FICC | Currencies

This report reviews our FX and Fixed Income trades over the last year. We look forward to sharing our thoughts for 2025 next week.

October CPI numbers for Canada, the UK and Japan were released last week. This Strategy Insight examines the respective underlying drivers of inflation in those three economies and discusses the implications for monetary policy.

This week, we update our Central Bank Monitors (CBMs), that help us calibrate how monetary policy should be adjusted in developed-market economies. Our conclusion is that while overall, easier monetary settings are required, there a few trade ideas that arise from the divergences in signals amongst G10 countries.

This Strategy Insight presents our view on today’s rate cut by the Bank of England as well as the budget announced by the UK government last week.

The latest Bank of Japan meeting did not alter our high-conviction views of being long the yen and underweight JGBs.

In this Insight, we evaluate if there is more juice in our macro bet of being long June 2025 CORRA versus SOFR futures, and correspondingly, being short the CAD, for investors with a 1-3 month horizon.

This Insight looks at the likely direction of bond yields and the dollar, from the lens of money velocity.

In this Insight, we assess whether investors should expect fiscal turbulence in the UK, that will drive UK yields higher and the pound lower.

This report looks at the likely path for the dollar and bond yields over the next 6-to-12 months.