Trading the "Bazooka" - VP September 2024 Global Macro Trading Call [video + AI summary]

• Speakers: Tian Yang (Head of Research) and Jonathan Petersen (Chief Markets Economist)
• Recent fiscal and monetary policy announcements from the PBoC won't address structural issues but have been great news for Chinese equities. Although the rally has already reached our initial price target, we think there is potential for further gains through the Chinese New Year at the end of January.
• In FX, we've shifted our short thesis on CHF from EURCHF to USDCHF. Otherwise, the long DXY call was short-lived, and we now prefer short EUR against AUD and NOK. In fixed income, Australia remains an outlier in G10 central bank divergence, so we are sticking with flatteners.
• The U.S. economy's resilience continues to support trades such as short USDMXN and long homebuilders. Our short June 2025 SOFR trade has not yet played out.

See our Top Global Macro Ideas dashboard for more details.