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Plaza Agreement, R.I.P.

September 22, 2026
The Plaza Agreement turns 41 today. The anniversary is worth remembering not simply because it was one of the great episodes of coordinated foreign-exchange policy, but because it is increasingly being invoked as a template for a new agreement to force the Chinese yuan higher.That analogy is appealing. It is also misleading.The Plaza Agreement was…
Plaza Agreement, R.I.P. Plaza Agreement, R.I.P. Reviewed by Marc Chandler on September 22, 2026 Rating: 5
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Lower Oil Prices Could Help Snap the Nearly Two-Week Rise in the US Two-Year Rate Lower Oil Prices Could Help Snap the Nearly Two-Week Rise in the US Two-Year Rate Reviewed by Marc Chandler on September 22, 2026 Rating: 5
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PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles

September 21, 2026
The US dollar is mostly consolidating in narrow ranges against the G10 currencies. Japanese markets are closed until Thursday, and despite the softer rates the yen is off about 0.20% through the European morning to rival the Canadian dollar as the weakest among the major currencies. The economic diary is light today and tomorrow, ahead of Wednesda…
PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles PBOC Lifts Yuan Further While Greenback Consolidates and Oil Tumbles Reviewed by Marc Chandler on September 21, 2026 Rating: 5
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Week Ahead: Trump-Xi Meeting Highlight

September 19, 2026
The near-term dollar movement continues to be sensitive to changes in US rates. The Federal Reserve delivered the quarter-point hike that was widely anticipated by a unanimous decision, and still the two-year yield rose a little more than eight basis points on the week, with the bulk coming ahead of the weekend, even though the US reported an unex…
Week Ahead: Trump-Xi Meeting Highlight Week Ahead: Trump-Xi Meeting Highlight Reviewed by Marc Chandler on September 19, 2026 Rating: 5
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Bank of Japan Hikes and Yen Tumbles

September 18, 2026
The US dollar is narrowly mixed against most of the G10 currencies. The notable exception is the Japanese yen, which is around 1.25% lower today. To be sure, the Bank of Japan lifted its overnight rate, as widely expected, and Governor Ueda seemed to signal a faster pace on policy adjustment. Still, the decision was made on a 7-2 vote, and the odd…
Bank of Japan Hikes and Yen Tumbles Bank of Japan Hikes and Yen Tumbles Reviewed by Marc Chandler on September 18, 2026 Rating: 5
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US Rates Steady after Yesterday's Surge and the Greenback Consolidates

September 17, 2026
The initial reaction to the Federal Reserve rate hike was to take US rates and the dollar higher, even though the hike was well anticipated.  In addition to the dots, which showed 16 officials see another hike as likely being appropriate this year compared with six in June, Chair Warsh’s characterization of the hike as “removing a dose of accommod…
US Rates Steady after Yesterday's Surge and the Greenback Consolidates US Rates Steady after Yesterday's Surge and the Greenback Consolidates Reviewed by Marc Chandler on September 17, 2026 Rating: 5
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The Greenback Remains Firm but Mostly Inside Yesterday's Ranges

September 15, 2026
(Due to travel schedule, no commentary tomorrow.  Normal schedule resumes Thursday, September 17.  Thank you for your patience). The rise in oil prices and yields is helping underpin the greenback ahead of tomorrow’s conclusion of the FOMC meeting. The Fed funds futures are discounting almost a 95% chance of a hike, and a second hike is fully pric…
The Greenback Remains Firm but Mostly Inside Yesterday's Ranges The Greenback Remains Firm but Mostly Inside Yesterday's Ranges Reviewed by Marc Chandler on September 15, 2026 Rating: 5
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