Japanese Yen

In this report, we review our trade recommendations based on incoming data in the last month.

In this week’s report, we defend four out-of-consensus claims. Claim #1: Underlying inflation in the US is not reaccelerating. Claim #2: The US labor market is set to weaken abruptly. Claim #3: The S&P 500 will drop to 3700 in 2025. Claim #4: Japan is not in danger of a currency crisis.

Central banks are in a dilemma whether to prioritize supporting growth or bringing inflation back to target. This is unlikely to end well. Investors should be defensively positioned.

In this report, we review what our technical indicators are telling us about the G10 currencies.

In this report, we review our trade recommendations based on incoming data in the last month.