Divergent Markets

The week the tape stopped fighting our book — mostly. USD/JPY punched to a fresh 40-year high on Friday,…

The week's defining event landed Monday: Andy Burnham became the UK's seventh prime minister in a…

The single biggest event of the week landed on July 8, when the RBNZ surprised markets with a hawkish hike…

The event we had circled as the dominant two-sided risk broke against us this week. Nonfarm payrolls for June…

The dominant force this week was the continued reverberation from new Fed Chair Warsh's hawkish FOMC debut — Bank…