On June 26, 2025, markets react sharply to growing concerns over the Federal Reserve’s independence, sending the US Dollar to its lowest levels in over three years. This dollar weakness lifts major currencies and risk assets across the board. Gold (XAU/USD) rises toward recent highs as the USD continues to decline. GBP/USD breaks above 1.3700, marking multi-year highs amid broad sterling strength. In the Asia-Pacific region, AUD/JPY steadies around 94.50, supported by risk appetite and technical support. EUR/JPY trades near 169.50, just shy of its 11-month peak, as European and Japanese policy divergence widens. ... (full story)