From Marc Chandler at Bannockburn Global Forex, September 22:
Ahead of the North American session, the US dollar is mostly a little softer. It has initially extended its gains in the Asia Pacific session, where Japan is still on holiday, but has retreated in the European morning. Optimism about the amount of oil making its way through the Strait of Hormuz and pipelines has seen November WTI extend the pullback that began last week after the foray above $100. It approached $89.25 today, its lowest level in two weeks. It is weighing on yields, and the US two-year note yield is threatening to fall for the first time since September 3.
Neither of the US two new initiatives have impacted the broader markets. First, the deal struck with Denmark/Greenland do not appear to give the US anything it did not have under the earlier agreement. That foreign countries cannot have bases there seems to affirm what is already taking place on the ground. Second, the idea that the US-China have a framework for an AI dialogue seemed to have been agreed upon in May. Both sides seem to be slow walking it. Notifying each other about AI incidents that threaten national security seems to be a minimal step.
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