View:
FX Weekly Strategy: Asia, Sep 14-18
September 11, 2026 5:21 PM UTC
A week of 2 key central bank meetings..
We expect a 25bp Fed hike but perhaps a "dovish hike". Could temper dollar given a lot priced in further out
BoJ also seen going 25bp. A heavy USD/JPY needs validation on shift to quarterly pace however to extend - else to re-test persistence of supply
CHF still
U.S. Equity-Treasury Strains and Correction Risk
September 9, 2026 8:00 AM UTC
· Equity investors have taken note of higher U.S. Treasury yields, but the influence of the AI boom and corporate earnings is greater. Nevertheless, the U.S. equity market valuation means that it is stretched currently versus the U.S. Treasury market and could be hurt by moderate bad
FX Weekly Strategy: Asia, Sep 7-11
September 4, 2026 2:47 PM UTC
US CPI a key focal point. We see upside risks at 0.3% core
ECB hike fully priced in; attention turns to forecasts and commentary on policy stance
Sharp USD/JPY lurch down may have left behind better supply into bounces, further downside risks ahead
BoE seen back of the tightening pack, sterling could s
Barbarous Relic or Strategic Hedge - Gold in a late-cycle portfolio
September 1, 2026 7:00 AM UTC
* Gold worked off early year retail excess, moving into a more constructive technical and seasonal period
* The strategic case for gold is much wider: rich risk asset valuations can neither be sat out nor left unhedged
* History (no guarantee of future performance…) supports increased gold hedges in
U.S. Outlook: Growth Overly Dependent on AI
September 22, 2026 1:34 PM UTC
• The US economy is currently showing signs of acceleration with business investment strong led by AI and consumer spending outperforming real disposable income, in part because of AI-assisted strength in equities. We expect continued strength in business investment though a modest slowing
DM ex U.S.: Weathering Higher Energy Prices
September 22, 2026 1:22 PM UTC
· EZ. We expect the Eurozone economy to remain resilient in coming quarters despite the ongoing energy shock. Household consumption growth should strengthen into 2027, supported by a recovery in real wage growth and by favourable employment increases. Increased defence and infrastructur
Preview: Due September 30 - U.S. September ADP Employment - Signs of improvement
September 22, 2026 1:14 PM UTC
We expect an 85k increase in September’s ADP estimate for private sector employment. The 4 week average from ADP’s weekly report for the week to September 5, the week before the monthly survey, was 20k and picking up. This implies a monthly increase slightly stronger than 80k.
EUR/SEK, NOK/SEK flows: Brent speeds up on $100 break, watching headlines
September 22, 2026 11:24 AM UTC
$100 break picks up some speed as the market hedges towards possible Iran progress at UN 'window of opportunity'
NOK/SEK the stereotypically responsive cross, while wider mkt also influenced via impact on rate expectations and risk sentiment
Enough deja vu not to be counting chickens, while adjustin