Macro FX Trade Corner

August 2026

Macro D’s fantastic run continued in July, delivering a solid +5.22% for the month and adding further momentum to an already impressive year.

August begins against a very different macro backdrop. Currency intervention, a rapidly steepening US yield curve and growing uncertainty over the true direction of Federal Reserve policy have opened up a new set of opportunities. This month’s Trade Corner considers four trades, focused on markets where monetary-policy expectations, inflation pressures and relative central-bank paths may be about to diverge sharply.

The positions are not simply extensions of the most obvious market moves. Instead, they look beyond the recent volatility towards the currencies where the next major repricing may already be taking shape.

Let’s get straight to it.