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>Dollar decoupled from US rates and equities, investors expected to chase dollar lower</li>
<li>Dollar positioning not as crowded as perceived, global holdings of US equities still large</li>
<li>Unlikely for significant repatriation of Japanese foreign bond investments, focus on rebalancing rather than one-way repatriation; implications of upcoming election on Yen uncertain</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Dollar decoupled from US rates and equities, investors expected to chase dollar lower
Dollar positioning not as crowded as perceived, global holdings of US equities still large
Unlikely for significant repatriation of Japanese foreign bond investments, focus on rebalancing rather than one-way repatriation; implications of upcoming election on Yen uncertain

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

Global FX: Mid-Year Outlook - Tell me something new

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>Historic volatility has collapsed on the Nikkei, normalizing at a far quicker pace than the volatility episode last August.</li>
<li>Global uncertainty remains unresolved, casting a shadow over recent equity strength.</li>
<li>This week’s rally came without FX tailwinds, underscoring a potentially fragile move.</li>
</ul>


Historic volatility has collapsed on the Nikkei, normalizing at a far quicker pace than the volatility episode last August.
Global uncertainty remains unresolved, casting a shadow over recent equity strength.
This week’s rally came without FX tailwinds, underscoring a potentially fragile move.


Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms

<ul><li>There is a supply demand mismatch globally, particularly at the long end of the curve</li><li>Rising term premiums are a concern, especially in the US due to fiscal uncertainty</li><li>While the speed of the recent moves is notable, there are no major financial stability concerns in the US, but Japan may need to take action to address volatility in the super long sector</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

There is a supply demand mismatch globally, particularly at the long end of the curveRising term premiums are a concern, especially in the US due to fiscal uncertaintyWhile the speed of the recent moves is notable, there are no major financial stability concerns in the US, but Japan may need to take action to address volatility in the super long sectorThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX & Global Rates: Term premia rising: implications for rates and FX

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.

Macroeconomics

<ul><li>Happy Monday and welcome to my weekly editorial on everything macro.</li><li>Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.</li><li>Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.</li></ul>

Happy Monday and welcome to my weekly editorial on everything macro.Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

<ul>
<li>Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.</li>
<li>USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.</li>
<li>Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.</li>
</ul>


Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.
USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.


Nikkei Index Options Weekly (Apr 14 – 18):  Vol Unwinds, Nikkei Rebounds and USD Cracks

Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
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Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JPY (USDJPY CURNCY)

Global FX: Mid-Year Outlook - Tell me something new

The decoupling of the dollar view from US rates and equities is expected, with a focus on Japan flows and the upcoming upper house election...

At Any Rate

Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms

Nikkei's historic volatility has quickly normalized, but global uncertainty still looms over recent equity strength, with this week's rally...

John Ley

Global FX & Global Rates: Term premia rising: implications for rates and FX

In the global derivatives markets, steepening yield curves and increasing term premiums are causing concerns over supply demand imbalances,...

At Any Rate

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...

Steno Research

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...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global FX: Mid-Year Outlook - Tell me something new

The decoupling of the dollar view from US rates and equities is expected, with a focus on Japan flows and the upcoming upper house election...

At Any Rate

Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms

​Nikkei's historic volatility has quickly normalized, but global uncertainty still looms over recent equity strength, with this week's rally...

John Ley

Global FX & Global Rates: Term premia rising: implications for rates and FX

In the global derivatives markets, steepening yield curves and increasing term premiums are causing concerns over supply demand imbalances,...

At Any Rate

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...

Steno Research

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...

John Ley

Nikkei's historic volatility has quickly normalized, but global uncertainty still looms over recent equity strength, with this week's rally...

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...