The carry trade is feeding on itself. USD/JPY closed Monday at 161.43, its highest level of 2026, after touching 161.91 intraday. The pair has now gained roughly 500 pips since the start of June, and the character of the move has changed. April’s rally was cautious and headline-driven. This one is mechanical — systematic funds […]
Gold’s dead-cat bounce is impressive — up nearly 6% from Wednesday’s low of 4,046 to Monday’s close of 4,352. But is it a bottom? The honest answer is that bottoms are only visible in hindsight, and June bounces in gold have a history of disappointing the first wave of dip-buyers. What we can do is […]
It’s been one of those weeks where the most honest market commentary is a shrug. EUR/USD drifted from 1.1528 to close at 1.1576 — a modest recovery, but within the context of a downtrend it changes nothing. USD/JPY eased from 160.18 to 159.96, pausing after its four-week charge. GBP/USD ground out a 120-pip recovery to […]
Gold’s decline to the low 4,100s has produced a familiar chorus: “the fundamentals are still bullish!” Maybe. But if you can’t tell the difference between a fundamental repricing and forced liquidation, you’re flying blind — so let’s walk through it. Sign one: who’s selling In a fundamental repricing, the sellers are long-term holders changing their […]
The June crypto selloff has become a rout. Bitcoin has fallen from $71,320 at the start of June to the mid-$60,000s — a decline of roughly 8% in seven sessions and 20% from the May peak of $82,792. Ethereum and the large-caps have fared worse, and the altcoin complex is showing the kind of drawdowns […]