At Any Rate

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

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

Asia Cross Asset: Liberation Day 2.0 and Asia

Global Commodities: Global upstream Oil & Gas capital spending faces first contraction since 2020

Global FX: Deep-dive into global FX hedge ratios

Global FX Derivatives: Thin Cushion. A Slippery Slope from Calm to Uncertainty

Global Rates: European rates markets roundup: German fiscal, NATO meeting, carry themes, de-dollarisation flows and UK rates

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

Global Commodities: Big crops are unlikely to build world stocks, agri outlook into 2H25

US Rates: DM swap spread outlook

Oil Prices and Asia - Macro and Market Implications?

Oil Prices and Asia - Macro and Market Implications?

Global Rates: European rates Scandi and UK central bank round up

Global FX and Economics: A look back to monetary policy and a look ahead to fiscal

Global Commodities: The unintended consequences of destabilizing Iran

EM Fixed Income: Weighing the impacts of Middle East escalation

Global Rates: Monthly Inflation Outlook

US Rates: US rates market 2H25 outlook

Global FX: Range breaks in the offing for the dollar

Global Rates: European rates market 2H25 outlook – range trade and selectively seeking carry

Global Commodities: Aluminum’s premium paralysis

US Rates: IORB, WFC, SLR, Oh My!

Macro Corporate Spotlight - De-dollarization: Fact and fable

Global Commodities: Agri market globetrotting, outlook and risks ahead

Global FX: The dollar, ECB, Treasury manipulator report and the 2H’25 outlook for EM FX

EM Fixed Income: EM outlook for 2H25

Global Rates: European rates market topics: The ECB, cross currency basis and €-SSA markets

Asia Cross Asset: What's going on in JGBs?

Asia Cross Asset: What's going on in JGBs?

Global Commodities: Are oil prices $10 too low or $20 too high?

Global FX: Talking through the tariff rulings, payrolls and fiscal threads

Global Rates: ECB preview and long end curve thoughts

Asia Cross Asset: Takeaways from J.P. Morgan Global China Summit

EM Fixed Income Focus: Even the uncertainty has uncertainty

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

Global Rates: Scandinavian interest rate update

US Rates: SLR reform: Helpful, but not a panacea

Global Rates: Analysing Eurex and US futures roll

Global FX: FX after the tariff reset

Global Commodities: Base metals are back from the brink but not fully in the clear

US Rates – Deal or no deal?

Global FX: Historic trade deals and take-aways for currencies

Global Rates: European rates market round-up

Global Commodities: Hypothetically, of course. Redirecting just 0.5% of foreign US asset holdings to gold could drive prices to $6,000

TWD / Asian FX gains and equity implications

US Rates and Global FX: Ask again later

Global FX: Late-week shocker jolts FX

Global Commodities: Behind the curve

EM Fixed Income: Lessons learned from post Liberation Day markets