<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0"><channel><title><![CDATA[Cable FX Macro]]></title><description><![CDATA[Cable FX Macro]]></description><link>https://www.cablefxm.co.uk/blog</link><generator>RSS for Node</generator><lastBuildDate>Sat, 14 Mar 2026 10:50:00 GMT</lastBuildDate><atom:link href="https://www.cablefxm.co.uk/blog-feed.xml" rel="self" type="application/rss+xml"/><item><title><![CDATA[⛽️March CPI Will Be Sensitive to Energy Spike: Cable FX Macro ]]></title><description><![CDATA[As of March 11, 2026, the national average price for regular unleaded gasoline stands at $3.578 per gallon — the highest level since mid-2024. That’s a blistering +21.8% month-to-date surge from ~$2.937 just one month ago (and roughly +50–55 cents in the past 10 days alone). Weekly jumps of 27–49 cents have been the largest seen since the early days of the Russia-Ukraine war or Hurricane Katrina. February CPI (released this week) looked tame: headline +2.4% y/y, core +2.5% y/y — entirely...]]></description><link>https://www.cablefxm.co.uk/post/march-cpi-will-be-sensitive-to-energy-spike-cable-fx-macro</link><guid isPermaLink="false">69b1bb2d50c6699d066e1aeb</guid><pubDate>Wed, 11 Mar 2026 19:13:41 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_6858a34b99134e64bf628339e28737b2~mv2.png/v1/fit/w_870,h_664,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Momentum Factor Supported Despite Risks: Cable FX Macro ]]></title><description><![CDATA[Our own momentum factor is holding gains in the month of March. The basket is a diversified carry expression as it holds long aussie, kiwi and franc. On the short side of the equation, we have the dollar, the yen, and the euro. Momentum is doing justice to its past record of outperformance to other strategies, despite the spike in risk premiums, which I would have expected to hurt the kiwi and aussie longs. Shorting the yen and the euro and long Aussie have been the largest contributors to...]]></description><link>https://www.cablefxm.co.uk/post/momentum-factor-supported-despite-risks-cable-fx-macro</link><guid isPermaLink="false">69b1b5f63858926568f5a7be</guid><pubDate>Wed, 11 Mar 2026 18:56:20 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_9106ed1acfb84775851e1434dcfd941e~mv2.png/v1/fit/w_520,h_552,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Risk Deleveraging Supporting The Dollar This Week: Cable FX Macro ]]></title><description><![CDATA[This week's dollar rally is taking most G10 currencies down as volatility spikes push flows into safe-haven assets. It's interesting to see both CHF and JPY, textbook low-risk currencies, fall to the dollar despite the escalation of tensions in the Middle East. Past vol spike episodes have seen both the franc and the yen outperform the dollar. Other assets like gold are barely working as the spot market posts losses and Treasuries remain offered this week. So where is this relative strength...]]></description><link>https://www.cablefxm.co.uk/post/risk-deleveraging-supporting-the-dollar-this-week-cable-fx-macro</link><guid isPermaLink="false">69a9e62da29c2f9814791f03</guid><pubDate>Thu, 05 Mar 2026 20:43:07 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_6b50b27f8c274440818848282166b2e5~mv2.png/v1/fit/w_563,h_423,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[⚖️Rate Differentials Still Matter: Cable FX Macro ]]></title><description><![CDATA[Rate differentials still matter (positive slope), but geopolitics, oil, and risk sentiment are dominating right now—pushing the correlation down from historical norms. In calmer times (no wars or shocks). Currently, the slope in the relationship of G10FX pairs vs policy rates stands at around 0.44, in less geopolitically turbulent times, we could see this strengthen up to 0.55.]]></description><link>https://www.cablefxm.co.uk/post/rate-differentials-still-matter-cable-fx-macro</link><guid isPermaLink="false">69a9e51595f8968663559e1c</guid><pubDate>Thu, 05 Mar 2026 20:21:30 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_9db45d9953274946889beb021fa48f1a~mv2.png/v1/fit/w_484,h_377,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[️Canadian Dollar Holds The Highest Sensitivity to Oil: Cable FX Macro ]]></title><description><![CDATA[Here's a table summarizing the approximate 120-day beta (sensitivity) of major G10 currencies to Brent crude oil prices, based on daily close regression analysis over the last 4 months (roughly Nov 2025 to early March 2026). Beta here measures how much the currency pair (or index) moves for a 1% change in Brent crude—positive beta means the currency tends to strengthen when oil rises (commodity-linked positive exposure); negative means it weakens or inversely correlates (e.g., via USD...]]></description><link>https://www.cablefxm.co.uk/post/canadian-dollar-holds-the-highest-sensitivity-to-oil-cable-fx-macro</link><guid isPermaLink="false">69a9e3335688d2ad80d316e3</guid><pubDate>Thu, 05 Mar 2026 20:11:17 GMT</pubDate><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[️Japan Most Exposed G10 Country to Oil Swings: Cable FX Macro ]]></title><description><![CDATA[Japan has one of the highest exposures to crude oil price fluctuations among major economies, primarily because it is almost entirely dependent on imports for its oil needs and relies heavily on oil in its energy mix. This vulnerability is amplified by heavy concentration in Middle East supplies, making it particularly sensitive to geopolitical disruptions (like the current US-Israeli strikes on Iran and risks around the Strait of Hormuz). The most recent metrics show that oil products...]]></description><link>https://www.cablefxm.co.uk/post/japan-most-exposed-g10-country-to-oil-swings-cable-fx-macro</link><guid isPermaLink="false">69a5ddd0f00dba1e65384e57</guid><pubDate>Mon, 02 Mar 2026 19:08:34 GMT</pubDate><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[ Mexican Peso Is Still Attractive For Carry Trades: Cable FX Macro ]]></title><description><![CDATA[An FX carry trade is when you borrow (funding) a low-yielding currency to buy a high-interest currency (target) to exploit the carry or rate differential in the exchange rate. This trade works as long as there is low volatility and the spot does not move against you dramatically. Volatility spikes can cause global portfolios to trim risk and move money back into funding currencies. That is why carry trades are mostly considered a "risk on" strategy. The MXN/JPY carry trade (long Mexican peso...]]></description><link>https://www.cablefxm.co.uk/post/mexican-peso-is-still-attractive-for-carry-trades-cable-fx-macro</link><guid isPermaLink="false">69a222444882ec6a3ac398f2</guid><pubDate>Fri, 27 Feb 2026 23:15:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_0f848e3a1c634693bfd92c441522837b~mv2.png/v1/fit/w_924,h_688,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Global FX Reserves Trimmed USD Exposure Last Year: Cable FX Macro ]]></title><description><![CDATA[Global reserve trends showed gradual USD share erosion (e.g., IMF data on dollar dipping in reserves), with some diversification into gold, euro, or yen amid geopolitical/trade noise. The USD posted losses against all major currencies in 2025; the chart below shows the EUR/USD rising (dollar weakness) from near parity to breaching 1.20 in 2026. A Reuters note reported the ECB reducing its USD exposure in early 2025. The piece reports that the European Central Bank sold a small portion of its...]]></description><link>https://www.cablefxm.co.uk/post/global-fx-reserves-trimmed-usd-exposure-last-year-cable-fx-macro</link><guid isPermaLink="false">69a22060b9110b3fca192a92</guid><pubDate>Fri, 27 Feb 2026 22:59:34 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_9aa5ff6e6ea1441b82642c5aa468720c~mv2.png/v1/fit/w_585,h_423,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[⚖️U.S. 2s10s Curve Steepening Stalls In February: Cable FX Macro ]]></title><description><![CDATA[The 2s10s curve un-inverted around late August 2024 and has since steepened significantly—reaching 74bps in spots by early 2026-reflecting Fed easing, softer short rates, and markets pricing in moderate growth with some term premium returning on the long end. However, in very recent weeks, there's been some bull-flattening chatter: longer-dated yields (like the 10-year) have fallen faster than shorter ones amid safe-haven flows, PPI surprises, geopolitical risks (e.g., Iran/Cuba headlines),...]]></description><link>https://www.cablefxm.co.uk/post/u-s-2s10s-curve-steepening-stalls-in-february-cable-fx-macro</link><guid isPermaLink="false">69a210eb9d34acb7c4352a44</guid><pubDate>Fri, 27 Feb 2026 22:50:21 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_7cb9af1deb6c4a048ff6662788a795fe~mv2.png/v1/fit/w_490,h_374,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[⚠️Dollar Relationship to The VIX Weakening: Cable FX Macro   ]]></title><description><![CDATA[The traditional positive correlation (dollar up when VIX up) that held over much of the prior 5 years weakened or flipped in parts of 2025 and into early 2026. Goldman Sachs noted earlier that the dollar's appeal as a haven diminished, with correlations turning opposite (dollar weakening amid rising volatility) for much of 2025, signaling reduced safe-haven demand. More recently (late 2025 into 2026), correlations have trended toward more "normal" behavior again — meaning the dollar has shown...]]></description><link>https://www.cablefxm.co.uk/post/dollar-relationship-to-the-vix-weakening-cable-fx-macro</link><guid isPermaLink="false">699e2b41e9360bd69c34b266</guid><pubDate>Wed, 25 Feb 2026 03:38:03 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_6b44b094188846e4b79c76c45e33c883~mv2.png/v1/fit/w_902,h_686,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Hedge Funds Sold Dollars On Court Tariff Ruling: Cable FX Macro  ]]></title><description><![CDATA[Market sources pointed out that the broad USD position remains net long as of Monday's session; the proprietary indicator shows hedge-funds and real money leading the dollar long. However, hedge funds sold dollars on Friday's session as the U.S. Supreme Court delivered its ruling on President Trump's tariffs. Additionally, sources saw the Australian dollar as the most bought currency at the time of the headline release on Friday. The trading volumes were in line with prior trading activity,...]]></description><link>https://www.cablefxm.co.uk/post/hedge-funds-sold-dollars-on-court-tariff-ruling-cable-fx-macro</link><guid isPermaLink="false">699e28aee9360bd69c34abdc</guid><pubDate>Tue, 24 Feb 2026 22:48:40 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_b8e0c79173fa480ebc190c2cb272e81c~mv2.png/v1/fit/w_814,h_598,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Economists Expect G10 Inflation to Slowdown This Year: Cable FX Macro ]]></title><description><![CDATA[**As seen in Online Tools>Inflation Monitor, subscribe at cablefxm.co.uk In the U.S., headline CPI slowed to 2.4% y/y in January 2026 (down from 2.7% in December 2025), the lowest since mid-2025. Core CPI eased to around 2.5%. This reflects base effects, softer energy, and some shelter moderation, supporting expectations of gradual Fed policy normalization. Across the pond, HICP dropped to 1.7% y/y in January 2026 (from 2.0% in December 2025), the lowest in over a year, driven by sharp energy...]]></description><link>https://www.cablefxm.co.uk/post/economists-expect-g10-inflation-to-slowdown-this-year-cable-fx-macro</link><guid isPermaLink="false">699e276c91604ab56c32d54a</guid><pubDate>Tue, 24 Feb 2026 22:38:19 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_ce324534ff1c4f99b05fa95f4d4e7887~mv2.png/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[⚖️G10FX/USD Upside On Fed Pricing: Cable FX Macro ]]></title><description><![CDATA[Year-to-date, G10 currencies have mostly strengthened against the USD, with the greenback emerging as the weakest performer amid Fed easing expectations, US policy uncertainties (e.g., tariffs, fiscal risks), and global rotation into pro-cyclical assets. The CAD has been a close laggard due to USMCA renegotiation jitters. High-beta currencies like NZD, SEK, and AUD have led gains, supported by resilient growth, carry appeal, and risk-on sentiment.]]></description><link>https://www.cablefxm.co.uk/post/g10fx-usd-upside-on-fed-pricing-cable-fx-macro</link><guid isPermaLink="false">699553a848e1ffd8ef78d095</guid><pubDate>Wed, 18 Feb 2026 06:17:36 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_c976ef8d95114fc8a0ccd6d2e66e1cfe~mv2.png/v1/fit/w_996,h_916,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[USD/JPY Could Break Below 153.0 Soon: Cable FX Macro ]]></title><description><![CDATA[Speculation has built around an earlier/next BoJ hike, potentially as soon as April 2026. Comments from former BoJ board member Seiji Adachi highlighting April as likely timing. This narrowed the US-Japan yield spread appeal and supported yen demand, pressuring USD/JPY lower (e.g., sharp drop after Bloomberg report on Feb 17). Another factor supporting the strength of the yen has been the recent unwinding of carry positions, which has had a notable impact on currency dynamics. Carry trades...]]></description><link>https://www.cablefxm.co.uk/post/usd-jpy-could-break-below-153-0-soon-cable-fx-macro</link><guid isPermaLink="false">699551e348e1ffd8ef78cce9</guid><pubDate>Wed, 18 Feb 2026 05:51:27 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_1bbddf5f3b5949db856bd5fd9d9f6254~mv2.png/v1/fit/w_1000,h_724,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[USD/JPY, Nikkei Correlation Holds Strongly: Cable FX Macro ]]></title><description><![CDATA[The correlation between USDJPY and the Nikkei 225 remains strongly positive overall—when the dollar strengthens against the yen (USDJPY up, yen weaker), the Nikkei tends to rise too. This has been the case since around two thousand two, driven by export boosts for Japanese companies and carry trade flows. In recent months, the relationship holds firm. From late 2025 data, the twenty-day rolling correlation was around 0.81, and the past-month figure sat at about 0.79—still high and stable....]]></description><link>https://www.cablefxm.co.uk/post/usd-jpy-nikkei-correlation-holds-strongly-cable-fx-macro</link><guid isPermaLink="false">698bc6985ce248ef44877ed7</guid><pubDate>Wed, 11 Feb 2026 00:05:34 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_1ce80c46936e43248df605b8eaab7b6d~mv2.png/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[⚠️Employment Numbers Ahead: Cable FX Macro ]]></title><description><![CDATA[**As seen in Online Tools > Risk Map, get full access at cablefxm.co.uk  Risks ahead: U.S. Non Farm Payrolls  U.S. CPI U.S. jobless claims Switzerland CPI Euro output]]></description><link>https://www.cablefxm.co.uk/post/employment-numbers-ahead-cable-fx-macro</link><guid isPermaLink="false">698b86903faa9e439bef2689</guid><pubDate>Tue, 10 Feb 2026 23:52:06 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_999a4267f3294dc5b12dffaa475143e5~mv2.png/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Do Not Expect ECB Hikes Until 2H 2027: Nordea]]></title><description><![CDATA[How does Lagarde describe the recent moves seen in the FX market and is the ECB worried about recent currency moves? We continue to think the ECB will keep rates at current levels this year, and see the risk picture gradually moving towards rate hikes, though as the start of the year has reminded us, downside risks have not disappeared either. We do not expect actual hikes until the second half of 2027,  though. Current market pricing suggests a small remaining bias towards a rate cut this...]]></description><link>https://www.cablefxm.co.uk/post/do-not-expect-ecb-hikes-until-2h-2027-nordea</link><guid isPermaLink="false">6983da4d9b806d1e1103af73</guid><pubDate>Thu, 05 Feb 2026 00:34:25 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_daa7963364774c7b94ad051074b08b94~mv2.png/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Gold Fundamentals Remain Strong: ING]]></title><description><![CDATA[For gold, the recent correction does not appear to reflect a change in the underlying macro narrative. Safe-haven demand, ongoing central bank purchases, and the outlook for real rates remain supportive over the medium term. While shorter term drivers triggered the latest rally, the foundation of gold’s multiyear uptrend remains the steady accumulation by global central banks. This phase began in 2022 following Russia’s invasion of Ukraine, which prompted a reassessment of reserve security...]]></description><link>https://www.cablefxm.co.uk/post/gold-fundamentals-remain-strong-ing</link><guid isPermaLink="false">6983d8ff9b806d1e1103ad6e</guid><pubDate>Wed, 04 Feb 2026 23:42:52 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_2dc9de7616e545cf8b47455f2635b5b5~mv2.png/v1/fit/w_1000,h_855,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[Model Goes Long Antipodes vs Yen, Euro, And Dollar: Cable FX Macro ]]></title><description><![CDATA[The table below is showing the z-score ranking for our G10FX quantitative momentum model, rebalanced for February 2026. The results show no filter applied to the nominal model screenings. As of January close, basket is going long AUD and NZD. The bottom rankings show yen and dollar as funding targets. The euro was second bottom ranking after the filter was applied. Pairs to express this model (long format): AUD/JPY, NZD/JPY, AUD/EUR, NZD/USD Subscribe to get early access to model results,...]]></description><link>https://www.cablefxm.co.uk/post/model-goes-long-antipodes-vs-yen-euro-and-dollar-cable-fx-macro</link><guid isPermaLink="false">6983a5cd6a55b9536d4c3d91</guid><pubDate>Wed, 04 Feb 2026 20:08:35 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_14e3df21c8654f4382193c816c6c8352~mv2.png/v1/fit/w_792,h_510,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item><item><title><![CDATA[The Debasement Trade Is Not Working For Bitcoin: Cable FX Macro ]]></title><description><![CDATA[2025 staged a clear downtrend for the dollar, the greenback posted its worst year in almost a decade against G10 peers. A debasement theme has been pressuring the greenback as foreign investors diverse away from U.S. assets. EM currencies and metals benefited from this dynamic too, spot gold intensified its rally and moved past $5,000.0/oz. Alternative assets like bitcoin have underperformed in an environment where most assets are rising against the U.S. dollar. Unlike fiat currencies or even...]]></description><link>https://www.cablefxm.co.uk/post/the-debasement-trade-is-not-working-for-bitcoin-cable-fx-macro</link><guid isPermaLink="false">69839c58a5b6c1a5c98779dc</guid><pubDate>Wed, 04 Feb 2026 19:36:29 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/9e2d58_9a8260cddaf64d0bb0989c046d0bd433~mv2.png/v1/fit/w_748,h_668,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Rosbel Durán</dc:creator></item></channel></rss>