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


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.

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?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What the dollar bear market rally means for our themes</li>
<li>The domestic Chinese market starts to rally, outperforming in Asia</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What the dollar bear market rally means for our themes
The domestic Chinese market starts to rally, outperforming in Asia


Overview #31 - China Breaks Out and the USD Has Its Moment

Macroeconomics

<ul><li>Over the weekend, oil traders dusted off their Strait of Hormuz crisis playbooks—and once again, they overplayed their hand.</li><li>Saturday’s U.S. strike inside Iran sparked a sharp wave of geopolitical anxiety, turbocharged by Iran’s retaliatory missile barrage and the familiar threat from Tehran’s Parliament to shut down the Strait.</li><li>Add a few “Hormuz closed?” headlines and prediction markets went into meltdown, briefly treating a full blockade as the base case.</li></ul>

Over the weekend, oil traders dusted off their Strait of Hormuz crisis playbooks—and once again, they overplayed their hand.Saturday’s U.S. strike inside Iran sparked a sharp wave of geopolitical anxiety, turbocharged by Iran’s retaliatory missile barrage and the familiar threat from Tehran’s Parliament to shut down the Strait.Add a few “Hormuz closed?” headlines and prediction markets went into meltdown, briefly treating a full blockade as the base case.

Steno Signals #202 – Peak WW3 Fears Return!

Australia

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

Price Gauge
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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

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

Overview #31 - China Breaks Out and the USD Has Its Moment

A review of recent events/data impacting our investment themes and outlook. We look at the Dollar bear market rally and the domestic Chinese market.

Rikki Malik

Steno Signals #202 – Peak WW3 Fears Return!

Over the weekend, oil traders dusted off their Strait of Hormuz crisis playbooks—and once again, they overplayed their hand. Saturday’s U.S....

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)