At Any Rate

Global FX and Commodities: The bullish case for gold, the bearish case for USD ex-yen and the shutdown showdown

Global FX and Commodities: The bullish case for gold, the bearish case for USD ex-yen and the shutdown showdown

EM Sovereign External Repayment Risks: Staying alive after 2025

Global FX: Shutdown limbo

Global Rates: Cross currency basis 4Q25 outlook

Global Commodities: Agri trade returns to President Trumps Agenda

EM Fixed Income: Is better growth worse for EM?

US Rates - So long EFFR, welcome TGCR

Global FX: Systematic signals, payrolls/ shutdown, risks to EUR/USD, AI-FX links

Global Commodities: Supply disruptions give copper prices breakout velocity

Global Rates: Scandi Central Banks and noisy UK politics

EM Fixed Income: Frontier Markets Focus

Global Commodities: At Any Rate: Party like a semiquincentenarian

Global FX: Take-aways from FOMC and other DM central banks

Global Rates: Digging into a week of DM central bank decisions

Global Rates: Monthly Inflation Outlook

EM Fixed Income: (EM) Credit where credit’s due

US Rates: Yield curve bull flattens ahead of September FOMC

Global FX: Previewing central bank event risk for FX

Global Rates: ECB and BoE meetings, French spreads and Dutch indexation

Global Commodities: Beware the Ides of September

Emerging Markets Outlook and Strategy for September 2025

Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

Global Commodities: Risk premium out, storage premium in

EM Fixed Income: Wake me up when September starts

Global Rates: Scandi Rates Outlook

Global Rates: Euro area and UK rate markets into the end of summer

Global Economics, FX and Rates: French political scenarios for macro markets

Global FX: The weak dollar view passes a flow test

European Rates: Euro and UK inflation markets summer update

Global Rates, FX & Economics: Scandinavian macro, FX, and rates update

Global FX: Can USD weakness continue, Russia/Ukraine Scenarios and what’s next for GBP

US Rates: Analysing Eurex and US futures roll

Global FX: Update on systematic FX signals and EM currencies

Global Rates: Dissecting the BoE’s hawkish cut, Scandi rate markets update

EM Fixed Income: Stay local this summer

Global FX & Economics: BoE policy meeting preview

Global FX and Rates: FOMC, Payrolls, Refunding and Trade deals

EM Fixed Income: Assessing a big week for trade and macro data

Global Commodities: Tariff shockwaves churn crude and copper markets

US Rates: Stablecoins – they’re only getting started

Global FX, Rates and Economics: Post-ECB and pre-trade deal thoughts

Global Commodities: Is volatility cheap in September?

EM Fixed Income: Summer catch-up as spreads catch-down

US Rates: Previewing the August refunding announcement

Global FX: Japan & US policy implications for FX

EM Fixed Income: Emerging Markets Outlook and Strategy: Hold reduced EM exposure into the summer as market pricing and positioning are downplaying risks

Global Commodities: Cocoa market crunch

Global Rates: European rates summer themes – seasonality, swap spreads, SSAs and gilts

Global FX: Keeping the bearish USD view

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover