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Latest Issues

The SFIZ6Z7 Opportunity

Fading the UK Rates Repricing.

Earlier this summer, we made a case for why the Bank of England (BoE) wouldn’t hike in July, and would rather wait for September to pull the trigger, in The BoE Hikes In Sept. Ahead of the meeting on Thursday...

6 days ago
4
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The ECB Is Overtightening

Higher rates won’t fix the energy shock.

At the beginning of June, we noted in Three Curves, One Message that “the Eurozone is in a fragile state, and simply can’t handle 3-4 hikes over the coming 12 months.” Since then, the ECB has hiked...

11 days ago
5
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France’s Fiscal Reckoning

The Presidential election is already spooking markets.

The kick-off in the 2027 French Presidential campaign and the associated fiscal indiscipline is already being felt in French assets. With the OAT Bund 10-year spread back at YTD highs,...

13 days ago
5
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Mission Impossible: Ueda Protocol

Competing pressures on the BOJ make trading USD/JPY increasingly high risk.

USD/JPY has turned sharply lower in the past couple of trading sessions and is now four big figures lower at the 156 handle. After flagging a month ago that the la...

18 days ago
9
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Staying Long Gold

Why a run to $5,000 by year-end is becoming increasingly likely.

Back in mid June, we nailed our colours to the mast and re-entered long XAU/USD via a six-month seagull. The title of the trade note, The Asymmetric Gold Trade , helped to ex...

a month ago
9
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    AP Research is an independent cross-asset platform focused on global macro and thematic investing, translating market developments into actionable positioning and asset allocation ideas, expressed both in research and in our own capital.

  • Global Macro Method

    Former Sell Side, Buy Side and now Family Office and Personal Account Trader. Top down, Bottom up approach with quanta-mental overlay

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