The Davos Revolt and the Warsh Rescue

The Davos Revolt and the Warsh Rescue

Before diving into the geopolitical shifts at Davos, we must look at the scoreboard. January was a rare unanimous month where every major currency gained significant ground against the USD. While the USD’s “benign neglect” provided the baseline,...
Year-End Report Card

Year-End Report Card

2025 delivered a broad-based setback for the USD, which declined against all major currencies. Year to date, the greenback is down 14.46% against the Swiss franc, 13.36% against the euro, 7.81% against the Australian dollar, 7.54% against the British pound, 4.81%...
The Softwar

The Softwar

As a foreign exchange dealer attuned to the Fed’s every whisper, November 2025 illustrated how quickly the USD’s momentum can reverse. The Dollar Index (DXY) slipped from 100.33 to 99.43 as early-month strength was undone by dovish signals and an aggressive repricing...
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...