The Yen's Second Act

Setting the stage for the next play.

Jan 27

18

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

18

6

December 2025

The GBP Bid Can't Be Sustained

Sterling bulls should enjoy the relief rally whilst it lasts.

Dec 9, 2025

12

7

A Tale of Two Economies

Carry + Divergence = AUD/NZD Higher

Dec 2, 2025

8

5

November 2025

Reversing Course on EUR/USD

Positioning for sentiment and growth divergence into 2026.

Nov 25, 2025

13

5

The Fracturing Carry Trade

Updating our view on USD/JPY dynamics.

Nov 20, 2025

13

6

Portfolio Trading Performance

APFX Trade Tracker — 2025

Nov 11, 2025

12

6

FX Structures for the Last Mile

No one's logging off yet.

Nov 4, 2025

9

5

October 2025

The BoJ Can’t Be the Buzzkill

Japan’s recovery needs time, not higher rates.

Oct 29, 2025

8

6