U.S. Yen Intervention Involves Selling Euros, Strengthens Euro

The U.S. intervention to bolster the yen last week involved selling euros rather than dollars, aiming to avoid destabilizing Treasury markets. The euro rose to 1.1558 against the dollar, its strongest level in nearly two months. Companies like Amazon reported all-time high market caps exceeding $3 trillion, driven by better-than-expected earnings linked to AI investments. HSBC's second-quarter pre-tax profit was $10.1 billion, a 60% year-on-year increase. This matters for investors as currency fluctuations can impact international earnings and market valuations of major corporations.

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