Saxo Market Call Can both USD and JPY launch a comeback? Also: another 200B capex story...
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Feb 17, 2026 
Ole Hansen, Head of Commodity Strategy at Saxo Bank, offers market-savvy takes on commodities, FX and precious metals. He discusses possible USD and JPY comebacks. He breaks down bond demand, pressure on precious metals, copper and cocoa dynamics, AI-driven capex news and the implications of massive memory-investment plans.
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Bond Rally Questions Yen Weakness
- Strong JGB demand suggests Japan's bond market may stay stable, weakening a core argument for a collapsing yen.
- Falling US Treasury yields also revive the role of fixed income and pressure precious metals, says John Hardy.
Silver Shows Weaker Momentum Than Gold
- Gold is holding technical support while silver shows weaker rebounds with lower highs.
- Ole Hansen says bullish sentiment in silver has cooled and a deeper correction is possible.
Extreme Dollar Bears Raise Squeeze Risk
- Dollar bearish positioning sits at multi-year extremes, creating contrarian squeeze risk.
- John Hardy flags euro and sterling as the most likely pairs to snap back if a dollar squeeze occurs.