View:
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
Back at 5%: Unpacking the US Treasury selloff
September 15, 2026 2:55 PM UTC
* USTs revisit the big psychological level after big selloff
* Sep move has been mainly policy led, with the curve responding
* Longer term trend has been a real risk premium story – with real rates backup led by additional risk/compensation/reduced scarcity effects. Breakeven inflation expectatio
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
AUD/USD, AUD/NZD flows - modest sell fact extension out of RBA, CPI in focus
September 29, 2026 6:47 AM UTC
RBA hikes as expected remains ready to do as needed in terms of further tightening
Modest sell the fact for AUD, extending the pre-meeting tone
CPI data the next big focus and to remain the key data release going forward
FOMC Minutes Preview: Likely to be hawkish, but October decision still data-dependent
September 28, 2026 4:37 PM UTC
The public comments of Fed speakers since the September 16 meeting delivered a unanimous vote to tighten suggest that the minutes of that meeting, due on October 7, will have a hawkish tone. Recent hawkish Fed talk reduces the risk that the proximity of the midterm elections will prevent a tightenin
FOMC Minutes Preview: Likely to be hawkish, but October decision still data-dependent
September 28, 2026 4:36 PM UTC
The public comments of Fed speakers since the September 16 meeting delivered a unanimous vote to tighten suggest that the minutes of that meeting, due on October 7, will have a hawkish tone. Recent hawkish Fed talk reduces the risk that the proximity of the midterm elections will prevent a tightenin
USD/CHF, EUR/GBP, AUD/USD - Counter specific issues to the fore
September 28, 2026 2:22 PM UTC
CHF remains pressured on its unicorn policy stance
EUR/GBP sold back after failed resistance test, mkt very short GBP
AUD eyes RBA, with a hike fully priced in and so attention on any forward guidance from here. A tricky balancing act ...