EBC notes stronger reserve buffers and a reopened retail dollar window shift focus from headline stockpiles to whether USD supply reaches the market smoothly.
Oil prices surged but the Canadian dollar gained little, signaling a weakening petro-currency link as Canada's economy shifts beyond oil and gold exports rise.
The Swiss franc hit a record high versus the yen as policy divergence, weak Japanese fundamentals and rising geopolitical risks boosted safe-haven demand.
EBC Financial Group notes dollar/yen volatility rose after "rate checks," with USD/JPY falling from 159.23 to the 154 range ahead of the Jan 28 Fed decision.
Trump's plan to restart Venezuelan oil supplies is weighing on Canada's heavy crude exports, putting pressure on oil prices and the investment outlook.
EBC Financial Group says Fed easing may ease FX pressure in Vietnam, but tight liquidity is set to keep shaping the central bank's policy through year-end.