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Currencies Outlook

Yen shakes up sluggish currency markets

Thursday, 03 September 2026, written by Edward Markus

Japan and the U.S. intervened jointly to prop up the yen, with mixed results. Meanwhile, Washington fears that Tokyo may have to sell U.S. government bonds to secure enough dollars, with all the consequences that entails for long-term U.S. yields. You can read about what this means for the yen, the dollar, and other currency markets in our full report.

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Previous reports

Beware of rising real interest rates

Thursday, 20 August 2026

Supply-demand dynamics in capital markets are deteriorating: government deficits and the AI boom are driving up demand for capital, while an aging population and declining confidence in the US are constraining supply. In our latest currency outlook we discuss what this means for EUR/USD and the other major currency pairs.

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FX & Rates | Oil Prices Remain Key for Interest Rate and Currency Markets

Friday, 07 August 2026

Note: This week, instead of separate Currencies and Interest Rate Outlook publications, we're issuing one combined report covering both topics, due to the summer holiday period.

Higher oil prices increase inflation risks and raise the likelihood that central banks will need to tighten monetary policy further. We discuss the implications for U.S. and European interest rates, EUR/USD and the other major currency pairs.

 

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Oil Prices Remain Key for Interest Rate and Currency Markets

Thursday, 06 August 2026

Note: This week, instead of separate Currencies and Interest Rate Outlook publications, we're issuing one combined report covering both topics, due to the summer holiday period.

Higher oil prices increase inflation risks and raise the likelihood that central banks will need to tighten monetary policy further. We discuss the implications for U.S. and European interest rates, EUR/USD and the other major currency pairs.

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