The USD is on the back foot following weak US payrolls, while IMF data suggests USD central bank reserves rose in Q1 2026.
Key Takeaways
- 1.The USD remains pressured following a disappointing US non-farm payrolls report.
- 2.Official IMF COFER data shows the USD share of global FX reserves increased in Q1 2026, contradicting de-dollarisation narratives.
- 3.The JPY has gained due to soft US payrolls, reducing immediate pressure on the BoJ to intervene.
Table of Contents
- Asia overnight
- The end of de-dollarisation? No, if you look beyond the JPY
- JPY: pressure release
- Introducing RMA!
- Open trade recommendations
- Key events
- FX Research advanced tools
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
USDJPYXAU/USD
Themes
Central Bank PolicyDe-dollarisation
Regions
Asia PacificEuropeUnited StatesJapanUnited Kingdom