Newsletter

The past week delivered the first meaningful regime crack in the hawkish-USD, hot-data environment that defined the past…

This week the macro tape delivered the sharpest single-session repricing of the cycle. The Japanese yen traded near 160…

The week was dominated by a single macro regime shift: oil's collapse on US-Iran ceasefire progress. Global…

The week delivered fresh damage to our rate-convergence positions. The Japanese yen slipped past 159 per dollar on Friday…

Japan's Q1 GDP beat expectations this morning at an annualised 2.1% versus 1.7% forecast, giving the…

The BoJ delivered a hawkish hold on Tuesday — rates unchanged at 0.75% but three dissenters voted for an immediate…

Trump cancelled the planned Witkoff-Kushner trip to Pakistan on Saturday, collapsing the expected second round of US-Iran talks…

The Israel-Lebanon ceasefire on April 17 triggered the week's most violent repricing — Brent crude plunged over 10%…

The collapse of US-Iran peace talks in Islamabad over the weekend and Trump's subsequent announcement of a…