1. Executive Briefing (TL;DR)

• Top Key Takeaways:
• Historic Joint US-Japan FX Intervention: The US Treasury and Japanese Ministry of Finance executed a rare coordinated FX intervention, with Treasury Secretary Scott Bessent spotted with notes indicating plans to buy $5B–$10B in Japanese Yen to stabilize the sliding currency [01:21].
• **Systemic…

1. Executive Briefing (TL;DR)

• The Core Thesis: Despite a historic, hawkish shift in the Federal Reserve's dot plot driven by leadership changes, peaking inflation and crumbling energy prices will contain the upside for US yields, limiting sustained dollar appreciation. Concurrently, a structural regime shift across the ECB, BOJ, and UK politics is creating highly localized, volatile FX crosscurrents,…

Host: Fred Newman (HSBC, Hong Kong) Guest: Joey Chu (Head of Asian FX Research, HSBC, Singapore)

Global Macro Environment & The Strong Dollar Regime

• The Core Disconnect: Global equity markets have climbed to all-time highs following recent ceasefire announcements, which typically dampens safe-haven demand. However, the US dollar (USD) has remained exceptionally well-supported…

00:00:22 Introduction & The "Limbo of War"

• Host & Guests: The episode is hosted by Avasani, joined by Luis Estrada (LATAM FX Strategist) and Dasha Parko (EMIA FX Strategist). It was recorded across May 27th and May 28th, 2026 [00:00:22].
• The War Limbo: The core macro backdrop is the prospect of a potential resolution to the ongoing…