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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 3 Mar 2026 - - - #### The dollar index $DXY is now flirting with the downtrend line that has been in place since early 2025 (chart on the left). It is breaking above the 200-day moving average. A close slightly higher from here, and we could be staring at a proper dollar squeeze. Meanwhile, the EUR has tracked EU gas almost perfectly, and the gap now is massive. The chart on the right shows EUR versus EU gas (inverted). That gap is huge. Source: The Market Ear, LSEG [#Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) ![The dollar index $DXY is now flirting with the downtrend line that has been in place since early 2025 (chart on the left).](https://blog.syzgroup.com/hubfs/5-Mar-03-2026-01-11-51-7675-PM.jpg) ![The dollar index $DXY is now flirting with the downtrend line that has been in place since early 2025 (chart on the left).](https://blog.syzgroup.com/hubfs/5-Mar-03-2026-01-11-51-7675-PM.jpg) 23 Feb 2026 - - - #### What is the size of the yen carry trade? There are various types and forms of the yen carry trade. This table from our comprehensive report on this topic shows that its size is substantial. Using conservative estimates, I would put it at $1 trillion. [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![What is the size of the yen carry trade?](https://blog.syzgroup.com/hubfs/2-Feb-23-2026-02-02-28-4263-PM.jpg) ![What is the size of the yen carry trade?](https://blog.syzgroup.com/hubfs/2-Feb-23-2026-02-02-28-4263-PM.jpg) 12 Feb 2026 - - - #### A carry trade unwinding time bomb? Watching the JPY appreciating is nice but note the strong correlation between the JPY and the VIX Source: TME [#Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) ![A carry trade unwinding time bomb? Watching the JPY appreciating is nice but note the strong correlation between the JPY and the VIX](https://blog.syzgroup.com/hubfs/4-Feb-12-2026-04-17-33-1938-PM.jpg) ![A carry trade unwinding time bomb? Watching the JPY appreciating is nice but note the strong correlation between the JPY and the VIX](https://blog.syzgroup.com/hubfs/4-Feb-12-2026-04-17-33-1938-PM.jpg) 11 Feb 2026 - - - #### The Chinese Yuan has strengthened to 6.91 against the US Dollar, the strongest since May 2023. The Yuan is now on track for its 7th consecutive monthly gain, the longest streak since 2020-2021, up+5% since 2025. It has also been the 3rd-best-performing currency in Asia since September. The most recent move comes after Chinese regulators advised banks to limit purchases of US Treasuries and instructed those with high exposure to pare down positions. China is benefiting from the US Dollar's weakness. Source: The Kobeissi Letter, Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![The Chinese Yuan has strengthened to 6.91 against the US Dollar, the strongest since May 2023.](https://blog.syzgroup.com/hubfs/7-Feb-11-2026-04-04-25-5380-PM.jpg) ![The Chinese Yuan has strengthened to 6.91 against the US Dollar, the strongest since May 2023.](https://blog.syzgroup.com/hubfs/7-Feb-11-2026-04-04-25-5380-PM.jpg) 3 Feb 2026 - - - #### THIRD WAVE OF THE US DOLLAR CYCLE Interesting comment by Crescat Capital: ‘We think the gold panic on Friday on the announcement of Kevin Warsh as the new Fed Chair caused a healthy pullback from short-term overbought conditions in the precious metals markets. While Warsh may appear the least dovish among President Trump’s candidates, we believe he is indeed in favor of lowering interest rates in 2026, as the President has also affirmed. Investors in Crescat’s portfolio of undervalued precious and critical metals miners should not be too concerned. Our activist mining portfolio outperformed gold, silver, and the gold equity benchmarks, both on Friday and cumulatively for the month of January. Still, the gold correction was no small matter. We think it presents a buying opportunity. In fact, now, as much as ever, is the time for gold investors not to panic but to step back and look at the big picture’. Source: Crescat Capital [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![THIRD WAVE OF THE US DOLLAR CYCLE](https://blog.syzgroup.com/hubfs/7-Feb-03-2026-04-02-40-2509-PM.jpg) ![THIRD WAVE OF THE US DOLLAR CYCLE](https://blog.syzgroup.com/hubfs/7-Feb-03-2026-04-02-40-2509-PM.jpg) 28 Jan 2026 - - - #### U.S. Dollar has now fallen below its 14-Year Support Level 🚨🚨🚨 Source: Barchart [#Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) ![U.S. Dollar has now fallen below its 14-Year Support Level 🚨🚨🚨](https://blog.syzgroup.com/hubfs/6-Jan-28-2026-11-25-38-1028-AM.jpg) ![U.S. Dollar has now fallen below its 14-Year Support Level 🚨🚨🚨](https://blog.syzgroup.com/hubfs/6-Jan-28-2026-11-25-38-1028-AM.jpg) 28 Jan 2026 - - - #### Did someone front run Trump's dollar announcement by going all-in gold? At exactly 3pm, a large block of gold‑linked call (GLD) trading went through, coinciding with the sharp move higher in spot gold. In over‑the‑counter equivalent terms, a trader rolled 250k deltas out of an in‑the‑money 4,950/5,050 call spread, and into a Feb. 20 5,250/5,400 call spread, representing 1.1 mm ounces of gold exposure ($5.1BN). The client paid $30MM in net premium to implement the new structure. Source: zerohedge [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) ![Did someone front run Trump's dollar announcement by going all-in gold?](https://blog.syzgroup.com/hubfs/5-Jan-28-2026-11-23-58-3456-AM.jpg) ![Did someone front run Trump's dollar announcement by going all-in gold?](https://blog.syzgroup.com/hubfs/5-Jan-28-2026-11-23-58-3456-AM.jpg) 28 Jan 2026 - - - #### While the world watches the US Dollar and Yen with bated breath, the "Swissie" just hit its strongest level in over a decade. Here is why the global markets are shaking: 🚀 The "Gold Nugget" Effect Investors are fleeing to safety. With Gold crossing $5,000/oz and political volatility rocking major powers, the Swiss Franc has become the ultimate "reliable" haven. It’s up 3% this year, following a massive 14% gain last year. 📉 The SNB's Impossible Choice A currency this strong is a double-edged sword. It keeps inflation low (currently at 0.1%), but it puts a massive squeeze on Swiss exporters. The Swiss National Bank (SNB) is now stuck between a rock and a hard place: Cut rates? They are already at 0%. Going negative again is a move they want to avoid. Intervene? Direct intervention risks the "currency manipulator" label and diplomatic friction. 🌍 The Bigger Picture When the "linchpin" of the global economy (the USD) feels erratic, capital doesn't just disappear—it migrates. We are seeing a fundamental shift in where the world stores The Lesson: In a world of volatility, stability is the most expensive luxury on the market. Source: FT [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![While the world watches the US Dollar and Yen with bated breath, the ](https://blog.syzgroup.com/hubfs/4-Jan-28-2026-11-22-07-7777-AM.jpg) ![While the world watches the US Dollar and Yen with bated breath, the ](https://blog.syzgroup.com/hubfs/4-Jan-28-2026-11-22-07-7777-AM.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/6) [5](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/5) [6](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/6) [7](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/7) [8](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/8) [9](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/9) [❯](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/8) [❯❯](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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