In-Depth Analysis

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.

Türkiye: From currency crisis to inflation culture

The earlier Central Bank of the Republic of Turkey (CBRT) helped break the Lira. Today's CBRT has contained much of the direct exchange-rate pass-through, but it has not yet broken the inflationary habits the currency collapse left behind.

Cryptocurrencies

Ripple pulls back despite strong ETF inflows

Ripple (XRP) is correcting on Monday, trading around $1.48, a 13% drop from last week’s peak of $1.70. The remittance token surged about 72% from $1.00 last week, in line with the broader crypto market’s bullish outlook.

Crypto Today: Bitcoin, Ethereum and XRP pull back as rally cools

The cryptocurrency market is broadly correcting on Monday as investors shift focus to profit-taking after last week’s rally. Bitcoin (BTC) is edging lower amid capped upside below $80,000, with immediate support at $77,000.

Bitcoin stalls as profit-taking starts 

Bitcoin stalls near $77,000 on Monday after surging over 23% last week, marking its strongest weekly gain since mid-March 2023. US-listed spot ETFs recorded $1.92 billion in weekly inflows, their highest weekly inflow so far this year and the largest since October 2025.

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Stocks

Q3 earnings preview: High expectations, positive revisions, and broad-based growth
The corporate earnings foundation remains exceptionally strong. S&P 500 profit growth has now posted 12 consecutive positive quarters, with momentum accelerating and expanding well beyond its initial Big Tech core. This sets a powerful backdrop as we finalize the Q2 earnings season—with just 32 S&P 500 members left to report—and turn our attention to Q3.

Weekly Forecast

EUR/USD: US Dollar falls apart, what’s next?

The US Dollar collapsed this week, helping EUR/USD reach a fresh three-month high just above the 1.1700 mark, heading into the weekly close a handful of pips below that level but still firmly up. The USD sell-off was triggered by the United States Department of the Treasury, which announced on Wednesday that it will increase the government debt repurchase size by at least double.

The Japanese Yen’s historic rescue is running out of steam
The Japanese Yen staged a spectacular 900-pip comeback after a historic US-Japan intervention. Less than three weeks later, that rescue is already showing signs of fading. The Yen is benefiting somewhat from a softer US Dollar, but its downward trend is likely to resume as the underlying pressure on the currency has not disappeared.
Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.

US Dollar: The US Dollar’s new enemy is the bond market
It was not geopolitics, the US-Japan joint FX intervention to support the beleaguered Japanese currency or the omnipresent bets on what the Federal Reserve (Fed) might do in the second half of the year that kept the US Dollar (USD) well on the back foot over the past five days.