EM FX Macro
Stephen ElgieEmerging Markets Macro FX ideas and strategy
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 38 | Founded | 3 years ago | Last Issue | 4 months ago |
| Active | |||||
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emfxmacro.substack.comLatest Issues
EMFX in 2026: Surviving The Saboteur
11 Jan 2026
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As macro risk-takers looked ahead to the usual new-year grind, with P&Ls reset to zero (or worse), the leader of the free world was holding court at Mar-a-Lago. Tariff effects were fading into the rear-view mirro...
USD: The Truths Hurt
In this note, I’ll discuss:
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The USD bounce - which I see as a lull that led to a position unwind.
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Sabotaging the USD revisited - I review the bear case for the USD.
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Tariffs and Immigration policy - I view these as brand damag...
Three-Body Macro Chaos
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Sitting in the White House Oval Office, South African President Cyril Ramaphosa kept his composure while Donald Trump casually tossed false claims of genocide at him. The man who rails against fake news once again supported h...
PAXXIT
Elgie holiday snap
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Epcot, Rockets, and the Return of the Trump Put
A badly timed family holiday to Florida this past week left me watching markets through a Chinese assembled iPhone, mainly in queues for rides at Disne...
Sabotaging the US Dollar
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We’re only a handful of weeks into the new US administration, but it feels like six months in terms of news flow. People talk about dog-years moving at 7x the rate; Trump-years seem even greater. Consuming policy annou...
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Authors
The writers behind this newsletter.
EM Macro Strategist and Portfolio Manager from multiple hedge funds over a 20-year career.
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