Yves Sanquer

Currencies: Tariffs, Act II

Equity markets are consolidating as leadership shifts. The dollar is holding firm because the Fed has yet to pivot. The yen is wavering as global stress fails to take root. However, slowing disinflation and rotating capital flows signal one thing: the second half of the cycle will be more selective, more international, and less concentrated on U.S. mega-caps. In other words, the cycle is not reversing; it is transforming.

February 23, 2026 at 10:17 am

Currencies: a fragile calm

The macroeconomic releases of recent days have not upended the central scenario, but they have clarified the regime in which markets are now operating. We are neither in a euphoric acceleration nor tipping into recession. We are in a mid-cycle slowdown, with financial markets searching for balance. In this context, the FX market is becoming an early barometer of confidence.

February 16, 2026 at 09:31 am

EURO / US DOLLAR (EUR/USD): EUR/USD: Possible End to recent trend

February 02, 2026 at 02:26 pm

Currencies: Volatility at every level

For some, making it to the end of the month can be tough. For investors, the end of January was marked above all by heightened volatility across most asset classes: a sharp drop in precious metals, equity indices in the midst of a sector rotation and the dollar refusing to give in to panic.

February 02, 2026 at 02:07 pm

Currencies: Spotlight on the Japanese yen

After Donald Trump's remarks on Greenland helped equities regain altitude, investors are now focused on Japanese rates, which keep climbing even as the yen remains weak. This decoupling is unusual and needs to be watched closely.

January 26, 2026 at 02:15 pm

EURO / US DOLLAR (EUR/USD): Caught in a Crossfire

January 21, 2026 at 09:03 am

Currencies: The dollar caught between two fires

The latest US data still paints a positive macroeconomic backdrop: solid growth supported by rising productivity, the return of disinflation and an accommodative monetary stance. The main risk is not a recession, but rather a correction linked to the political volatility of a midterm-election year.

January 19, 2026 at 09:33 am

Currencies : Employment fails to shift the narrative

Investors had been waiting eagerly, although the jobs report has ultimately done little to alter the current momentum.

January 12, 2026 at 02:40 pm

Currencies: Don't panic

With 2025 barely over, 2026 is getting off to a flying start as the US takes control of Venezuela. This new world order does not appear to shock the financial markets in any particular way, however, as they took the news in their stride.

January 07, 2026 at 08:53 am

Currencies: That's Life

The two main events of last week were the jobs report, followed by US inflation data. While the former triggered some profit-taking, the latter was welcomed by investors. Let's take a quick look at the details.

December 22, 2025 at 02:55 pm

Currencies: Political Dissent

At first glance, the US Federal Reserve did the job expected of it, but a closer reading still reveals real dissension within the institution that cannot be kept quiet.

December 19, 2025 at 09:35 am

Currencies: all eyes on the Fed

Global markets are looking at a key week with the Federal Reserve meeting that will publish its conclusions on Wednesday. Several markets stand at pivotal points that will be useful to juxtapose to gain a clear view for the coming weeks.

December 08, 2025 at 03:04 pm

Currencies: How do you like them?

Although last week was somewhat shortened by Thanksgiving in the United States, currency traders still had a few statistics to sink their teeth into, on top of the turkey, of course.

December 02, 2025 at 07:39 am

Currencies: CAD and gold in sight

An interesting question from one of our readers: "Why isn't the Canadian dollar rising even though Canada is one of the main gold-producing countries?" Some answers.

November 24, 2025 at 02:56 pm

Currencies: sell the news

"Buy the rumors, sell the news" is a well-known saying in financial circles. The announcement of the end of the shutdown in the US perfectly illustrates this definition. While the markets performed well throughout October, things have stalled somewhat.

November 17, 2025 at 09:10 am

Currencies: dollar at a turning point

With the shutdown now a thing of the past, one of the recent supports for the dollar may have disappeared with it. We should have some answers this week with the release of the latest US inflation statistics.

November 12, 2025 at 01:57 pm

Currencies: not a foregone conclusion

Small statements often make a big splash, and the latest meeting of the US Federal Reserve was no exception. While Jerome Powell delivered an eagerly awaited speech, it took very little for everything to change. Let's take a look back at this big event.

November 03, 2025 at 12:45 pm

Currencies: The balance of power has reversed

You can get burnt playing with fire, especially as the geopolitical situation has changed significantly in recent years. Donald Trump would be well advised to remember this during his negotiations with Xi Jinping.

October 27, 2025 at 12:32 pm

Currencies: Blackout

It's difficult to see clearly due to the US government shutdown. Many agencies are still closed, with the notable exception of the Federal Reserve, which continues to produce some macroeconomic data. Without resorting to reading coffee grounds or tea leaves, the scattered data paint a picture of a slightly deteriorating labor market, while regional banks are once again facing credit problems.

October 20, 2025 at 09:20 am

Currencies: Patience is a virtue

In the absence of macroeconomic statistics from the United States, due to the shutdown, investors seem to be taking their lumps, even if Donald Trump's outburst with China caused some turbulence at the end of last week. However, this is not enough to derail the scenario of a dollar recovery.

October 13, 2025 at 02:04 pm

Currencies: Surprise!

Until this morning, I was wondering where the expected bullish reversal on the dollar index might come from. The answer has arrived: from the fall of the euro, of course! We can thank France, and more specifically Sébastien Lecornu, whose surprise resignation has added to the chaos in a country already in turmoil since the dissolution of parliament in June 2024.

October 06, 2025 at 03:04 pm