Turkey Is Burning Its Dollar Lifeboats
For years, emerging markets accumulated US Treasuries as a form of financial insurance. They were supposed to be the ultimate reserve asset: liquid, stable, universally...
Category: FX
India Begins Defending the Rupee as the Emerging-Market Stress Cycle Returns
For years, India represented the favourite emerging-market story of global investors. Strong growth. Structural reforms. Digitalisation. Expanding middle class. Geopolitical neutrality. Demographic power. Now the...
Japan’s Bond Market Starts Cracking and the Dollar System May Be Next
For years, global finance functioned around a dangerous but convenient illusion: Japan would finance everybody forever. The country remained the ultimate source of global liquidity....
Japan’s Costly Battle Against the Yen’s Gravity
Japan has intervened. The yen has jumped. And the market is already asking the only question that matters: how long will it last? After months...
The Day Emerging Markets Became the Safe Haven
History enjoys irony. For decades, emerging-market currencies were the trembling limbs of global finance — volatile, fragile, forever hostage to dollar surges and capital flight....
Dollar in Hell
Donald Trump has finally said the quiet part out loud. Asked in Iowa whether he was concerned by the dollar’s slide, the US president smiled...
When Silence Becomes Intervention
By quietly asking New York traders to confirm prices as the yen surged on Friday, US authorities sent a message louder than any communiqué: the...
The Dollar Refuses to Die — Much to Everyone’s Annoyance
For most of the year, shorting the dollar has been the foreign-exchange world’s favourite pastime. In a $9.6 trillion-a-day market, that’s no small hobby. Yet...
China’s Gold Play: How Bullion Helps Beijing Needle Trump—and the Dollar
The blistering rally in gold is nudging China a little closer to its long-stated ambition: a world less tethered to US-centred finance.Beijing has been stockpiling...