Macro, FX and Rates Strategist

Ishaan Dev Kapoor

Four years' front-office markets sales: FX and rates sales at HSBC covering EM, then FX sales with rates strategy at CBA as Senior Associate. Combines deep understanding of markets , macro and geopolitics.

Priced in Barrels, But Bringing in Billions- Short USD/INR into the FCNR Window

The Treasury Put, Financial Stability and the Road to Fiscal Dominance

Foreign Exchange Intervention and Buybacks Masks US Treasury's Concerns About Rising Bond Yields

GOLD: US Treasury Is Buying Its Own Bonds to Manage the Curve. Gold Is the Hedge Against the Dollar

FX & Rates

<ul>
<li>The EUR/USD seagull was salvaged at 3 pips against 19.5 paid after the 16 September hike, having been marked +181% on 21 August. The USD/INR short expired flat at 95.98.</li>
<li>The euro trade paid on fiscal dominance, not the US front end we entered on. We overrode the Iran exit rule because we read misread a three-week regime</li>
<li>FCNR carried the INR through a 20% rise in oil, but faltered as prices soared 37%. We still see US disinflation in the data, and think 3 hikes are rich.</li>
</ul>


The EUR/USD seagull was salvaged at 3 pips against 19.5 paid after the 16 September hike, having been marked +181% on 21 August. The USD/INR short expired flat at 95.98.
The euro trade paid on fiscal dominance, not the US front end we entered on. We overrode the Iran exit rule because we read misread a three-week regime
FCNR carried the INR through a 20% rise in oil, but faltered as prices soared 37%. We still see US disinflation in the data, and think 3 hikes are rich.


Learnings from Two Short-Dollar Positions in an Oil Crisis

US 2Y

Learnings from Two Short-Dollar Positions in an Oil Crisis