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Latest Analysis
Currency market fireworks remain subdued as traders process conflicting signals
05 February, 2026
Good morning. Foreign exchange markets are caught between conflicting forces as precious metals extend their decline and a sell-off in technology stocks shows signs of exhaustion. Gold and silver prices...
Push-pull forces
04 February, 2026
• Push-pull. A few equity market wobbles overnight. USD a bit firmer. NZD underperforms. AUD retraces its RBA rate hike induced uptick.• Macro events. ECB & BoE expected to hold rates steady tonight....
Tech washout leaves currency markets directionless
04 February, 2026
Foreign exchange markets are looking somewhat rudderless this morning after a technology-led selloff hammered the biggest US stocks yesterday and dampened global risk appetite. The dollar is extending...
Calm returns, dollar resumes its slide
03 February, 2026
Good morning. Foreign exchange markets are trading on a more stable footing as tumult in the precious metals complex eases and the White House leaves its social media accounts in a state of benign neglect....
RBA in focus
02 February, 2026
• Metal vol. Large swings in gold & silver prices. Positive US data supported the USD index. AUD held up thanks to some relative outperformance.• RBA today. On net, a RBA rate hike looks more likely...
Precious metals plunge triggers global selloff
02 February, 2026
A slow-motion flight to safety is underway across the currency markets this morning, as a bloodbath in the precious metals complex extends into a second week. Equity futures are pointing to further losses...
USD turnaround
01 February, 2026
• Reversal. Positive data & Trump’s Fed Chair announcement boosted the USD. Commodities fell. AUD also lost ground (now ~2% below Thursday’s peak).• Macro risks. RBA expected to hike rates...
Warsh nomination lifts dollar
30 January, 2026
The dollar is edging higher after US president Donald Trump said he will nominate Kevin Warsh to lead the Federal Reserve, a move that would place a long-time critic of expansive monetary intervention...
Dollar resumes its decline as shutdown risks fade
29 January, 2026
Good morning. Risk-sensitive currencies are advancing as shutdown fears recede and investors resume betting on a weaker dollar. According to the New York Times, US president Donald Trump and Senate minority...
RBA U-turn
28 January, 2026
• Holding on. No change in rates by US Fed. US equities & bond yields consolidate. USD index ticks up, but AUD outperformance continues.• RBA hikes. Stronger CPI boosted RBA rate rise bets. Hike next...








