How we build a view.
- 01
Macro foundations
Growth, inflation, monetary and fiscal policy, trade and capital flows across economies.
- 02
Relative value
Currencies are relative prices, so we compare economies, not just describe them.
- 03
Market pricing
What is already priced into rates, forwards and options markets.
- 04
Positioning & sentiment
Where the market is crowded and where surprises could hurt.
- 05
Scenarios & risks
A central case, credible alternatives and the signals that would change our mind.
Our research standards.
- Every publication is reviewed before release for accuracy, balance and clarity.
- We distinguish clearly between facts, analysis and opinion.
- We state our assumptions and the risks to our view.
- We revisit our forecasts openly when the facts change.
- Research is dated and clearly marked with its intended audience.
Research and advice are different things.
Our published research is general. It reflects our views on markets, not recommendations for any individual.
Personal advice on managing your own currency exposure is provided only within an advisory relationship, once we fully understand your circumstances, objectives and attitude to risk.
General
- Views on markets
- Not a recommendation for any individual
- Available across the research programme
Personal
- Advice on your own currency exposure
- Based on your circumstances, objectives and attitude to risk
- Provided only within an advisory relationship
Independent by design.
Our research views are formed by our analysts, not by any product or counterparty. Where we arrange execution with partners, we are open about how that relationship works and how we are paid. We maintain a Conflicts of Interest Policy, summarised on our website.
Read our Conflicts of Interest Policy →Complete discretion.
Client information is held securely and shared only as required to deliver our services or by law. We never publish client names without explicit permission.
Start with a conversation.
Every client relationship begins with a confidential consultation. We'll understand your currency exposure, your objectives and your timelines, and show you how our research and advisory can support you.
- Confidential and no obligation
- Calls in UK or Gulf hours
- A response within one business day