[US Treasury may use euros to intervene in yen to maintain strong dollar policy] (1) Strategists say the US Treasury may choose to use euros instead of dollars to buy yen in order to avoid depreciation of its own currency and avoid market questioning of its strong dollar policy. (2) Two sources familiar with the matter revealed that at least two major US banks received inquiries from the Federal Reserve Bank of New York for euro/yen last Friday; media reports, citing sources, said the New York Fed sold euros and bought yen on behalf of the Treasury. Crédit Agricole strategists pointed out that the US does not want to be seen as selling dollars, as it needs to comply with the G20 foreign exchange agreement and not gain a competitive advantage through currency depreciation. (3) Since Japan launched a new round of intervention on July 30, the euro has weakened against most G10 currencies and fallen by about 4% against the yen; JPMorgan strategists believe that the main goal of this intervention is to support Japan in preventing excessive depreciation of the yen, rather than actively weakening the dollar.

【Counterpoint: Global smartphone revenue hits record high in Q2 2026, ASP rise drives divergence from shipment decline】 (1) Global smartphone market revenue grew 7% year-on-year in the second quarter of 2026, reaching a record $109 billion. Despite a decline in shipments during the same period, revenue still hit a record high for the second quarter. (2) The divergence between revenue and shipment trends was mainly due to the average selling price (ASP) rising 17% year-on-year to $400, reaching a record high for the second quarter. (3) The rise in ASP was driven by two factors: consumers continued to shift to high-end segments, and rising storage costs prompted Android OEMs to generally raise product prices.

Indonesian government data shows that the country exported 29,275.2 tons of Robusta coffee beans from Sumatra in June.