top of page
  • Writer's pictureEdward Ballsdon

Jigsaw puzzle macro themes


Financial markets seem all over the place, but there are some interesting moves taking place.


Equities are buoyant whilst bonds seem to be between a rock and a hard place. Following the breakout of a multiyear trading range, there has been limited follow through in Gold whilst Bitcoin has retraced significantly (forming a weekly Bearish Evening Star). And some commodities are performing despite poor Chinese data and still weak manufacturing PMIs.

In the meantime, Central Banks seem done with hiking but are unclear on future Monetary Policy in terms of timing and depth of cuts. There are a lot of pieces to the macro jigsaw and the overall picture seems everything but clear.


This research piece summarises the different themes to provide a clear macro picture. That picture suggests that some asset valuations should move before others, and a close look at FX and Bond markets would back this up. If these assets start new trends, then they should give a broader indication of future bond and FX market opportunities.

8 views0 comments

Recent Posts

See All

Mid-Month cross-asset charts

RESEARCH CONTENT Update to the recent notes that highlighted the increased risk of trend breakouts following widening interest rate differentials. This report highlights moves in Bond markets, FX, Equ

Canada to drift from the US?

RESEARCH CONTENT This report discusses the expectations for Central Bank policy rates in Canada and USA, and contrasts them to their respective inflation and growth trends in order to generate some in

Relative Value in Government Bonds

RESEARCH CONTENT This note undertakes a simple exercise. It constructs “Basic” real yields by subtracting current and Central Bank forecasted inflation rates from forward swaps in order to determine w


bottom of page