QE – Not QE

QE – Not QE

The USD extended its dominance in October, rising against all major currencies as markets recalibrated expectations for global growth and monetary policy. Japan made history when the Liberal Democratic Party selected Takaichi Sanae as its new leader, the country’s...
Divergence, Debt, and Shifting Safe Havens

Divergence, Debt, and Shifting Safe Havens

As September draws to a close, the foreign exchange markets have navigated a turbulent landscape shaped by diverging central bank policies, rising bond yields, and mounting U.S. fiscal pressures. The U.S. dollar (DXY) has logged a steep year-to-date decline of more...
The Dollar Loses Its Shine

The Dollar Loses Its Shine

August was turbulent for currency markets, with the US dollar weakening against nearly all major peers as the Federal Reserve signaled a pivotal shift in monetary policy. The lone exception was the New Zealand dollar, pressured by falling dairy prices—whole milk...
“Fugazi” Dollar Rally

“Fugazi” Dollar Rally

The U.S. dollar index (DXY) endured a volatile July, snapping a six-month decline only to reverse sharply after a dismal employment report. From January through June, the DXY fell nearly 10.8%, but rebounded 2.0% early in July following stronger-than-expected nonfarm...
USD Mid-Term Report Card

USD Mid-Term Report Card

The first half of 2025 has delivered a broad-based setback for the USD, which has declined sharply against all major currencies. Year to date, the greenback is down 14.38% against the Swiss franc, 14.19% against the euro, 9.90% against the British pound, 8.84% against...