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Latest Analysis
Let's make a deal (round #5)
06 May, 2026
• Positive vibes. Markets optimistic about an end to the US/Iran conflict. Oil lower, USD softer. NZD outperforms. AUD touched a fresh multi-year high.• Twists & turns. Spillovers from the conflict...
Playing musical chairs with global trade
06 May, 2026
American trade imbalances aren’t going away, just moving geographically
By the time Donald Trump entered the White House in 2017, faith in free trade among America’s elite had already collapsed....
Markets soar on hopes for Iran deal
06 May, 2026
The dollar is trading near its lowest levels in months, bond yields are plunging, and equity indices advancing after Axios reported that Washington and Tehran are nearing an agreement to end the war in...
RBA: Higher inflation & slower growth
05 May, 2026
The RBA continues to take few chances when it comes to the problematic domestic inflation trends with another interest rate hike announced today. This is the third consecutive meeting the RBA has tapped...
RBA hikes again. But it will come at a cost.
05 May, 2026
• Optimistic markets. Equities rose, oil dipped on positive US/Iran vibes. More volatility likely. USD softens. AUD whipped around by push/pull forces.• RBA hike. RBA announced its 3rd straight rate rise....
The US petrocurrency illusion
05 May, 2026
America produces more crude than anyone. That does not spare it—or the dollar—the consequences of an oil shock.
A comforting narrative has taken hold in Washington. The shale revolution, which transformed...
Ceasefire holds—symbolically, at least—relieving global markets
05 May, 2026
Good morning. Markets are steadying and crude prices are pulling back from their highs as the US and Iran avoid further escalation after a series of skirmishes in the Strait of Hormuz raised questions...
Confused narratives out of the Strait of Hormuz keep markets rangebound
04 May, 2026
Happy Monday. Oil prices are reverting higher and the dollar is holding steady after President Donald Trump announced plans to “guide”—but not escort—shipping through the Strait of Hormuz. US Central Command,...
Japan steps into FX markets
30 April, 2026
• JPY jump. USD weaker as Japanese officials intervene to prop up the very weak JPY. This & positive sentiment boosted the AUD & NZD.• Macro trends. Further bouts of JPY intervention possible....
Currency markets are roiled as noise level ramps up
30 April, 2026
Good morning. The dollar is beating a retreat from two-week highs as traders process the implications from four major central bank decisions, three critical economic data releases, another leg higher in...