CHFJPY WEEKLY: Funding currencies
One look at this chart would strongly sugggest switching from JPY to CHF as a favored funding currency (e.g. for carry trades) is driving the cross lower.
While this has developed into a clear downtrend, it is not technicals driving the flows.
This would also explain divergence today, USDJPY down, USDCHF up.

AUG CPI around consensus (m/m core miss)… knee jerk risk off reactions not following through

USDX is stabilizing after a bullback from 99.80, finding firm support near 98.80 and attempting another rebound. While the index remains supported by the 200-day SMA, it continues to trade below the long-term ascending trendline, keeping the broader bias cautious and upside attempts subiect to confirmation.

Newsquawk Daily US Opening News – 11th September 2026

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Forex Market Snapshot
The dollar mixed awaiting today’s key US CPI report where the reaction, especially in US Treasuries, will be mote important than the headline reading.
JPY, AUD and NZD outperforminmg, EUR a modest underperfrormer as it slips back to 1.16.
Ahead of the data crude oil has slipped a touch after yesterday’s surge higher, US bond yields have followed while US stocks are trading higher.

re Speaker ECB’s Lagarde:
after her CB raised its interest rate
“The longer energy prices stay high, the more likely they are to drive up broader inflation through indirect and second-round effects,” – told reporters this morning
now that this public policy einstein is out of the way players gaming focus will be next week’s Fed whether it will or not raise rates

COMING UP: Data: UK GDP (Jul), US CPI (Aug), US University of Michigan Survey Prelim (Sep).
Events: IEA OMR, CBR Announcement.
Speakers: US President Trump; ECB’s Lagarde, Lane. Supply: Australia. Earnings: Kroger
US Market Wrap: Stocks and Treasuries sold, while oil surges as Middle East tensions escalate
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down.

US500 4 HOUR: Remains on the defensive
Best hope for stocks would be crude oil backing off and/or a US CPI beat (lower) on Friday as a miss or even as per consensus reading would keep pressure on the bond market. Even a beat might see limited follow through given the sharp rise in oil prices this month and the impact on inflation.
Otherwise, US500 stays defensive as long as it trades below 7610-25, stronger bias if it stays below 7610 as there is a big void below it..

XAUUSD vs. BTCUSD
XAUUSD seems set to break a 6-day pivot around 4400 tomorrow (barring a surprise) and dependent on 4300 holding or risk an attack on the 4282 low. Upside limited unless 4375+ trades again.
BTCUSD: Trying to build momentum to the downside after failing to stay above 80K and dependent on 75499 holding (use 75K as well( or face a void below it.

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