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Understanding the USD/JPY Beta and FX Intervention
The USD/JPY exchange rate has been experiencing a phenomenon known as beta, where the rate tends to weaken near the 157-160 area. This development is significant as it may indicate that the market is pricing a higher probability of FX intervention by the Japanese government. In this blog post, we will delve into the concept…
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Google’s Token Processing Output Skyrockets to Unprecedented Heights
Google’s recent I/O Keynote on YouTube has left us all in awe, and one of the most impressive statistics revealed is the staggering increase in token processing. According to Sundar Pichai, Google’s CEO, two years ago they were processing 9.7 trillion tokens per month across their surfaces. That number has grown significantly since then, with…
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The Mini Wobble Ahead of Today’s Explosive Move Higher: What It Means for KOSPI, SK Hynix, and Samsung Electronics
As we approach the end of the week, investors are eagerly anticipating today’s move higher in the Korean stock market. However, a mini wobble ahead of this explosive move has left some traders scratching their heads. In this blog post, we’ll take a closer look at the RSI levels of KOSPI, SK Hynix, and Samsung…
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Why the Market Loves Buying the Dip in SK Hynix and Samsung Electronics
The stock market has a fascinating tendency when it comes to corrections in major tech companies like SK Hynix and Samsung Electronics. Despite the inherent risks involved, investors have learned to view any correction as a buying opportunity. This phenomenon can be observed in the consistently low volatility of these stocks, with only minor dips…
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UST Curve Bullishness Wanes; TIPS Auction Underwhelms
As the dust settles on Thursday’s UST market action, it’s clear that bullish sentiment has lost some steam. Despite headlines suggesting a potential agreement on trade tensions, yields failed to rally significantly, instead trading sideways into the close. The curve ultimately flattened, with light European pension buying in the 10y-20y off-the-run sector contributing to the…
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US Thematic Movers: Is a Peace Deal on the Horizon?
In today’s thematic movers, we focus on the potential for a peace deal in the Middle East, which could have significant implications for various sectors and asset classes. The S&P 500 has bounced on reports that Pakistan’s Army leader may visit Iran this Thursday to announce an agreement, with President Trump confirming that the US…
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The Momentum Pullback Unwind: Is the Worst Behind Us?
As the recent momentum pullback continues to make waves in the financial markets, many are wondering if the worst is behind us. According to Goldman’s Sean Johnstone, the unwinding of this pullback has already been one of the largest in the past two years, with the pair down roughly 22-23% from local highs seen just…
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The Alpha Conundrum in Equities: A Bet on MegaCap Themes and Names
The equity space has long been plagued by the challenge of generating consistent, reliable alpha. While many investors strive to outsmart the market through rigorous research and analysis, the reality is that a significant portion of “alpha” can be reduced to a simple bet on the largest and most influential names in the index. As…
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Market Madness Continues: Unwindy Price Action and Volatile Momentum Factor
Markets have been experiencing absolutely insane moves, according to Goldman’s mid-day wrap. Despite yields reaching their highest levels since January 2025, with the back end of the curve reaching its highest levels since 2007, the markets are recovering sharply off the lows as unwindy price action continues. The 10yr yield touched its highest level since…
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Understanding Market Liquidity and Investor Flows in Today’s Market
In today’s market, understanding the dynamics of liquidity and investor flows is crucial for making informed investment decisions. Recent inbounds from investors suggest that liquidity remains poor, with the Top of Book currently sitting at $6.2m and down 36% from the 20-day moving average (20DMA). However, our desk’s overall activity levels are only a 4…
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