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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 8 Sep 2026 - - - #### Japanese Yen hits strongest level against the U.S. Dollar since February Source: Barchart [#Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) ![Japanese Yen hits strongest level against the U.S. Dollar since February](https://blog.syzgroup.com/hubfs/1788837985857.jpg) ![Japanese Yen hits strongest level against the U.S. Dollar since February](https://blog.syzgroup.com/hubfs/1788837985857.jpg) 4 Sep 2026 - - - #### Something is breaking in the US dollar The 30-year Treasury yield just hit its highest level in nearly two decades. Yet the dollar is falling. That is not how the playbook normally works. Higher yields should attract foreign capital and strengthen the currency. Instead, the DXY dropped from nearly 102 to below 99 in August. Meanwhile: → The Chinese yuan strengthened → The Japanese yen surged as BOJ rate-hike expectations increased → Investors demanded higher yields to hold long-term US debt The message from markets is increasingly uncomfortable: Higher Treasury yields may no longer reflect US economic strength. They may reflect growing concerns over America’s $40 trillion debt burden, widening deficits and expanding Treasury buybacks. Bond investors want more compensation. Currency investors want less exposure. Friday’s jobs report is the next major test for both the dollar and Treasury yields. [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Something is breaking in the US dollar](https://blog.syzgroup.com/hubfs/1788476385598.jpg) ![Something is breaking in the US dollar](https://blog.syzgroup.com/hubfs/1788476385598.jpg) 4 Sep 2026 - - - #### Someone trying to save the Japanese Yen again Source: Barchart [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![Someone trying to save the Japanese Yen again](https://blog.syzgroup.com/hubfs/1788501569725.jpg) ![Someone trying to save the Japanese Yen again](https://blog.syzgroup.com/hubfs/1788501569725.jpg) 1 Sep 2026 - - - #### The narrative that Iran holds the upper hand is increasingly difficult to defend. The rial is hitting fresh lows almost daily as the blockade tightens its grip on the economy, while Tehran’s control over the Strait of Hormuz is steadily weakening. Iran’s remaining leverage is its ability to drive oil prices higher—and so far, even that strategy is failing. Source: Robin Brooks [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) ![The narrative that Iran holds the upper hand is increasingly difficult to defend.](https://blog.syzgroup.com/hubfs/1788208676325.jpg) ![The narrative that Iran holds the upper hand is increasingly difficult to defend.](https://blog.syzgroup.com/hubfs/1788208676325.jpg) 31 Aug 2026 - - - #### EVEN THE US TREASURY SECRETARY IS NOW WARNING ABOUT YEN CARRY UNWIND. Scott Bessent said a disorderly, sharp decline in the yen could set off forced unwinds of major trading positions. He warned this could spread stress across global markets, not just Japan. The end result, he said, would be higher borrowing costs for US households and businesses. This warning comes in a letter responding to Senator Elizabeth Warren, who questioned the US and Japan's joint intervention to defend the yen last month. The yen is already weakening again, sliding back toward 160 per dollar. That is the same level that triggered the original intervention just weeks ago. Bessent also pointed to Argentina, saying the Treasury used the same emergency fund last year to stop a currency crisis there before it spread further. He says Acting early is cheaper than waiting for a full blown crisis. If the Treasury Secretary himself is this concerned about the fallout, the risk here is bigger than markets are currently pricing in. Source: Bull Theory [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![EVEN THE US TREASURY SECRETARY IS NOW WARNING ABOUT YEN CARRY UNWIND.](https://blog.syzgroup.com/hubfs/1788128326974.jpg) ![EVEN THE US TREASURY SECRETARY IS NOW WARNING ABOUT YEN CARRY UNWIND.](https://blog.syzgroup.com/hubfs/1788128326974.jpg) 28 Aug 2026 - - - #### "I only invest in what I fully understand." Meanwhile, the U.S. Dollar 👇 Source: Bitcoin archive [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![](https://blog.syzgroup.com/hubfs/1787894559003.jpg) ![](https://blog.syzgroup.com/hubfs/1787894559003.jpg) 21 Aug 2026 - - - #### U.S. Dollar 15-Year Trendline It's Now or Never Source: Barchart [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![U.S. Dollar 15-Year Trendline It's Now or Never](https://blog.syzgroup.com/hubfs/1787263650326.jpg) ![U.S. Dollar 15-Year Trendline It's Now or Never](https://blog.syzgroup.com/hubfs/1787263650326.jpg) 21 Aug 2026 - - - #### For decades, the Japanese yen has been the funding currency of choice for global carry trades. But as volatility in Japan rises and the Bank of Japan gradually moves away from ultra-low interest rates, investors are increasingly looking for alternatives. One currency is emerging as a natural candidate: the Swiss franc. The logic is straightforward. Swiss interest rates remain close to zero, making the franc one of the cheapest major currencies in the world to borrow. At the same time, the Swiss National Bank remains attentive to excessive currency appreciation, reducing—at least in investors’ eyes—the risk of a sharp and uncontrolled strengthening of the franc. Positioning data suggests traders are taking notice. Hedge funds have pushed net short positions in the Swiss franc close to a two-month high, while speculative short positions in the yen have declined for a second consecutive week. The performance differential is already becoming visible. Over the past month, a carry trade funded in Swiss francs and invested in the Mexican peso would have generated a return of roughly 4%, compared with around 1.3% for the same trade funded in Japanese yen. The yen is unlikely to lose its status as the world’s dominant funding currency anytime soon. But the backdrop has changed. Expectations of higher Japanese interest rates, combined with the persistent risk of currency intervention, have made yen-funded carry trades less predictable. By contrast, Switzerland combines extremely low borrowing costs with relatively low interest-rate volatility. That is putting the franc firmly back on traders’ radar. There is, of course, a striking irony in all of this: one of the world’s ultimate safe-haven currencies is increasingly being borrowed to finance risk-taking elsewhere. The Swiss franc may still be a refuge when markets panic—but in calmer times, it is increasingly becoming the fuel behind the carry trade. Source: Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![For decades, the Japanese yen has been the funding currency of choice for global carry trades.](https://blog.syzgroup.com/hubfs/1787288488836.jpg) ![For decades, the Japanese yen has been the funding currency of choice for global carry trades.](https://blog.syzgroup.com/hubfs/1787288488836.jpg) [❮](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/1) [1](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/3) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/25?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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