Foreign Exchange Outlook - April 2025
How quickly things change. At the start of the year, we upgraded our forecasts for the US dollar (USD) in the aftermath of the US presidential...
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CFTC - CAD Bears Vulnerable to Short Squeeze As JPY Bulls Build On Large Longs
The aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.
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Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?
Happy Monday and welcome to my weekly editorial on everything macro. Everyone’s talking about the USD meltdown and whether it marks a seismic...
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Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks
​Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...
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Overview #23 Gold, Bonds and the USD
A review of recent events/data impacting our investment themes and outlook. We look at recent investor sentiment towards gold, the USD, bonds and...
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