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Macro, read for currencies.

Three reading rhythms: the morning for the session, Sunday for the week, the first of the month for the cycle. Each note links an official release to what it changes for currencies.

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FeaturedFX DailyFriday, 23 October 2026

The dollar decouples from its yields

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Key points

  1. 01The dollar came through the largest daily fall in US yields since March 2023 unscathed yesterday: the 2-year lost 16bp to 4.65%, and the Macro Edge dollar index gained 0.10% to 101.75.
  2. 02The driver was the Nasdaq, down 2.60% after Meta's results: in selling AI-related stocks, investors ranked currencies by safe-haven status, with the yen and the franc ahead of the dollar, and the euro, the AUD and the NZD behind it.
  3. 03The yen also has domestic support, with inflation excluding fresh food and energy at 2.4% in September, above the 2.3% consensus.

Current bias

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The Daily prepares the session, the Weekly steps back on the week, the Monthly follows the cycle. All three start from the same official sources.