Random question but does anyone know what it means to receive 1y1y GBP ? I saw that in a research note and have no idea what it means.. Any help would be appreciated

With my 3 to 12month time horizon it's deffo worth putting thus trade on my watch list.

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How does this fit in with your gold view Julian?

Thank you Julian. Very informative piece with good rationale and charts. And I appreciate the use and explanation of the P&F charts

Another option is to purchase FXY out of the money puts. As an example, there are over 6000 open contracts for the Jan 18 80’s. Perhaps one of the members with options experience will provide some insights.

Another option is to purchase FXY out of the money puts. As an example, there are over 6000 open contracts for the Jan 18 80’s. Perhaps one of the members with options experience will provide some insights.

Another option is to purchase FXY out of the money puts. As an example, there are over 6000 open contracts for the Jan 18 80’s. Perhaps one of the members with options experience will provide some insights.

I have already been looking at USDJPY recently with a similar view. I have aligned this also to the potential for Gold to move south again back towards $1200 due to the correlation between USDJPY and Gold. This also ties in with Peter Brandt's view that Gold will bottom sometime in Q1/Q2 2018, which also ties in with Julian's view of events for Q2 2018. So a number of stars seem to be aligning here (at least potentially).

This was written on 10/12/17 and posted here as dated the 10/14/17. The CPI release on 10/13/17 seemed to be an impactful event in that (together with Fed minute scratching of the head) seemed to reduce expectations of inflation which resulted in a Friday fall in Treasury yields (and bund yields which are back to where they were a month ago), the Treasury/Bund yield spread (which is crucial to understanding the DXY movement this year) and specifically relevant here the 0.36% fall in the USD/Yen (which flattens your 15w ema) How does Friday impact this trade?

Excellent from start to finish. The insight into the trade construction process (fundamentals, positioning, technicals) is immensely valuable. Presents the trade idea in its full context, which adds weight and conviction to the case. Also, it should be mentioned that Julian's firm, MI2 Partners, has a particular expertise in all things Japan related, which further adds credence to this JPY trade.

I am not convinced about the fundamental reasons for the JPY to decline in value simply because the fed is tightening. December 2015, the fed raises interest rates. At the beginning of 2016, the BoJ goes negative with its interest rate. Fundamentally the yen should decline. However, the opposite happened. Why would fed tightening now lead to a weaker yen when at the beginning of 2016 the yen increased even when the BoJ went negative? I guess it is because long term yields in the us declined in the first half of 2016. What do you guys think? Thanks

Is anyone still long GDX or GLD? Looks like a potential breakdown coming soon. Any thoughts on this former trade idea?

China seems to increasingly resembling Russia (present - Putin/ Xi) and past (around the Russian default). Is it just me? or have others noted the similarities as well?