Michael Spencer
FX, macro & derivatives insights from 25+ years in global markets covering hedge funds across London and Asia. Writing on volatility, liquidity, positioning and trade expression. Japan & Classical Music enthusiast, & keeping fit.
| Platform |  | Pricing | Freemium | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 59 | Founded | a year ago | Last Issue | 7 days ago |
| Active | |||||
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mspen.substack.comLatest Issues
FX Correlation, Factor Structure and Regime Analysis
for DM FX
It has taken a few days but the impact of Warsh at Jackson Hole filtering through into FX - USD dominance is starting to re asset itself in some places, & today it was the turn of the CHF - see below
USA: The AI Disequilubrium
and why the USD maybe the better trade than UST
Another good note from Andrew Hunt - https://www.hunteconomics.com/ and worth bearing in mind as we head into Jackson Hole and react to every word Warsh has to say.
Deepwell Markets & Spencer - Macro Compass
The Week Ahead
Macro Compass — Week Ahead
Gold
a very good update from Nicky Shiels at MKS Pamp
The USD debasement trade: a structural theme that has proven it can run, fire up retail into a full FOMO bubble and envelop Precious Metals taking them (and Bitcoin) to peaks in Oct 2025 & J...
Macro Compass
The macro backdrop is moving closer to Goldilocks, but markets are increasingly positioned for it.
Compass
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The writers behind this newsletter.
FX, macro & derivatives insights from 25+ years in global markets covering hedge funds across London and Asia. Writing on volatility, liquidity, positioning and trade expression. Japan & Classical Music enthusiast, & keeping fit.
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