Full Desk
Cautiously constructive on February short-covering rally from extreme October oversold levels with Arctic blast providing first genuine supply catalyst yet skeptical about sustainability given structural oversupply fundamentals
Full Desk
Cautiously bullish on Trump-Xi breakthrough potential 20 MMT upgrade but concerned about pricing execution risk and whether deal represents consideration versus confirmed commitment requiring follow-through validation
Full Desk
Treasury bonds experiencing technical relief rally after December panic exhaustion but fundamentals remain challenged with Fed terminal rate near 3% and sticky inflation limiting sustained duration rally potential
Weekly Review
The desk is back, silver smashes through R1, and the FX complex reminds everyone that currencies have feelings too.
Most analysts targeting $75-85 consolidation near-term with longer-term forecasts extending to $90-150 by mid-2026 if supply deficit and China restrictions persist though CME intervention creates uncertainty and regulatory overhang capping near-term upside
Core
Defensive and fearful near-term given violent AI spending concerns selloff but acknowledging oversold technicals and upcoming March seasonal strength could provide recovery catalyst
Core
Cautiously neutral awaiting February catalysts with DeepSeek disruption concerns tempering seasonal optimism amid Fed hawkish December shock and elevated valuations
Core
Cautiously bearish expecting structural oversupply and weak Chinese demand to push prices toward $55-58 range over 2026 despite OPEC+ Q1 production freeze providing temporary support
Core
EUR range-bound near 1.19 as both Fed and ECB signal patience with modest consensus targets of 1.18-1.22 through Q2 2026 awaiting fresh catalysts from March dual central bank meetings
Core
Bullish medium-term with structural central bank support intact and Fed maintaining accommodative bias creating constructive backdrop for continuation toward $5200-5600 despite January profit-taking consolidation
Extended
Neutral to mildly bullish consolidation expected as February 5 BoE narrow 5-4 hold signals approaching end of easing cycle with USD weakness providing tailwind
Extended
USD/JPY consolidation with slight bearish JPY bias on persistent rate differentials; Takaichi election victory seen constraining BOJ normalization through political pressure