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Institutional FX and rates research

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Latest Issues

Taking Profit Before Tokyo Takes Aim

Gut feeling tells us it's time to remove exposure on USD/JPY.

A month ago, we added a long options structure on USD/JPY and wrote in the associated trade note that “the likelihood increases that USDJPY will trade higher and test the 2024 h...

12 days ago
5
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The Asymmetric Gold Trade

Entering XAU/USD longs in a much less crowded market.

Year-to-date, the weakness in XAU/USD can broadly be attributed to elevated energy prices, which have led to inflationary concerns and ultimately translated into higher yields, raising...

19 days ago
7
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Won Way Traffic

Assessing KRW and laying down a conviction call.

The South Korean Won (KRW) has experienced sharp weakness year-to-date, recently hitting the lowest level against the greenback since 2009. With the Kospi breaking records almost daily, than...

a month ago
5
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Three Curves, One Message

Relief is being priced, but not easing.

The key message from US, EU, and UK curves is not dovishness. Markets have taken some heat out of near-term policy pricing over the past week, but they are still refusing to underwrite a clean return...

a month ago
11
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The Insurance Hike Arrives

A June ECB hike now looks done, but this isn't the start of a hiking cycle.

A month ago, we noted in ‘The ECB’s Insurance Hike’ that “an insurance hike, likely in June or July, helps the ECB to retain credibility with the market without co...

a month ago
10
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  • AP Research

    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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