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The Yen Squeezes Higher, Though Official Fingerprints are Elusive

September 03, 2026
The main story today is the Japanese yen.  It is sharply higher today.  The move began early North America yesterday.  No one claimed intervention and many, including ourselves, thought it may have been a rate check.  An initial look at the BOJ’s balance sheet suggests that Japan likely did not intervene yesterday.  The dollar trended lower throug…
The Yen Squeezes Higher, Though Official Fingerprints are Elusive The Yen Squeezes Higher, Though Official Fingerprints are Elusive Reviewed by Marc Chandler on September 03, 2026 Rating: 5
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Bond and Equity Sell-Off Continues, Greenback Extends Gains

September 02, 2026
The risk averse market conditions persist. Yields are higher and stocks are lower. October WTI set a new contract high as hostilities in the Middle East continue. The S&P 500 and Nasdaq composite could gap lower when the cash session begins, though ADP private sector jobs estimate will be released before the opening.  The US dollar is firmer a…
Bond and Equity Sell-Off Continues, Greenback Extends Gains Bond and Equity Sell-Off Continues, Greenback Extends Gains Reviewed by Marc Chandler on September 02, 2026 Rating: 5
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The Dollar Bounces Back but US Efforts on Rates and the Yen are Being Challenged as Iran Presses Hard The Dollar Bounces Back but US Efforts on Rates and the Yen are Being Challenged as Iran Presses Hard Reviewed by Marc Chandler on September 01, 2026 Rating: 5
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The Dollar Consolidates Warsh-Inspired Gains

August 31, 2026
The US dollar is consolidating its pre-weekend surge spurred by the hawkish commentary that Fed Chair Warsh delivered at Jackson Hole. The last time the US two-year and the Dollar Index rose as much as in response to the hawkish hold delivered in the first FOMC meeting Warsh chaired in the middle of June. With the August nonfarm payroll report at …
The Dollar Consolidates Warsh-Inspired Gains The Dollar Consolidates Warsh-Inspired Gains Reviewed by Marc Chandler on August 31, 2026 Rating: 5
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September 2026 Monthly

August 29, 2026
September brings a cluster of events that will shape the macro narrative into year-end. A Xi-Trump meeting, German state elections, a Federal Reserve decision with a new Summary of Economic Projections, and an ECB meeting that is not finished hiking. Each carries its own logic, but together they sketch the contours of the fourth quarter.In our mor…
September 2026 Monthly September 2026 Monthly Reviewed by Marc Chandler on August 29, 2026 Rating: 5
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All Eyes on Warsh

August 28, 2026
The G10 currencies have been in a relatively narrow range this week and this persists ahead of the new Fed chair’s speech at Jackson Hole today. Warsh is an awkward position. First, the main thrust of his brief tenure that the evolution of central banking in the past couple of decades has been misguided, and that the emphasis on forward guidance a…
All Eyes on Warsh All Eyes on Warsh Reviewed by Marc Chandler on August 28, 2026 Rating: 5
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