Recent News
- FX
Euro holds its range as the ECB stays put
One-week implied volatility is back where it sat in March. What the options market is pricing into the next meeting, and where that reading has been wrong before.
- Rates
Two-year yields lead again, and the curve follows
The front end has done all the work this month. What that means for carry on the majors, and for anyone holding positions over the weekend.
- Commodities
Gold near its highs, but positioning is not extreme
Managed money is long without being crowded. The current build-up compared with the 2020 and 2024 peaks, and with what broke each of them.
- Market structure
Why fills get worse at 22:00 CET
Liquidity providers roll their books at the same moment. Our own execution data from the last quarter, and what to do with it.
- Education
Reading a swap rate before you hold overnight
The roll costs or pays you the interest rate differential. Small per night, substantial over a month — and Wednesday carries three days.