The Swiss National Bank dialed down its threat of currency intervention as a weakening in the franc prompted it to pivot toward more vigilance on inflation.

Further intervention by Japan to prop up the yen would offer a good opportunity to sell, according to UBS Asset Management’s Kevin Zhao, who doubts Friday’s central bank rate increase signals a hawkish turn.

Currencies such as the Swedish krona and Swiss franc are emerging as prime candidates to finance carry trades as the yen’s recent surge makes it a less reliable bet than in the past.

Markets are overestimating sovereign debt risks, according to Jupiter Asset Management’s Mark Nash, who is betting long-dated bonds will rebound from their recent selloff.

Traders are boosting bets on interest-rate hikes from the European Central Bank and the Bank of England as climbing energy prices threaten to keep inflation entrenched through the coming year.

The yen strengthened nearly 2% Thursday, reversing a month of gradual decline, as traders lifted bets on Bank of Japan interest-rate hikes and remained vigilant to the risk of official action to further boost the currency.

US Treasuries fell for a second day as investors geared up for Federal Reserve Chairman Kevin Warsh’s Friday speech in Jackson Hole, where some expect him to strike a hawkish tone.

US Treasury yields edged higher for a second day as investors geared up for Federal Reserve Chairman Kevin Warsh’s Friday speech in Jackson Hole, where some expect him to strike a hawkish tone.

Currency traders are increasing hedges for further gains on the dollar ahead of a key speech from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium on Friday.

Canada’s currency tumbled against the US dollar by the most in two months after President Donald Trump escalated his trade war with the country by vowing to double tariffs on auto imports.

As markets brace for elections in Italy and France next year, a growing number of bond investors are betting that the political drama will be more muted in Rome than in Paris.

A portfolio manager at Ninety One Plc is using a two-pronged position in the Treasuries market to bet ebbing price pressures will help restore faith in Federal Reserve Chairman Kevin Warsh’s inflation-fighting credentials.

A senior strategist at Bank of New York Mellon is using the price of a Japanese fast-food staple to get an accurate snapshot of the yen’s weakness as the impact of the recent intervention fades.

The yen edged closer toward a key level against the dollar, raising concerns over Japanese authorities stepping in again to prop up the currency.

The yen surged against the dollar after US jobs data, after earlier speculation in markets that authorities could intervene again on the currency.

The US’s decision to sell euros to support Japan’s currency without warning European policymakers is adding to geopolitical risks and further dimming the appeal of longer-maturity government bonds, according to BlackRock Inc.

The yen surged against a weaker dollar after an unexpectedly soft US payrolls report on Friday, with traders on alert for any sign authorities were preparing to intervene in the Japanese currency again.

European bonds are emerging as a safer choice for fund managers as they try to navigate an increasingly fraught global backdrop.

The yen’s rally following joint US-Japan intervention has likely run its course, according to currency strategists, who say market expectations of a Federal Reserve interest-rate hike this year are set to support the dollar.

Jordan Rochester, who made his name as one of Britain’s most recognized financial commentators during the country’s split from the European Union, has left Mizuho Bank Ltd. to pursue a position in Dubai.