Policy Friction Down Under

A more combative RBA leaves us neutral AUD after a long run.

May 5

10

5

April 2026

Between a Yen and a Hard Place

Why today's meeting from the BoJ lacked conviction.

Apr 28

7

3

The ECB's Insurance Hike

Taking another nibble on ERZ6

Apr 21

11

5

Entering Dollar Doldrums

The USD is becoming a two-way trade again.

Apr 9

10

3

March 2026

Energy Over Politics for Now

Brazil's polls tighten, but BRL can shrug it off.

Mar 31

10

6

Energy Is Repricing Carry

The flavour of the month... or year?

Mar 25

20

7

UnSTIRtain Times

Making sense of a tumultuous week.

Mar 20

19

6

The ECB Won't Hike In 2026

Front-end pricing has overshot.

Mar 10

16

5

Misallocated Inflation Risk Premium

Making sense of knee-jerk STIR moves.

Mar 3

13

5

February 2026

Takaichi Just Blinked

Fiscal first, monetary later for Japan.

Feb 24

14

4

Canada's Cycle Downshifts

CAD is becoming increasingly vulnerable.

Feb 17

10

6

Portfolio Trading Update

APFX Trade Tracker - Q1 2026

Feb 10

6

3