[MARKET ANALYSIS] DXY trades steadily after ultimately gaining against most major peers, while JPY fades some of the post-intervention advances

This is a session recap rather than a fresh catalyst, and the analytically live thread is the JPY leg: post-intervention fades are a well-worn pattern, in which official yen-buying typically produces a sharp initial move that then bleeds back over subsequent sessions unless followed by repeated operations or a shift in the underlying rate differential. Historically, unilateral intervention of this kind has altered the pace of depreciation more than its direction, and the gradual drift back toward the prior level is the usual sequence when the US-Japan yield gap is left intact; the tell for whether the episode has more to run is whether verbal or actual follow-through accompanies any retest of the levels that drew the initial response. Elsewhere the dollar's resilience despite softer yields and oil fits the familiar pattern of data-driven support, with strong activity surveys and an upgraded growth nowcast offsetting the rates channel. The split among the majors is conventional: the euro pinned at a round-number support, sterling weighed by its own survey miss, and antipodeans driven by domestic data rather than the dollar leg. What matters next is the US data calendar, since a dollar holding firm on growth surprises while yields fall is a configuration that has historically resolved in favour of whichever side the next tier-one release supports.