What is it?
fx:macro is a newsletter for traders, investors and everyone else interested in currencies and global macro. I usually publish it on Saturday or Sunday every week.
What's in it?
Basically, it's my preparation for the trading week ahead. It has two main parts:
First, I look at what happened over the last couple of trading days: Were there any major central bank releases? Which central bank speakers have spoken and what were their talking points? What economic data was published and how have the currencies reacted?
Second, I'm forming my overall macro thesis by looking at all (or most) asset classes and different indicators in a structured way.
Combining these two things gives me a pretty good picture of where we are in the business cycle, what's driving the markets at the moment (and what doesn't), what the relevant stories are and the overall sentiment. It's also dictating my long/short bias for different asset classes and currencies.
To make the whole newsletter more accessible for those with less time I have included a summary on top. That also forces me to be more concise and boil it down to the most relevant points. It's also my reference during the week.
Finally, there's a “bonus” section with assorted charts and tweets I found noteworthy during the week.
Who's writing it?
I'm based in Europe and I've been trading for over 15 years now. I'm primarily trading currencies, but I'm a macro tourist, so I'll trade most assets if I see an opportunity. Why currencies? Because they are easy: just listen to your central bank, read their statements, watch how the economy performs… it's easy compared to everything else.
Why are you writing it?
As I've said above: it's my personal preparation for the upcoming trading week. I've been documenting this kind of work for years, so pimping it to a bit more structure, commentary, accountability and clarity is an improvement to my trading process.
I've also been inspired by a lot of good macro newsletters on Substack, and I've found that interacting with people on Twitter does improve my trading: I get a better sense of market sentiment, I see a lot more charts and get a lot more info than from just reading Reuters or listening to a squawk. Publishing my stuff in that context just felt natural.