2026 3:38 PM UTC

Slightly stronger USD favoured on ADP data
Middle East risks suggest equities and riskier currencies vulnerable
JPY weakness against European currencies looks increasingly hard to justify
GBP strength against the EUR is likely reaching its peak

FX Weekly Strategy: May 4th-8th

May 5, 2026 8:52 AM UTC

RBA Signals Last Hike for Now
U.S. Non-Farm Payrolls Not as strong as March but some positive signals
And Other U.S. Data
Sweden Riksbank On Hold and Most Likely Still For Some Time
Canada April Employment A modest gain with stable unemployment