Theme updated Aug 20
The dollar & FX
The dollar, DXY and the currency crosses — the plumbing under every other move.
14 mornings covered the dollar & fx this year
Thursday, August 20, 2026
The 30-year fell to 5.20% and the dollar fell with it — EUR/USD +0.86%, USD/JPY -0.80%
Settled session 2026-08-19 · duration, havens and risk all bid · the dollar paid
Read the briefMonday, August 17, 2026
No cash session has printed since Friday
Peace made a new high and passage a new low over a weekend with no cash session — and the storage band reversed
Read the briefSunday, August 9, 2026
The week ended with the S&P 500 at a record 7,757.64 and the VIX at 14.90, its lowest of the year, on the heaviest week for options volume on record
De-escalation in price, blockade in practice — the energy complex splits in two
Read the briefSaturday, August 8, 2026
A soft July payroll drained the September hike out of the market: the dollar closed at its lowest since May and short Treasuries capped their best…
A soft payroll eased the path for rates — onto a sector that has just changed how it funds itself
Read the briefFriday, August 7, 2026
Gold closed at $4,396.20, up 2.25% on the day and its strongest week since January, with silver up 3.02% to $63.47
The the dollar & fx read — Hike talk arrived and the dollar weakened.
Read the briefSaturday, August 1, 2026
One market changed its mind twice this week; the other never changed it at all
The the dollar & fx read — Yields up and the dollar down, four sessions from four.
Read the briefFriday, July 31, 2026
Equities ripped and vol broke - the Nasdaq ~+2.0%, the VIX ~-23% to ~16 - while investors sorted AI winners violently: Amazon ~+14%, Apple ~-9% on…
Friday 2026-07-31 - equities melted up and sorted AI winners violently while the curve steepened and the dollar cracked: the credibility discount widened through the rally
Read the briefThursday, July 30, 2026
THE BOND MARKET CALLED THE FED'S BLUFF
The the dollar & fx read — It fell as long rates rose - an unusual pairing.
Read the briefWednesday, July 8, 2026
The regime flipped: Trump declared the US-Iran ceasefire OVER and the US resumed 'powerful strikes' after Hormuz tanker attacks (threat 'severe')
Wednesday 2026-07-08 - the ceasefire ends, oil spikes, and an oil-led risk-off slams the rate ceiling back through 5%
Read the briefTuesday, July 7, 2026
A soft US jobs report last week dialed back Fed rate-HIKE bets - and the tone tilted dovish into Tuesday
The the dollar & fx read — Gold held near its two-week high, capped by a firm dollar.
Read the briefSaturday, July 4, 2026
US markets were closed for Independence Day (4 July, a Saturday) - but the markets that never shut kept moving
The the dollar & fx read — A soft dollar held even without a US session.
Read the briefFriday, July 3, 2026
Wall Street's profit forecasts are rising at the fastest pace since the Covid rebound - enough for the FT to warn of an 'earnings bubble' - and…
Friday 2026-07-03 - markets as of the 3 July session
Read the briefThursday, July 2, 2026
Fed Chair Warsh said inflation risks have DIPPED - and the FX/crypto tape read a green light: the dollar fell ~0.7% to 100.7, the yen recovered…
The the dollar & fx read — The dollar fell first on the softer inflation read.
Read the briefWednesday, July 1, 2026
Trump vowed to 'annihilate' Iran - and the safe-haven bid went into GOLD ($4,036, +1.6%; COT net-long a record-scale 115,395), NOT oil (WTI -2%)
The the dollar & fx read — A yen near a forty-year low keeps intervention in view.
Read the brief