Market Dispatch

The broad based USD, represented by the US dollar index has been up only since September 30th. It has been up for 8 straight weeks until last week. When the USD is up only it gets reffered to a “wrecking ball” and for good reason, it can have profound, often negative, effects on global economic ...

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 of December rate-cut ...

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 first female prime minister. ...

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 than 10.7% against the DXY ...

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 powder auctions slipped 3%—and the ...

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 payrolls data. However, the ...

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 the Japanese yen, 8.01% ...

The U.S. jobs market remains robust, and uncertainty surrounding tariffs is causing the Federal Reserve to pause its actions. Meanwhile, most G10 central banks, except the Bank of Japan, are likely to cut rates before the Fed resumes easing. This should theoretically strengthen the USD against ...

The opening words of last month’s letter couldn’t have been more fitting: “There’s no turning back now, and the rest of the world knows it.” The events that followed proved just how true that was. On April 2nd, “Liberation Day,” the reciprocal tariffs announcement felt less like true reciprocity ...

There’s no turning back now, and the rest of the world knows it. The reciprocal tariffs set to be announced on Wednesday, April 2nd, won’t resolve uncertainty—they will merely mark the beginning. Whatever is unveiled will serve as the opening salvo of President Trump’s trade war. These tariffs will ...