The U.S. dollar is trading higher against all major currencies as September gets underway, with the move coming alongside firmer Treasury yields, stronger crude oil, and lower gold and silver prices. In the morning Kickstart video, I look at the technical picture for EURUSD, USDJPY, and GBPUSD, outlining the levels that define the bias, the risk, and the next targets.

The dollar’s gains against the major currencies are:

EUR: +0.19%

JPY: +0.21%

GBP: +0.09%

CHF: +0.22%

CAD: +0.17%

AUD: +0.28%

NZD: +0.30%

The USD is the strongest of the major currencies, while the NZD is the weakest. The GBP is holding up the best against the greenback.

The low-to-high trading ranges are:

EURUSD: 1.1589 to 1.1624 — 35 pips.

USDJPY: 159.65 to 160.14 — 49 pips.

GBPUSD: 1.3530 to 1.3559 — 29 pips.

USDCHF: 0.8079 to 0.8108 — 29 pips.

USDCAD: 1.3846 to 1.3882 — 36 pips.

AUDUSD: 0.7140 to 0.7180 — 40 pips.

NZDUSD: 0.5893 to 0.5928 — 35 pips.

In the U.S. debt market, yields are higher beyond the 2-year maturity, extending pressure on longer-dated bonds after Fed Chair Kevin Warsh’s hawkish Jackson Hole message on Friday. Markets continue to price in roughly a 65% chance of a September rate hike, which keeps interest-rate expectations an important backdrop for currencies, especially the yen and the euro.

2-year yield: 4.348%, down 0.2 basis points.

5-year yield: 4.5214%, up 1.44 basis points.

10-year yield: 4.780%, up 2.2 basis points.

30-year yield: 5.2719%, up 2.29 basis points.

On the economic front, euro area preliminary inflation accelerated to 3.3% in August from 2.9% in July, matching expectations. Energy remains the main driver, with annual energy inflation rising to 14.3% from 10.3%.

There was better news beneath the headline. Core inflation eased to 2.4%, below the 2.5% estimate and the prior reading, while services inflation slowed to 3.0% from 3.3%. That leaves the ECB balancing higher energy costs against some moderation in underlying price pressures. The report keeps a September hike in focus, but the softer core reading gives policymakers a reason to be measured about what follows.

Meanwhile, Treasury Secretary Scott Bessent is hosting G20 finance ministers and central bank governors in Asheville, North Carolina, with the meetings wrapping up today. For currency traders, Japan, interest rates, and Iran remain the key topics.

Bessent said he expects Japan to take steps that would lead to a stronger yen, adding to expectations for a September Bank of Japan rate hike. U.S. and Japanese officials also reaffirmed their commitment to coordinating on currency moves. However, Bessent characterized recent yen moves as relatively contained, stopping short of signaling an immediate need for another intervention.

That leaves competing forces for USDJPY. Expectations for higher Japanese rates could support the yen, but higher U.S. yields are supporting the dollar. For now, USDJPY is trading near 160.06, up 0.21% on the day.

Bessent also said yesterday that the Fed traditionally does not raise rates into a supply shock unless it feeds into broader inflation. That offers an argument for holding steady despite higher oil prices, although the decision rests with Warsh and the full FOMC.

On trade, Politico reported that U.S. Trade Representative Jamieson Greer said Canada could face additional tariffs, along with import bans or prohibitions similar to measures Canada previously imposed on the U.S. Greer said he would ideally leave energy alone and added that no negotiations are currently underway. The comments add another source of uncertainty for the CAD, with USDCAD higher despite rising oil prices.

Bessent is also pushing for tighter sanctions on Iran under Operation Economic Outcast. For markets, that keeps attention on oil and on the risk that prolonged disruption could add to already elevated energy costs, a factor central banks are watching closely.

U.S. stock futures are pointing lower at the open, with the Nasdaq the weakest. Higher U.S. Treasury yields also mean higher borrowing costs for AI companies looking to borrow to finance growth:

Dow -348 points

S&P -52 points

Nasdaq 351 points

Across commodities and crypto:

Crude oil: Up $1.77, or 2.08%, at $87.57.

Gold: Down $63.16, or 1.42%, at $4,384.38.

Silver: Down 2.21% at $65.02.

Bitcoin: Down $838 at $78,129.

With the dollar higher and yields mostly moving up, can dollar buyers build on those moves? The video takes a closer look at the levels that matter for EURUSD, USDJPY, and GBPUSD, and what buyers need to do to keep control.