Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul>
<li>Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year</li>
<li>FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity</li>
<li>Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>AS51 broke out of a tight multi day range Friday with one of the strongest moves of the year.</li>
<li>Relative performance versus SPX has begun to improve, hinting at a potential shift after prolonged underperformance.</li>
<li>SPASX200 1-month implied vol remains pinned near historic lows which could provide an interesting setup into year end.</li>
</ul>


AS51 broke out of a tight multi day range Friday with one of the strongest moves of the year.
Relative performance versus SPX has begun to improve, hinting at a potential shift after prolonged underperformance.
SPASX200 1-month implied vol remains pinned near historic lows which could provide an interesting setup into year end.


Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>US-Dollar Reversal Incoming? The signs become more that the USD is topping out. This is the result of our latest currency-assessment.</li><li>Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over the last months.</li><li>Both pairs trade at multi-year support and are heavily oversold across all metrics.</li></ul>

US-Dollar Reversal Incoming? The signs become more that the USD is topping out. This is the result of our latest currency-assessment.Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over the last months.Both pairs trade at multi-year support and are heavily oversold across all metrics.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.</li><li>Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.</li><li>Are international investors even involved in China anymore?</li></ul>

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.Are international investors even involved in China anymore?

Positioning Watch: Is Anyone Even Invested in China at This Stage?

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.</li><li>This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.</li><li>Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CFTC Weekly Sentiment Report - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

Australia

The Australian dollar is the official currency of the Commonwealth of Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AUD (USDAUD CURNCY)

Global FX Volatility Outlook 2026

Mira and the macro crew provided a positive outlook on carry and risk for the first half of 2026, predicting contained FX vols, low central bank...

At Any Rate

Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.

John Ley

US-Dollar Reversal Incoming?

Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over...

The Commodity Report

Positioning Watch: Is Anyone Even Invested in China at This Stage?

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate. Positioning in CNY markets...

Steno Research

CFTC Weekly Sentiment Report - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn. This was the third consecutive week of...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global FX Volatility Outlook 2026

Mira and the macro crew provided a positive outlook on carry and risk for the first half of 2026, predicting contained FX vols, low central bank...

At Any Rate

Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

​AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.

John Ley

US-Dollar Reversal Incoming?

Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over...

The Commodity Report

Positioning Watch: Is Anyone Even Invested in China at This Stage?

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate. Positioning in CNY markets...

Steno Research

CFTC Weekly Sentiment Report - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn. This was the third consecutive week of...

Scotiabank

AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.