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Latest Analysis
AUD outperforms
25 February, 2026
• AUD strength. Positive sentiment & firmer inflation have supported the AUD. This & JPY weakness have propelled AUD/JPY to a multi-decade high.• Data flow. US producer price inflation due later...
Markets stabilise as State of the Union address proves uneventful
25 February, 2026
Financial markets are becalmed after US president Donald Trump stuck to the script in his State of the Union address last night, avoiding any major policy announcements and striking a more measured tone...
Dollar resumes its climb against still-uncertain backdrop
24 February, 2026
Good morning. The dollar is advancing against most of its major counterparts and measures of implied currency volatility are tracking near historic norms as foreign exchange traders downplay tariff risks...
Dollar softens as policy uncertainty climbs
23 February, 2026
Equity markets are lower and the dollar is weaker against all of its major counterparts after the US cycled through four different tariff frameworks between Friday morning and Saturday afternoon, underscoring...
Tariff Whiplash
22 February, 2026
• US tariffs. US Supreme Court rules against Pres. Trump. US tariffs being rejigged. USD softer. AUD & NZD a little firmer. AUD still near multi-year peak.• Macro trends. Over medium-term reworking...
Trump raises tariffs, again
21 February, 2026
Only a day after the Supreme Court struck down his tariff regime, and less than 18 hours after signing an executive order implementing new 10 percent tariffs on all US trading partners, Donald Trump has...
Trump implements new 10% global tariffs
20 February, 2026
US president Donald Trump has said he will sign an order imposing 10-percent tariffs on all global imports later today, replacing many of the levies ruled illegal by the Supreme Court this morning. In...
Supreme Court strikes down Trump’s tariff regime, doesn't rule on refunds
20 February, 2026
The Supreme Court of the United States this morning ruled against Donald Trump’s use of the International Emergency Economic Powers Act to impose tariffs, but declined to rule on firm’s eligibility for...
US economy slows, but exhibits signs of resilience, keeping dollar aloft
20 February, 2026
The American economy slowed by more than expected in the final quarter of 2025, with weaker consumer spending, trade effects, and the government shutdown combining to sap momentum. Data released by the...
Hawkish Fed minutes keep dollar well-supported
19 February, 2026
Good morning. The dollar is outperforming all of its major counterparts as the aftermath of yesterday’s more hawkish-than-expected Federal Reserve minutes puts upward pressure on yields and weakens demand...








