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Trump's comments push back directly on reporting that he is seeking to bring Iran to the negotiating table, instead framing the current military and economic pressure campaign as achieving US goals without a deal. His emphasis on near total control of the Strait of Hormuz will reinforce the market narrative that near term shipping risk has eased, consistent with recent reporting on reduced threat levels following the latest strikes. At the same time, his description of Iran's economy as collapsing and his call for the Iranian people to rise up signal no near term de-escalation, keeping a geopolitical risk premium embedded in oil prices. Traders should read this as confirmation that Washington sees leverage in prolonging pressure rather…

The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. More here on this.

• Zero 7-day revere repo topday, PBoC cited lack of demand from primary dealer

This article was written by Eamonn Sheridan at investinglive.com.

Two of Wall Street's most-read desks flagged the same underlying worry within weeks of each other, and neither flag was visible to the retail trader watching a standard price chart.

Mizuho's multi-asset team noted that momentum baskets had completely round-tripped, breaking below the lows set during July's Situational Awareness hedge fund unwind, and warned the move had turned self-fulfilling as systematic strategies de-risked into the weakness. Around the same time, JPMorgan's chief technical strategist drew a more historically loaded comparison, telling clients that the current divergence in AI stocks echoed the pattern seen in the months before the dot-com bubble burst in 2000.

The JPMorgan note, published August 21, pointed to a market…

The scale of Tuesday's strikes, around 100 targets including radar, mine laying and anti ship missile capabilities, points to a deliberate US effort to degrade Iran's ability to threaten Hormuz shipping for an extended period, with one official citing at least a month of reduced threat levels. That framing, combined with roughly 40 vessels safely transiting the strait on the day of the strikes, will likely support the case that near term supply disruption risk has eased even as the underlying conflict remains unresolved. The new tanker for tanker policy marks an escalation in US rules of engagement that traders should watch closely, since it introduces a fresh and more direct retaliatory mechanism tied specifically to attacks on shipping.…

Ueda's refusal to push back on market pricing for a September rate hike is likely to be read as a tacit acknowledgment that the central bank is comfortable with current expectations, rather than a signal of hesitation. His comments on the need for closer communication between central banks as the global environment shifts add a layer of caution, suggesting policymakers are wary of divergent moves creating volatility across currency and rate markets. The undisclosed talks with Bessent will draw attention given the parallel comments from Japan's finance minister on joint FX intervention being in line with G7 commitments, keeping the yen in focus. With Ueda offering no pushback on hike expectations and no fresh dovish signal either, the path…

Ueda's comments strike a carefully balanced tone that leaves the door open for further tightening without committing to a specific timeline, keeping September pricing intact without validating it outright. His framing of long-term yield rises as largely a global phenomenon rather than a domestic policy signal will likely ease some concern that the BOJ sees its own hikes as destabilising the JGB market, even as the benchmark yield sits near 3 percent. At the same time, his acknowledgment that upside price risks remain part of the policy calculus, alongside underlying inflation sitting close to the 2 percent target, keeps a hawkish undertone in play. Katayama's comments on monitoring debt markets with heightened urgency, paired with his…

The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exchange markets. China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the PBOC. The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours. Each morning, the PBOC determines the midpoint based on a range of inputs. These include the previous day’s closing price, movements in major currencies, particularly the US dollar, broader…

Mizuho's note points to a technical breakdown with real teeth, since momentum baskets slipping below the lows set during July's Situational Awareness unwind (Mizuho referring to Morgan Stanley's Tech Momentum Index) means the market has now erased the entire rebound that followed that earlier liquidation event. The self-reinforcing dynamic Mizuho describes, where falling prices trigger further systematic de-risking, is the same mechanism that made the July move so violent, and it tends to accelerate once key technical levels give way. This latest leg lower is unfolding against a backdrop of rising bond yields and oil prices tied to the escalating US Iran conflict, adding a macro overlay to what started as a positioning and factor unwind.…

Crude has been grinding higher through the week on the back of this escalation, with prices pushing toward their highest level in more than a month as the market prices in a prolonged disruption to exports rather than a quick de-escalation. Traders are increasingly focused on the mechanics of the standoff itself, including the scale of the US naval blockade around Iranian ports and the risk of further mining attempts in the Strait, rather than any single headline. With the US Strategic Petroleum Reserve already near multi-decade lows and no clear diplomatic off-ramp in sight, the geopolitical premium embedded in oil prices looks unlikely to unwind quickly. Attention now turns to whether Iran responds with further strikes on US assets or…

Schroders' gold upgrade adds to a growing list of asset managers pointing to central bank demand as the structural underpin for prices, even after this year's sharp rally, suggesting institutional flows rather than retail momentum are driving the medium term case. The firm's decision to pair that with continued equity and technology exposure signals confidence that the current cycle has further to run, though its own acknowledgment that valuations sit in extended territory points to a market increasingly reliant on growth and earnings delivering without disappointment. The tactical tilt toward US Treasuries on attractive real yields suggests Schroders sees limited near term inflation risk, a view that would come under pressure quickly if…

UBS's call rests on a widening gap between the front and back end of the curve, with long yields pricing in structural fiscal and issuance risk while short yields still have room to fall as disinflation takes hold. That divergence looks harder to defend after Tuesday, when yields across the curve pushed back toward levels last seen before the Treasury's buyback program expansion, suggesting markets are leaning toward pricing further hikes rather than the cuts UBS needs for its short duration thesis to pay off. Oil remains the key swing factor, with Brent above 92 dollars a barrel and no resolution in sight for Strait of Hormuz disruptions. Until inflation data confirms the fading contribution from energy and tariffs that UBS is banking…

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