US Euro Sale Catches ECB Off Guard in Surprise Yen Intervention

Washington's surprise sale of euros to boost the yen caught the European Central Bank off guard. According to sources, the US only informed its counterparts in Frankfurt after the trade had been executed.

The move was made on Friday and came as a shock to ECB officials, who were reportedly blindsided by the lack of prior notification.

ECB President Christine Lagarde and Treasury Secretary Scott Bessent spoke about the intervention on Saturday, indicating some level of communication between the two parties despite the initial surprise.