The ECB Won't Hike In 2026

Front-end pricing has overshot.

Mar 10

15

5

Misallocated Inflation Risk Premium

Making sense of knee-jerk STIR moves.

Mar 3

12

5

February 2026

Takaichi Just Blinked

Fiscal first, monetary later for Japan.

Feb 24

12

4

Canada's Cycle Downshifts

CAD is becoming increasingly vulnerable.

Feb 17

10

5

Portfolio Trading Update

APFX Trade Tracker - Q1 2026

Feb 10

6

3

False Comfort in SONIA

Why the BoE narrative is wrong.

Feb 4

10

6

January 2026

The Yen's Second Act

Setting the stage for the next play.

Jan 27

20

5

When Havens Compete

Why CHF is suddenly back in vogue.

Jan 20

12

4

Yentervention

Clear thoughts on USD/JPY and JGBs.

Jan 13

25

10

Bears in a Dollar Shop

Why we struggle to get onboard with the bearish consensus USD view.

Jan 7

14

6

Back from the Periphery

Why the BTP/Bund spread could continue to tighten.

Jan 2

19

8

December 2025

The GBP Bid Can't Be Sustained

Sterling bulls should enjoy the relief rally whilst it lasts.

Dec 9, 2025

12

7