According to CoinMeta, the exchange rate of EUR / USD broke through 1.15 driven by Japanese yen intervention, and market focus has once again shifted back to fundamental factors. Last week, the US dollar generally declined, with initial weakness stemming from the Federal Reserve's interest rate decisions. Although the dissent of Federal Reserve officials Kashkari was not seen as a major hawkish surprise. On Thursday, there was significant selling of the US dollar due to interventions by Japan and South Korea, and on Friday, reports emerged that the US Treasury Department had participated in the intervention, marking the first joint action since 2011. Both the Japanese Ministry of Finance and the US Treasury Secretary Bessent stated that they would not hesitate to undertake more joint interventions in the future. Considering that the current trading levels of USD / JPY are at April and May levels, the likelihood of further intervention in the near term is low, so the US dollar should return to fundamental-based trading. Overall, the market is awaiting developments regarding US CPI and the US-Iran situation. If the situation eases, it will put pressure on the US dollar; otherwise, it may continue to support it. Friday's preliminary CPI report from the eurozone showed that core inflation rose to 2.5%, higher than the 2.4% of last month, which keeps the September meeting active. If there is no clear easing in the Middle East situation and the next report does not show a slowdown in core inflation data, the European Central Bank will have no choice but to raise interest rates.