THE ENGINE
The Harkster Kernel: a data adapter for institutional research.
The Kernel is the core of every Harkster engagement. It ingests your existing research inputs (bring your own research) and outputs three layers of data, each ready for downstream consumption via API, MCP, or direct integration into your systems.
A · INPUTS
Connect the sources you already have.
Email (Outlook / Microsoft Graph)
Research emails ingested via MS Graph: webhooks, delta sync, attachment handling. Segregate research flow from your corporate inbox. Our MS Graph email connector is open source, inspect the code, audit the security model, or run it yourself.
View the repo on GitHub →Files
Manual or automated uploads: PDFs, documents, spreadsheets, archives of historical research.
APIs
Structured feeds from vendors, portals, or internal systems, with authentication and rate-limit management handled by the Kernel.
Harkster Kernel
Clean · Embed · Index · Derive
B · PROCESSING
From raw content to AI-ready data.
1
Connectivity & Sync
Every source connected and kept continuously in sync.
Email (MS Graph) · APIs · Manual uploads
2
Ingestion & Preprocessing
Raw content cleaned and normalised into one structured record.
Parsing · Extraction · Cleaning · Dedupe
3
Intelligence & Enrichment
Enriched, then mined for first- and second-derivative signal.
Tagging · Embedding · Extraction · Aggregation
4
Data Management & Storage
Stored, governed and versioned as your research volume scales.
Raw + JSON · Embeddings · Access control · Retention
5
Orchestration & Retrieval
The retrieval layer your workflows call directly.
Hybrid retrieval · Reranking · Citations
C · OUTPUTS
Raw, first-derivative, second-derivative.
Layer 0 · AI-Ready Raw Data
Every source item, cleaned, embedded and indexed. Structured JSON with full provenance and citations. This is the foundation: query it, retrieve against it, feed it to any model or agent you run in-house.
Layer 1 · First-Derivative Intelligence
Extracted signal from each individual item:
Topic summaries
Every item summarised and decomposed into its core topics and claims.
Trade ideas
Explicit and implied ideas extracted, classified by asset class, direction and conviction, with supporting quotes.
Watchlist items
Mentions of the assets and entities you track, each scored for sentiment.
Event extraction
Items mapped to the risk events they relate to.
+ More
More extraction types available, and new extractions can be built around your specific content.
Layer 2 · Second-Derivative Intelligence
Signal aggregated across items and time:
Trending themes
Derived from topic summaries: what's dominating your research feed over the past 24 hours, with narrative summaries and source evidence.
Trade idea consensus
Derived from extracted trade ideas: normalised and aggregated views by asset, showing breadth, split and net direction.
Watchlist sentiment EMA
Derived from watchlist items: an exponential moving average of sentiment per asset, turning scattered mentions into a trackable signal.
Event Preview / Review
Derived from event extraction: synthesised pre- and post-event reports bringing together consensus views, scenario analysis, catalysts and positioning around a specific risk event.
+ More
More aggregate views available, and bespoke views are built around what your desk tracks.
Output samples
Layer 0 and Layer 1 samples below are derived directly from one real research note, linked below. Layer 2 aggregates themes and trade consensus across many such sources, of which this note is one contributor, not the sole input.
View source PDF (opens in new tab)
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"markdown":"\u003C!-- PageHeader:  to light blue (top-right).\nRight side: White text \u0022Spectra\u0022 in large font.\nBelow \u0022Spectra\u0022: White text \u0022MARKETS\u0022 in smaller font, spaced out letters.\u0022) --\u003E\n\u003C!-- PageHeader: Brent Donnelly July 13, 2026 --\u003E\n\n\n\n\n\n# Current Views\n\n10SEP CHFJPY put spread\n199/196 for ~37bps off 200.50 spot\n\n30JUL USDMXN put fly\n17.40/17.15/16.90 1X2X1 for\n30bps off 17.52 spot\n\n13JUL USDKRW put spread\n1530/1505 for 37bps off 1543 spot\nFinishes below the bottom strike,\npaid out 163bps = 4.4:1\n\n[bdonnelly@spectramarkets.com](mailto:bdonnelly@spectramarkets.com)\n\n\n\nY-axis range: 0 to 80\nX-axis categories (years): 1994, 1998, 2002, 2006, 2010, 2014, 2018, 2022, 2026\nFor each year, stacked bars representing countries with their combined FIFA ranking values and country names:\n- 1994: Brazil (8), Sweden (19), Bulgaria (29), Netherlands (32)\n- 1998: France (16), Croatia (7), Netherlands (12), Brazil (3)\n- 2002: Germany (19), Turkey (35), South Korea (46), Netherlands (32)\n- 2006: Portugal (17), France (8), Italy (13), Germany (19)\n- 2010: Uruguay (19), Spain (1), Germany (19), Netherlands (16)\n- 2014: Argentina (10), Netherlands (16), Germany (19), Brazil (3)\n- 2018: England (10), France (4), Croatia (7), Belgium (3)\n- 2022: Argentina (6), France (4), Croatia (7), Morocco (35)\n- 2026: England (9), Croatia (7), Morocco (35), Brazil (3)\u0022)\n\n\u0060\u0060\u0060chart\n{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u00221994\\\u0022,\\\u00221998\\\u0022,\\\u00222002\\\u0022,\\\u00222006\\\u0022,\\\u00222010\\\u0022,\\\u00222014\\\u0022,\\\u00222018\\\u0022,\\\u00222022\\\u0022,\\\u00222026\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Combined FIFA Ranking\\\u0022,\\\u0022data\\\u0022:[[8,19,29,32],[16,7,12,3],[19,35,46,32],[17,8,13,19],[19,1,19,16],[10,16,19,3],[10,4,7,3],[6,4,7,35],[9,7,35,3]],\\\u0022backgroundColor\\\u0022:[\\\u0022#f4d35e\\\u0022,\\\u0022#ee6c4d\\\u0022,\\\u0022#3d5a80\\\u0022,\\\u0022#98c1d9\\\u0022],\\\u0022stack\\\u0022:\\\u0022Stack 0\\\u0022}]},\\\u0022options\\\u0022:{\\\u0022responsive\\\u0022:true,\\\u0022plugins\\\u0022:{\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022World Cup Final Fours, by Combined FIFA Ranking\\\u0022}},\\\u0022scales\\\u0022:{\\\u0022y\\\u0022:{\\\u0022min\\\u0022:0,\\\u0022max\\\u0022:80,\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Combined FIFA Ranking (lower = stronger field)\\\u0022}}}}}\n\u0060\u0060\u0060\n\n\n\n\nLooking at 1994 to now,\nthis is the first World Cup\nsemis featuring the four\nbest teams.\n\n\n# GPIF and CPI\n\nThe overnight story changes nothing re: GPIF. CPI and Fedspeak on deck.\n\n\n## GPIF pushback\n\nA small win for the JPY bears overnight as there was a Reuters article saying that GPIF\nwill not overhaul its asset allocation. This is not a huge surprise given the\nbureaucratic and pre-determined nature of the asset allocation strategy. The article\ngoes on to say that the government could work within existing allowable ranges to\nfunnel more investment from state pension funds to domestic assets. That\u0027s the key.\nI don\u0027t think many are expecting a random GPIF reallocation announcement. Yen\nbulls (like me) expect GPIF will respond to the prime minister\u0027s request by changing\nallocations within existing bands. This graphic shows current allocations and the\nallowable deviation band. They have plenty of flexibility within the existing allocation.\n\n\nOrange bar is actual, gray box is allowable zone\n\n\n\n\u0060\u0060\u0060chart\n\u0022{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u0022Domestic Bonds\\\u0022,\\\u0022Foreign Bonds\\\u0022,\\\u0022Domestic Equities\\\u0022,\\\u0022Foreign Equities\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Actual\\\u0022,\\\u0022data\\\u0022:[26.91,24.48,23.81,24.8],\\\u0022backgroundColor\\\u0022:\\\u0022#FFA500\\\u0022},{\\\u0022label\\\u0022:\\\u0022Allowable Zone\\\u0022,\\\u0022data\\\u0022:[10,30,10,30,15,30,20,30],\\\u0022backgroundColor\\\u0022:\\\u0022#D3D3D3\\\u0022}]},}\n\u0060\u0060\u0060\n\n\n\n\nI am unfazed by the overnight article but will be watching Tokyo time every night for\nevidence of JPY buying because if GPIF (or other pension funds) are going to slowly\nswitch to more domestic assets, you should see it in the Japan time zone price action.\nLet\u0027s see. In the meantime, I feel much more comfortable sitting in CHFJPY for two\nmonths than paying the negative carry in USDJPY.\n\nSo, to summarize: I never thought GPIF would change their strategic asset mix\nnumbers in response to Takaichi-I think they can change their allocations within\nthe current strategic mix. As such, the overnight article doesn\u0027t change my mind.\nPerhaps confirmation bias, but I don\u0027t think so.\n\nSpeaking of Asian currencies, the USDKRW trade has expired at max profit as KRW\ncontinues to rip higher. That was a good trade. It paid 4.4:1. If you are short cash, I\nwould be taking it back now as the hedging of the SK Hynix flow should be nearly\ncomplete given payment is scheduled for 14JUL. For a full explanation of the trade,\nplease see here: [https://www.spectramarkets.com/amfx/totb-and-usdkrw/](https://www.spectramarkets.com/amfx/totb-and-usdkrw/)\n\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  --\u003E\n\n\n## CPI\n\nWe are now on the other side of the\nApril/May oil spike, so June MoM\nHeadline CPI will probably have a\nminus sign in front of it. At right please\nsee the distribution of expectations\nfrom Kalshi and Bloomberg.\n\nObviously headline is way over on the\nleft while core remains the primary\nconcern as we know that oil has fallen\nbut wonder if there will be any\ndisinflationary second round effects\nand continued softness in shelter.\n\nOr, will AI Capex, high computer\ncomponent costs, and sticky services\nkeep the inflationary flames\nflickering?\n\nOne astute client notes that the\nmedian for Core CPI was 0.3% and is\nnow 0.2% as the majority has moved\nto the left by 0.1%. That probably\nmeans that 0.2% and 0.3% are equally\nunsurprising and the third decimal\ncould matter as 0.252% is much\ndifferent from 0.324%.\n\nThis number is particularly important\nas July FOMC nears and as the market\nis torn as to whether falling shelter\nand oil prices are enough to stem the\ninflationary impulse... Or not.\n\nToday we get Waller at 12:30 N.Y. time\nand then tomorrow we get Kevin\nWarsh\u0027s first testimony at the House\nFinancial Services Committee. That\ntestimony is usually boring, but we\nwill be on alert for any useful nuggets.\n\n\nKalshi vs. Bloomberg Core CPI expectation\n\n\n\n\u0060\u0060\u0060chart\n{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u0022-0.30%\\\u0022,\\\u0022-0.20%\\\u0022,\\\u0022-0.10%\\\u0022,\\\u00220.00%\\\u0022,\\\u00220.10%\\\u0022,\\\u00220.20%\\\u0022,\\\u00220.30%\\\u0022,\\\u00220.40%\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Headline CPI Kalshi\\\u0022,\\\u0022backgroundColor\\\u0022:\\\u0022#4caf50\\\u0022,\\\u0022data\\\u0022:[10,53,30,7,0,0,0,0]},{\\\u0022label\\\u0022:\\\u0022Headline CPI Bloomberg\\\u0022,\\\u0022backgroundColor\\\u0022:\\\u0022#ff5722\\\u0022,\\\u0022data\\\u0022:[2,42,30,16,9,0,2,0]}]},\\\u0022options\\\u0022:{\\\u0022scales\\\u0022:{\\\u0022y\\\u0022:{\\\u0022min\\\u0022:0,\\\u0022max\\\u0022:60,\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Percentage\\\u0022}},\\\u0022x\\\u0022:{\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Headline CPI Change\\\u0022}}},\\\u0022plugins\\\u0022:{\\\u0022legend\\\u0022:{\\\u0022display\\\u0022:true}}}}\n\u0060\u0060\u0060\n\n\n\n\n\n\n\u0060\u0060\u0060chart\n{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u0022-0.30%\\\u0022,\\\u0022-0.20%\\\u0022,\\\u0022-0.10%\\\u0022,\\\u00220.00%\\\u0022,\\\u00220.10%\\\u0022,\\\u00220.20%\\\u0022,\\\u00220.30%\\\u0022,\\\u00220.40%\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Core CPI Kalshi\\\u0022,\\\u0022backgroundColor\\\u0022:\\\u0022#4caf50\\\u0022,\\\u0022data\\\u0022:[0,0,0,0.01,0.11,0.61,0.22,0.05]},{\\\u0022label\\\u0022:\\\u0022Core CPI Bloomberg\\\u0022,\\\u0022backgroundColor\\\u0022:\\\u0022#ff9800\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,0.01,0.53,0.44,0.01]}]},\\\u0022options\\\u0022:{\\\u0022scales\\\u0022:{\\\u0022x\\\u0022:{\\\u0022min\\\u0022:-0.3,\\\u0022max\\\u0022:0.4},\\\u0022y\\\u0022:{\\\u0022min\\\u0022:0,\\\u0022max\\\u0022:0.7}},\\\u0022plugins\\\u0022:{\\\u0022legend\\\u0022:{\\\u0022display\\\u0022:true}}}}\n\u0060\u0060\u0060\n\n\n\n\n## Calendar\n\nThe rest of the calendar is on the next page...\n\n\u003C!-- PageNumber: 2 --\u003E\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  --\u003E\n\n\n\u003Ctable\u003E\n\u003Ctr\u003E\n\u003Ctd colspan=\u00226\u0022\u003ESpectra Markets trading calendar for the week of July 13\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Cth\u003E\u003C/th\u003E\n\u003Cth\u003EMONDAY 13\u003C/th\u003E\n\u003Cth\u003ETUESDAY 14\u003C/th\u003E\n\u003Cth\u003EWEDNESDAY 15\u003C/th\u003E\n\u003Cth\u003ETHURSDAY 16\u003C/th\u003E\n\u003Cth\u003EFRIDAY 17\u003C/th\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd rowspan=\u00222\u0022\u003EBefore NY open\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003E\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003E\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003E\u003C/td\u003E\n\u003Ctd\u003ETSMC 2:00\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003E\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EUK GDP 2:00\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd rowspan=\u00224\u0022\u003ENY AM\u003C/td\u003E\n\u003Ctd rowspan=\u00224\u0022\u003E\u003C/td\u003E\n\u003Ctd\u003EBank earnings: JPM / BAC / C / GS / WFC\u003C/td\u003E\n\u003Ctd\u003EMS\u003C/td\u003E\n\u003Ctd\u003EUS Retail Sales 8:30\u003C/td\u003E\n\u003Ctd\u003EUS Housing Starts \u0026amp; Permits 8:30\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EUS CPI 8:30\u003C/td\u003E\n\u003Ctd\u003EUS PPI 8:30\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003EUS Initial Jobless Claims 8:30\u003C/td\u003E\n\u003Ctd\u003EUS IP 9:15\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd rowspan=\u00222\u0022\u003EFed Chair Warsh House testimony 10:00\u003C/td\u003E\n\u003Ctd\u003EBoC Rate Decision \u002B MPR 9:45\u003C/td\u003E\n\u003Ctd rowspan=\u00222\u0022\u003EU-Mich Sentiment (Prelim) 10:00\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EBoC Press Conference 10:30\u003C/td\u003E\n\u003Ctd\u003EUS Pending Home Sales 10:00\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ENY PM\u003C/td\u003E\n\u003Ctd\u003EWaller at NYABE 12:30\u003C/td\u003E\n\u003Ctd\u003EUS TIC / Foreign Portfolio Flows 16:00\u003C/td\u003E\n\u003Ctd\u003EUS Fed Beige Book 14:00\u003C/td\u003E\n\u003Ctd\u003ENFLX\u003C/td\u003E\n\u003Ctd\u003E\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd rowspan=\u00223\u0022\u003EAsia\u003C/td\u003E\n\u003Ctd rowspan=\u00223\u0022\u003ERBNZ Chief Economist Paul Conway (dove) speaks on Inflation 18:00\u003C/td\u003E\n\u003Ctd\u003ECN Q2 GDP 22:00\u003C/td\u003E\n\u003Ctd rowspan=\u00223\u0022\u003E\u003C/td\u003E\n\u003Ctd rowspan=\u00223\u0022\u003E\u003C/td\u003E\n\u003Ctd rowspan=\u00223\u0022\u003E\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECN Industrial Production 22:00\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECN Retail Sales 22:00\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n\nAll times NYC\n\n\n## Final Thoughts\n\n1\\. Looks like a false start in crypto so far. I am sticking with a bullish lean there and in silver, but both are not\ndoing much of anything to inspire.\n\n2\\. Weird USD rally in Asia last night. It was soon rejected.\n\n3\\. SPCX $143. Watch the IPO price ($135) as a key psychological level.\n\nPositioning report is on the next page.\n\nHave a highly-rated week.\n\ngood luck \u2191\u2193 be nimble\n\n\u003C!-- PageNumber: 3 --\u003E\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  --\u003E\n\n\n# The Spectra FX Positioning and Momentum Report\n\nHi. Welcome to this week\u0027s report. (To read about how I use and trade this report, [see here.)](https://www.spectramarkets.com/amfx/sfxpm-explainer/) The USD bull fever has cooled\nas price momentum has stalled, but there has been no catalyst for a major reversal and so here we are. GBP and NZD\nhave recovered, USDCAD is trending lower out of nowhere, and EURUSD and USDJPY remain paralyzed. With the scores\nwhere they are, there is no big positioning story in FX. The USD can rally or selloff from here; it\u0027s close to symmetrical.\n\n\n# G10 FX Positioning and Momentum Scores\n\nAll scores -10 to \u002B10 scale, all currencies vs. USD (that is: JPY means yen, not USDJPY)\n\n\n\u003Ctable\u003E\n\u003Ctr\u003E\n\u003Ctd colspan=\u00229\u0022\u003ESummary scores\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Cth\u003E\u003C/th\u003E\n\u003Cth\u003EUSD\u003C/th\u003E\n\u003Cth\u003EEUR\u003C/th\u003E\n\u003Cth\u003ECHF\u003C/th\u003E\n\u003Cth\u003EJPY\u003C/th\u003E\n\u003Cth\u003EGBP\u003C/th\u003E\n\u003Cth\u003EAUD\u003C/th\u003E\n\u003Cth\u003ENZD\u003C/th\u003E\n\u003Cth\u003ECAD\u003C/th\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EPositioning\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E-2\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-2\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EMomentum\u003C/td\u003E\n\u003Ctd\u003E3\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003Ctd\u003E-4\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n\n\u003Ctable\u003E\n\u003Ctr\u003E\n\u003Ctd colspan=\u00229\u0022\u003EPositioning and Sentiment\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Cth\u003E\u003C/th\u003E\n\u003Cth\u003EUSD\u003C/th\u003E\n\u003Cth\u003EEUR\u003C/th\u003E\n\u003Cth\u003ECHF\u003C/th\u003E\n\u003Cth\u003EJPY\u003C/th\u003E\n\u003Cth\u003EGBP\u003C/th\u003E\n\u003Cth\u003EAUD\u003C/th\u003E\n\u003Cth\u003ENZD\u003C/th\u003E\n\u003Cth\u003ECAD\u003C/th\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECFTC Level (% of OI)\u003C/td\u003E\n\u003Ctd\u003E6\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-6\u003C/td\u003E\n\u003Ctd\u003E-4\u003C/td\u003E\n\u003Ctd\u003E-8\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-10\u003C/td\u003E\n\u003Ctd\u003E-9\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECFTC 4-Week Change\u003C/td\u003E\n\u003Ctd\u003E5\u003C/td\u003E\n\u003Ctd\u003E-4\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003Ctd\u003E-8\u003C/td\u003E\n\u003Ctd\u003E-9\u003C/td\u003E\n\u003Ctd\u003E-7\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EDaily Sentiment Index\u003C/td\u003E\n\u003Ctd\u003E4\u003C/td\u003E\n\u003Ctd\u003E-4\u003C/td\u003E\n\u003Ctd\u003E-7\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003Ctd\u003E3\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ERisk Reversal (1-month lookback)\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E6\u003C/td\u003E\n\u003Ctd\u003E10\u003C/td\u003E\n\u003Ctd\u003E7\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E10\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ERisk Reversal (6-month lookback)\u003C/td\u003E\n\u003Ctd\u003E1\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-7\u003C/td\u003E\n\u003Ctd\u003E3\u003C/td\u003E\n\u003Ctd\u003E3\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ESpectra FX Positioning\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E-3\u003C/td\u003E\n\u003Ctd\u003E-5\u003C/td\u003E\n\u003Ctd\u003E-1\u003C/td\u003E\n\u003Ctd\u003E0\u003C/td\u003E\n\u003Ctd\u003E1\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n\nMomentum\n\nUSD\n\nEUR\n\nCHF\n\nJPY\n\nGBP\n\nAUD\n\nNZD\n\nCAD\n\nRSI\n\n4\n\n-4\n\n-7\n\n-4\n\n3\n\n-5\n\n3\n\n-5\n\nDeviation from 20-Day\n\n-1\n\n0\n\n-2\n\n-2\n\n3\n\n-1\n\n4\n\n2\n\nDeviation from 100-Day\n\n5\n\n-4\n\n-5\n\n-5\n\n-1\n\n-5\n\n-2\n\n-7\n\n\n, This week (blue)\nValues for Last week: USD ~2.5, EUR ~-1, CHF ~-4, JPY ~-1, GBP ~0, AUD ~-1, NZD ~-2, CAD ~-4\nValues for This week: USD ~2.2, EUR ~-2, CHF ~-3, JPY ~0, GBP ~0, AUD ~-0.5, NZD ~-4, CAD ~-3\nLegend: Last week (gray), This week (blue)\u0022)\n\n\n, This week (blue bars)\nBars for each currency:\n- USD: Last week ~5, This week ~3\n- EUR: Last week ~-3, This week ~-2\n- CHF: Last week ~-3, This week ~-5\n- JPY: Last week ~-7, This week ~-4\n- GBP: Last week ~1, This week ~2\n- AUD: Last week ~-5, This week ~-4\n- NZD: Last week ~-3, This week ~1.5\n- CAD: Last week ~-8, This week ~-4\u0022)\n\n\n\u003C!-- PageNumber: 4 --\u003E\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  --\u003E\n\n\n# Big Strikes\n\nEURUSD strikes this week\n\n17-Jul-2026\n\nExpiry\n\n16-Jul-2026\n\n1.16B\n\n1.29B\n\n1.08B\n\n15-Jul-2026\n\n1.14B\n\n1.65B\n\n14-Jul-2026\n\n5\n\nLegend\n\nCalls\n\nD\n\n1.1250\n\n1.1300\n\n1.1350\n\n1.1400\n\n1.1450\n\n1.1500\n\n1.1550\n\n1.1600\n\nPuts\n\nStrike\n\nMixed\n\nUSDJPY strikes this week\n\n\n\n\n\u0060\u0060\u0060chart\n{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u0022159.50\\\u0022,\\\u0022160.00\\\u0022,\\\u0022160.50\\\u0022,\\\u0022161.00\\\u0022,\\\u0022161.50\\\u0022,\\\u0022162.00\\\u0022,\\\u0022162.50\\\u0022,\\\u0022163.00\\\u0022,\\\u0022163.50\\\u0022,\\\u0022164.00\\\u0022,\\\u0022164.50\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Volume\\\u0022,\\\u0022data\\\u0022:[0,0,2.99e9,0,0,0,0,0,9.72e8,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#f28e2b\\\u0022}]},\\\u0022options\\\u0022:{\\\u0022scales\\\u0022:{\\\u0022x\\\u0022:{\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Strike\\\u0022},\\\u0022min\\\u0022:159.5,\\\u0022max\\\u0022:164.5},\\\u0022y\\\u0022:{\\\u0022display\\\u0022:false}},\\\u0022plugins\\\u0022:{\\\u0022legend\\\u0022:{\\\u0022display\\\u0022:true}}}}\n\u0060\u0060\u0060\n\n\n\n\n\u003C!-- PageNumber: 5 --\u003E\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  to light blue (top-right).\nRight side: White text \u0022Spectra\u0022 in large font.\nBelow \u0022Spectra\u0022: White text \u0022MARKETS\u0022 in smaller font, spaced letters.\u0022) --\u003E\n\n\n, scale from 0 to 80 in increments of 10\nX-axis: Years - 1994, 1998, 2002, 2006, 2010, 2014, 2018, 2022, 2026\nBars for each year with stacked segments labeled by country and ranking in parentheses:\n1994: Bulgaria (29), Sweden (10), Italy (6), Brazil (1)\n1998: Netherlands (25), Croatia (19), France (18), Brazil (2)\n2002: South Korea (40), Turkey (22), Germany (11), Brazil (3)\n2006: Germany (19), Italy (13), France (8), Portugal (7)\n2010: Uruguay (16), Germany (9), Netherlands (15), Argentina (3)\n2014: Croatia (20), Argentina (5), France (7), Belgium (3)\n2018: Morocco (22), Croatia (12), France (6), England (4)\n2022: Croatia (19), France (4), England (4), Brazil (3)\n2026: England (4), France (3), Spain (2), Brazil (3)\nEach bar segment is color-coded uniquely per country\nThe @chartycharts watermark is present near the top right of the chart\u0022\n\n\u0060\u0060\u0060chart\n{\\\u0022type\\\u0022:\\\u0022bar\\\u0022,\\\u0022data\\\u0022:{\\\u0022labels\\\u0022:[\\\u00221994\\\u0022,\\\u00221998\\\u0022,\\\u00222002\\\u0022,\\\u00222006\\\u0022,\\\u00222010\\\u0022,\\\u00222014\\\u0022,\\\u00222018\\\u0022,\\\u00222022\\\u0022,\\\u00222026\\\u0022],\\\u0022datasets\\\u0022:[{\\\u0022label\\\u0022:\\\u0022Bulgaria (29)\\\u0022,\\\u0022data\\\u0022:[29,0,0,0,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#4daf4a\\\u0022},{\\\u0022label\\\u0022:\\\u0022Sweden (10)\\\u0022,\\\u0022data\\\u0022:[10,0,0,0,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#377eb8\\\u0022},{\\\u0022label\\\u0022:\\\u0022Italy (6)\\\u0022,\\\u0022data\\\u0022:[6,0,0,13,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#ff7f00\\\u0022},{\\\u0022label\\\u0022:\\\u0022Brazil (1)\\\u0022,\\\u0022data\\\u0022:[1,2,3,0,0,0,0,3,3],\\\u0022backgroundColor\\\u0022:\\\u0022#e41a1c\\\u0022},{\\\u0022label\\\u0022:\\\u0022Netherlands (25)\\\u0022,\\\u0022data\\\u0022:[0,25,0,0,15,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#984ea3\\\u0022},{\\\u0022label\\\u0022:\\\u0022Croatia (19)\\\u0022,\\\u0022data\\\u0022:[0,19,0,0,0,20,12,19,0],\\\u0022backgroundColor\\\u0022:\\\u0022#ffff33\\\u0022},{\\\u0022label\\\u0022:\\\u0022France (18)\\\u0022,\\\u0022data\\\u0022:[0,18,0,8,0,7,6,4,3],\\\u0022backgroundColor\\\u0022:\\\u0022#a65628\\\u0022},{\\\u0022label\\\u0022:\\\u0022South Korea (40)\\\u0022,\\\u0022data\\\u0022:[0,0,40,0,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#f781bf\\\u0022},{\\\u0022label\\\u0022:\\\u0022Turkey (22)\\\u0022,\\\u0022data\\\u0022:[0,0,22,0,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#999999\\\u0022},{\\\u0022label\\\u0022:\\\u0022Germany (11)\\\u0022,\\\u0022data\\\u0022:[0,0,11,19,9,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#dede00\\\u0022},{\\\u0022label\\\u0022:\\\u0022Portugal (7)\\\u0022,\\\u0022data\\\u0022:[0,0,0,7,0,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#66c2a5\\\u0022},{\\\u0022label\\\u0022:\\\u0022Uruguay (16)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,16,0,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#fc8d62\\\u0022},{\\\u0022label\\\u0022:\\\u0022Argentina (5)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,3,5,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#8da0cb\\\u0022},{\\\u0022label\\\u0022:\\\u0022Belgium (3)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,0,3,0,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#e78ac3\\\u0022},{\\\u0022label\\\u0022:\\\u0022Morocco (22)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,0,0,22,0,0],\\\u0022backgroundColor\\\u0022:\\\u0022#a6d854\\\u0022},{\\\u0022label\\\u0022:\\\u0022England (4)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,0,0,4,4,4],\\\u0022backgroundColor\\\u0022:\\\u0022#ffd92f\\\u0022},{\\\u0022label\\\u0022:\\\u0022Spain (2)\\\u0022,\\\u0022data\\\u0022:[0,0,0,0,0,0,0,0,2],\\\u0022backgroundColor\\\u0022:\\\u0022#e5c494\\\u0022}]}},\\\u0022options\\\u0022:{\\\u0022scales\\\u0022:{\\\u0022y\\\u0022:{\\\u0022min\\\u0022:0,\\\u0022max\\\u0022:80,\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Combined FIFA Ranking (lower = stronger field)\\\u0022}},\\\u0022x\\\u0022:{\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022Year\\\u0022}}},\\\u0022plugins\\\u0022:{\\\u0022title\\\u0022:{\\\u0022display\\\u0022:true,\\\u0022text\\\u0022:\\\u0022World Cup Final Fours, by Combined FIFA Ranking\\\u0022}}}}\n\u0060\u0060\u0060\n\n)\n\n[https://x.com/chartycharts/status/2076387938938871918](https://x.com/chartycharts/status/2076387938938871918)\n\n\nLooking at 1994 to now, this is the first World Cup semis featuring the four best teams.\nJust the 2nd time in 9 world cups that the number 1 ranked team has made the semis.\n\n\u003C!-- PageNumber: 6 --\u003E\n\u003C!-- PageBreak --\u003E\n\n\u003C!-- PageHeader:  --\u003E\n\n\n## Markets and Trading Commentary Disclaimer\n\nThis material has been provided by Spectra Markets, LLC (\u0022Spectra Markets\u0022). This material is confidential and therefore intended for\nyour sole use. You may not reproduce, distribute, or transmit this material or any portion thereof to anyone without prior written\npermission from Spectra Markets.\n\nThis material is solely for informational and discussion purposes only. Spectra Markets is not a registered investment advisor or\ncommodity trading advisor. This material should not be viewed as a current or past recommendation or an offer to sell or the\nsolicitation to enter into a particular position or adopt a particular investment strategy. Spectra Markets does not provide, and has\nnot provided, any investment advice or personal recommendation to you in relation to any transaction described in this material.\nAccordingly, Spectra Markets is under no obligation to, and shall not, determine the suitability for you of any transaction described\nin this material.\n\nTo be clear: Your individual circumstances have not been assessed. You must determine, on your own behalf or through independent\nprofessional advice, the merits, terms, conditions, risks, and consequences of any transactions described in this material. Securities\ndescribed in this material may not be eligible for sale in all jurisdictions or to certain categories of investors. This material may also\ncontain information regarding derivatives and other complex financial products. Do not invest in such products unless you fully\nunderstand and are willing to assume the risks associated with such products. Neither Spectra Markets nor any of its directors,\nofficers, employees, representatives, or agents, accept any liability whatsoever for any direct, indirect, or consequential losses (in\ncontract, tort or otherwise) arising from the use of this material or reliance on information contained herein, to the fullest extent\nallowed by law.\n\nThe opinions expressed in this material represent the current, good faith views of the author at the time of publication. Any\ninformation contained in this material is not and should not be regarded as investment research or derivatives research as\ndetermined by the U.S. Securities and Exchange Commission (\u0022SEC\u0022), the U.S. Commodity Futures Trading Commission (\u0022CFTC\u0022), the\nFinancial Industry Regulatory Authority (\u0022FINRA\u0022), the National Futures Association (\u0022NFA\u0022) or any other relevant regulatory body. The\nauthor is currently employed at a trading desk. The opinions may not be objective or independent of the interests of the author.\nAdditionally, the author may have consulted with various trading desks while preparing this material and a trading desk may have\naccumulated positions in the financial instruments or related derivatives products that are the subject of this material.\n\nSpectra Markets does not guarantee the accuracy, adequacy or completeness of the information presented in this material. Past\nperformance and simulation data do not necessarily indicate future performance. Predictions, opinions, and other information\ncontained in this material are subject to change continually and without notice of any kind and may no longer be true after the date\nindicated. Any forward-looking statements speak only as of the date they are made, and Spectra Markets assumes no duty to and\ndoes not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks,\nand uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking\nstatements. The value of any investment may also fluctuate as a result of market changes.\n\nSpectra Markets is affiliated with Spectra FX Solutions LLC, an introducing broker that is registered with the NFA; Spectra FX Solutions\nLLP, which is a registered entity with the U.K.\u0027s Financial Conduct Authority; and SpectrAxe, Inc., a swap execution facility that is\nregistered with the CFTC. The disclosures for Spectra FX Solutions LLC and Spectra FX Solutions LLP related to the separate\nbusinesses of Spectra FX can be found at spectrafx dotcom.\n\n\u003C!-- PageNumber: 7 --\u003E\n",
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"content":"Brent Donnelly July 13, 2026",
"source":"D(1,6.8025,0.6131,7.7913,0.6195,7.789,0.9809,6.8001,0.9745)",
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"content":"am FX",
"source":"D(1,0.7536,1.8772,1.3757,1.8786,1.3738,2.7621,0.7517,2.7607)",
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"content":"Current Views",
"source":"D(1,0.4111,3.1359,1.8718,3.1328,1.8722,3.3262,0.4116,3.3293)",
"span":{
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"role":null,
"content":"10SEP CHFJPY put spread 199/196 for ~37bps off 200.50 spot",
"source":"D(1,0.4121,3.502,2.2364,3.5098,2.235,3.8354,0.4108,3.8276)",
"span":{
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},
{
"role":null,
"content":"30JUL USDMXN put fly 17.40/17.15/16.90 1X2X1 for 30bps off 17.52 spot",
"source":"D(1,0.4003,4.0258,2.3139,4.0261,2.3138,4.5829,0.4002,4.5825)",
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"role":null,
"content":"13JUL USDKRW put spread 1530/1505 for 37bps off 1543 spot Finishes below the bottom strike, paid out 163bps = 4.4:1",
"source":"D(1,0.4132,4.7921,2.3574,4.7921,2.3574,5.4252,0.4132,5.4252)",
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"content":"bdonnelly@spectramarkets.com",
"source":"D(1,0.5022,5.7102,2.1935,5.7059,2.1938,5.8545,0.5026,5.8588)",
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"content":"World Cup Final Fours, by Combined FIFA Ranking",
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"content":"00",
"source":"D(1,0.3242,6.2955,0.3676,6.296,0.367,6.3473,0.3236,6.3468)",
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},
{
"role":null,
"content":"70",
"source":"D(1,0.3245,6.4453,0.3702,6.4453,0.3702,6.4883,0.3245,6.4883)",
"span":{
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},
{
"role":null,
"content":"achatycivats",
"source":"D(1,1.6902,6.5093,1.9019,6.4752,1.9109,6.5308,1.6991,6.5649)",
"span":{
"offset":897,
"length":12
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},
{
"role":null,
"content":"Combined FIFA Ranking (lovwer = stranger field)",
"source":"D(1,0.2958,6.579,0.3437,6.5796,0.3353,7.2408,0.2875,7.2402)",
"span":{
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},
{
"role":null,
"content":"Bovith Karee: (",
"source":"D(1,0.8541,6.6701,1.0282,6.6685,1.0287,6.7132,0.8545,6.7148)",
"span":{
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},
{
"role":null,
"content":"50",
"source":"D(1,0.325,6.7358,0.3728,6.7358,0.3728,6.7835,0.325,6.7835)",
"span":{
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},
{
"role":null,
"content":"Relenlando (ID)",
"source":"D(1,0.6359,6.7404,0.8088,6.738,0.8094,6.7825,0.6366,6.7849)",
"span":{
"offset":977,
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},
{
"role":null,
"content":"0",
"source":"D(1,0.337,7.0205,0.3699,7.0205,0.3699,7.0692,0.337,7.0692)",
"span":{
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"length":1
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},
{
"role":null,
"content":"20",
"source":"D(1,0.3115,7.1785,0.3685,7.1773,0.3695,7.2237,0.3125,7.2249)",
"span":{
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"length":2
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},
{
"role":null,
"content":"Ha\u1EBFy (12) \u1EDF",
"source":"D(1,1.0973,7.1514,1.2284,7.147,1.2299,7.1925,1.0988,7.1968)",
"span":{
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},
{
"role":null,
"content":"10",
"source":"D(1,0.3268,7.3189,0.3707,7.3189,0.3707,7.3671,0.3268,7.3671)",
"span":{
"offset":1010,
"length":2
}
},
{
"role":null,
"content":"duses (H)",
"source":"D(1,0.4239,7.292,0.5669,7.2933,0.5665,7.3422,0.4234,7.3409)",
"span":{
"offset":1013,
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},
{
"role":null,
"content":"Franzm ji) \u00E8",
"source":"D(1,0.6412,7.3195,0.7969,7.3195,0.7969,7.3679,0.6412,7.3679)",
"span":{
"offset":1023,
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}
},
{
"role":null,
"content":"demany \u5186",
"source":"D(1,0.8648,7.3638,1.0189,7.3638,1.0189,7.4067,0.8648,7.4067)",
"span":{
"offset":1036,
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}
},
{
"role":null,
"content":"Inperiu())",
"source":"D(1,1.5273,7.3638,1.6861,7.3638,1.6861,7.4067,1.5273,7.4067)",
"span":{
"offset":1045,
"length":10
}
},
{
"role":null,
"content":"Framm (D)",
"source":"D(1,1.988,7.396,2.1333,7.396,2.1333,7.439,1.988,7.439)",
"span":{
"offset":1056,
"length":9
}
},
{
"role":null,
"content":"0",
"source":"D(1,0.3356,7.4581,0.3818,7.4578,0.3821,7.5075,0.3359,7.5077)",
"span":{
"offset":1066,
"length":1
}
},
{
"role":null,
"content":"Pennge \u03C31",
"source":"D(1,1.0934,7.4221,1.2263,7.4152,1.2286,7.4604,1.0957,7.4672)",
"span":{
"offset":1068,
"length":9
}
},
{
"role":null,
"content":"Bnlyiom (3)",
"source":"D(1,1.7764,7.4497,1.8884,7.4497,1.8884,7.4927,1.7764,7.4927)",
"span":{
"offset":1078,
"length":11
}
},
{
"role":null,
"content":"1554",
"source":"D(1,0.4465,7.5089,0.5338,7.4909,0.5437,7.5386,0.4563,7.5566)",
"span":{
"offset":1090,
"length":4
}
},
{
"role":null,
"content":"100g",
"source":"D(1,0.6788,7.4936,0.761,7.4897,0.7637,7.5472,0.6815,7.5511)",
"span":{
"offset":1095,
"length":4
}
},
{
"role":null,
"content":"2002",
"source":"D(1,0.9069,7.5088,0.9805,7.5088,0.9805,7.5518,0.9069,7.5518)",
"span":{
"offset":1100,
"length":4
}
},
{
"role":null,
"content":"2006",
"source":"D(1,1.121,7.5097,1.2036,7.4982,1.2099,7.5437,1.1273,7.5551)",
"span":{
"offset":1105,
"length":4
}
},
{
"role":null,
"content":"2010",
"source":"D(1,1.3433,7.5078,1.4256,7.5051,1.4271,7.5499,1.3447,7.5525)",
"span":{
"offset":1110,
"length":4
}
},
{
"role":null,
"content":"2014",
"source":"D(1,1.5647,7.5088,1.6519,7.5088,1.6519,7.5518,1.5647,7.5518)",
"span":{
"offset":1115,
"length":4
}
},
{
"role":null,
"content":"2018",
"source":"D(1,1.7982,7.5025,1.8757,7.5076,1.8727,7.553,1.7952,7.5479)",
"span":{
"offset":1120,
"length":4
}
},
{
"role":null,
"content":"2022",
"source":"D(1,2.015,7.5088,2.0991,7.5088,2.0991,7.5518,2.015,7.5518)",
"span":{
"offset":1125,
"length":4
}
},
{
"role":null,
"content":"20:29",
"source":"D(1,2.2354,7.5091,2.3159,7.502,2.3199,7.5469,2.2393,7.554)",
"span":{
"offset":1130,
"length":5
}
},
{
"role":null,
"content":"Looking at 1994 to now, this is the first World Cup semis featuring the four best teams.",
"source":"D(1,0.332,7.9167,2.3021,7.9167,2.3021,8.7764,0.332,8.7764)",
"span":{
"offset":2726,
"length":88
}
},
{
"role":"sectionHeading",
"content":"GPIF and CPI",
"source":"D(1,2.7574,1.8019,4.9597,1.798,4.9603,2.1199,2.7579,2.1237)",
"span":{
"offset":2817,
"length":14
}
},
{
"role":null,
"content":"The overnight story changes nothing re: GPIF. CPI and Fedspeak on deck.",
"source":"D(1,2.814,2.2019,7.2466,2.2019,7.2466,2.3746,2.814,2.3746)",
"span":{
"offset":2833,
"length":71
}
},
{
"role":"sectionHeading",
"content":"GPIF pushback",
"source":"D(1,2.747,2.6081,4.1836,2.6048,4.1841,2.8244,2.7476,2.8278)",
"span":{
"offset":2907,
"length":16
}
},
{
"role":null,
"content":"A small win for the JPY bears overnight as there was a Reuters article saying that GPIF will not overhaul its asset allocation. This is not a huge surprise given the bureaucratic and pre-determined nature of the asset allocation strategy. The article goes on to say that the government could work within existing allowable ranges to funnel more investment from state pension funds to domestic assets. That\u0027s the key. I don\u0027t think many are expecting a random GPIF reallocation announcement. Yen bulls (like me) expect GPIF will respond to the prime minister\u0027s request by changing allocations within existing bands. This graphic shows current allocations and the allowable deviation band. They have plenty of flexibility within the existing allocation.",
"source":"D(1,2.735,2.9433,8.164,2.9433,8.164,4.6302,2.735,4.6302)",
"span":{
"offset":2925,
"length":751
}
},
{
"role":null,
"content":"Domestic Bonds",
"source":"D(1,2.9572,5.072,3.7852,5.072,3.7852,5.1979,2.9572,5.1979)",
"span":{
"offset":3731,
"length":14
}
},
{
"role":null,
"content":"26.91%",
"source":"D(1,7.2632,5.0753,7.6409,5.0753,7.6409,5.1923,7.2632,5.1923)",
"span":{
"offset":3746,
"length":6
}
},
{
"role":null,
"content":"Foreign Bonds",
"source":"D(1,3.0547,5.5374,3.7852,5.5374,3.7852,5.6774,3.0547,5.6774)",
"span":{
"offset":3753,
"length":13
}
},
{
"role":null,
"content":"24.48%",
"source":"D(1,6.9644,5.543,7.3379,5.543,7.3379,5.6611,6.9644,5.6611)",
"span":{
"offset":3767,
"length":6
}
},
{
"role":null,
"content":"Domestic Equities",
"source":"D(1,2.8845,5.9939,3.7852,5.9936,3.7852,6.1289,2.8845,6.1292)",
"span":{
"offset":3774,
"length":17
}
},
{
"role":null,
"content":"23.81%",
"source":"D(1,6.877,5.9917,7.259,5.9909,7.2593,6.1167,6.8772,6.1175)",
"span":{
"offset":3792,
"length":6
}
},
{
"role":null,
"content":"Foreign Equities",
"source":"D(1,2.9862,6.4561,3.7852,6.4561,3.7852,6.5957,2.9862,6.5957)",
"span":{
"offset":3799,
"length":16
}
},
{
"role":null,
"content":"24.8%",
"source":"D(1,7.0059,6.4614,7.3171,6.4614,7.3171,6.5811,7.0059,6.5811)",
"span":{
"offset":3816,
"length":5
}
},
{
"role":null,
"content":"0%",
"source":"D(1,3.8121,6.9277,3.9595,6.9277,3.9595,7.0476,3.8121,7.0476)",
"span":{
"offset":3822,
"length":2
}
},
{
"role":null,
"content":"5%",
"source":"D(1,4.4326,6.9341,4.5779,6.9341,4.5779,7.0415,4.4326,7.0415)",
"span":{
"offset":3825,
"length":2
}
},
{
"role":null,
"content":"10%",
"source":"D(1,5.0303,6.9287,5.2295,6.9287,5.2295,7.0469,5.0303,7.0469)",
"span":{
"offset":3828,
"length":3
}
},
{
"role":null,
"content":"15%",
"source":"D(1,5.6445,6.9341,5.8521,6.9341,5.8521,7.0415,5.6445,7.0415)",
"span":{
"offset":3832,
"length":3
}
},
{
"role":null,
"content":"20%",
"source":"D(1,6.2546,6.9285,6.4746,6.9285,6.4746,7.0415,6.2546,7.0415)",
"span":{
"offset":3836,
"length":3
}
},
{
"role":null,
"content":"25%",
"source":"D(1,6.8772,6.9314,7.093,6.9314,7.093,7.046,6.8772,7.046)",
"span":{
"offset":3840,
"length":3
}
},
{
"role":null,
"content":"30%",
"source":"D(1,7.4915,6.9279,7.7095,6.9324,7.7071,7.0506,7.489,7.0461)",
"span":{
"offset":3844,
"length":3
}
},
{
"role":null,
"content":"Orange bar is actual, gray box is allowable zone",
"source":"D(1,3.9759,7.1966,6.9229,7.1931,6.9231,7.3663,3.9761,7.3698)",
"span":{
"offset":3679,
"length":48
}
},
{
"role":null,
"content":"I am unfazed by the overnight article but will be watching Tokyo time every night for evidence of JPY buying because if GPIF (or other pension funds) are going to slowly switch to more domestic assets, you should see it in the Japan time zone price action. Let\u0027s see. In the meantime, I feel much more comfortable sitting in CHFJPY for two months than paying the negative carry in USDJPY.",
"source":"D(1,2.7394,7.5677,8.1558,7.5697,8.1555,8.5032,2.7391,8.5012)",
"span":{
"offset":4811,
"length":388
}
},
{
"role":null,
"content":"So, to summarize: I never thought GPIF would change their strategic asset mix numbers in response to Takaichi-I think they can change their allocations within the current strategic mix. As such, the overnight article doesn\u0027t change my mind. Perhaps confirmation bias, but I don\u0027t think so.",
"source":"D(1,2.7391,8.7066,8.1597,8.7047,8.1599,9.4471,2.7393,9.449)",
"span":{
"offset":5201,
"length":289
}
},
{
"role":null,
"content":"Speaking of Asian currencies, the USDKRW trade has expired at max profit as KRW continues to rip higher. That was a good trade. It paid 4.4:1. If you are short cash, I would be taking it back now as the hedging of the SK Hynix flow should be nearly complete given payment is scheduled for 14JUL. For a full explanation of the trade, please see here: https://www.spectramarkets.com/amfx/totb-and-usdkrw/",
"source":"D(1,2.7347,9.6512,8.1639,9.6494,8.1642,10.5774,2.735,10.5793)",
"span":{
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}
},
{
"role":"pageHeader",
"content":"Spectra MARKETS",
"source":"D(2,1.1919,0.3384,2.7206,0.3332,2.7223,0.8428,1.1936,0.8479)",
"span":{
"offset":5991,
"length":15
}
},
{
"role":"sectionHeading",
"content":"CPI",
"source":"D(2,0.6537,1.3646,0.9986,1.3692,0.9961,1.5562,0.6513,1.5517)",
"span":{
"offset":6252,
"length":6
}
},
{
"role":null,
"content":"We are now on the other side of the April/May oil spike, so June MoM Headline CPI will probably have a minus sign in front of it. At right please see the distribution of expectations from Kalshi and Bloomberg.",
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"span":{
"offset":6260,
"length":209
}
},
{
"role":null,
"content":"Obviously headline is way over on the left while core remains the primary concern as we know that oil has fallen but wonder if there will be any disinflationary second round effects and continued softness in shelter.",
"source":"D(2,0.6493,3.0191,3.1047,3.0196,3.1045,4.1314,0.6491,4.131)",
"span":{
"offset":6471,
"length":216
}
},
{
"role":null,
"content":"Or, will AI Capex, high computer component costs, and sticky services keep the inflationary flames flickering?",
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"span":{
"offset":6689,
"length":110
}
},
{
"role":null,
"content":"One astute client notes that the median for Core CPI was 0.3% and is now 0.2% as the majority has moved to the left by 0.1%. That probably means that 0.2% and 0.3% are equally unsurprising and the third decimal could matter as 0.252% is much different from 0.324%.",
"source":"D(2,0.6454,5.2917,3.1045,5.2884,3.1065,6.7775,0.6474,6.7808)",
"span":{
"offset":6801,
"length":264
}
},
{
"role":null,
"content":"This number is particularly important as July FOMC nears and as the market is torn as to whether falling shelter and oil prices are enough to stem the inflationary impulse... Or not.",
"source":"D(2,0.6488,6.9973,3.1044,6.9967,3.1047,7.9233,0.6491,7.924)",
"span":{
"offset":7067,
"length":182
}
},
{
"role":null,
"content":"Today we get Waller at 12:30 N.Y. time and then tomorrow we get Kevin Warsh\u0027s first testimony at the House Financial Services Committee. That testimony is usually boring, but we will be on alert for any useful nuggets.",
"source":"D(2,0.648,8.1255,3.1132,8.1324,3.11,9.2562,0.6448,9.2492)",
"span":{
"offset":7251,
"length":218
}
},
{
"role":null,
"content":"Kalshi vs. Bloomberg Headline CPI expectation",
"source":"D(2,4.0072,1.9431,7.3587,1.9439,7.3586,2.1275,4.0072,2.1267)",
"span":{
"offset":7517,
"length":45
}
},
{
"role":null,
"content":"60%",
"source":"D(2,3.2747,2.1733,3.4596,2.1738,3.4594,2.2733,3.2744,2.2728)",
"span":{
"offset":7563,
"length":3
}
},
{
"role":null,
"content":"50%",
"source":"D(2,3.2747,2.627,3.4607,2.6296,3.4593,2.729,3.2733,2.7264)",
"span":{
"offset":7567,
"length":3
}
},
{
"role":null,
"content":"40%",
"source":"D(2,3.2726,3.0884,3.4594,3.0884,3.4594,3.1851,3.2726,3.1851)",
"span":{
"offset":7571,
"length":3
}
},
{
"role":null,
"content":"30%",
"source":"D(2,3.2746,3.5503,3.4594,3.5503,3.4594,3.6499,3.2747,3.6499)",
"span":{
"offset":7575,
"length":3
}
},
{
"role":null,
"content":"20%",
"source":"D(2,3.2748,3.997,3.4626,4.0065,3.4573,4.1114,3.2695,4.1019)",
"span":{
"offset":7579,
"length":3
}
},
{
"role":null,
"content":"10%",
"source":"D(2,3.2809,4.4634,3.4573,4.4634,3.4573,4.5614,3.2809,4.5614)",
"span":{
"offset":7583,
"length":3
}
},
{
"role":null,
"content":"0%",
"source":"D(2,3.3224,4.9247,3.4573,4.9247,3.4573,5.0195,3.3224,5.0195)",
"span":{
"offset":7587,
"length":2
}
},
{
"role":null,
"content":"-0.30%",
"source":"D(2,3.6855,5.0515,3.9678,5.0515,3.9678,5.1538,3.6855,5.1538)",
"span":{
"offset":7590,
"length":6
}
},
{
"role":null,
"content":"-0.20%",
"source":"D(2,4.25,5.0515,4.5281,5.0515,4.5281,5.1539,4.25,5.1539)",
"span":{
"offset":7597,
"length":6
}
},
{
"role":null,
"content":"-0.10%",
"source":"D(2,4.8145,5.0486,5.0967,5.0486,5.0967,5.1536,4.8145,5.1536)",
"span":{
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"length":6
}
},
{
"role":null,
"content":"0.00%",
"source":"D(2,5.3831,5.0515,5.6445,5.0515,5.6445,5.1536,5.3831,5.1536)",
"span":{
"offset":7611,
"length":5
}
},
{
"role":null,
"content":"0.10%",
"source":"D(2,5.9517,5.0515,6.2131,5.0515,6.2131,5.1536,5.9517,5.1536)",
"span":{
"offset":7617,
"length":5
}
},
{
"role":null,
"content":"0.20%",
"source":"D(2,6.5161,5.0488,6.7817,5.0488,6.7817,5.1558,6.5161,5.1558)",
"span":{
"offset":7623,
"length":5
}
},
{
"role":null,
"content":"0.30%",
"source":"D(2,7.0847,5.0508,7.3462,5.0508,7.3462,5.1536,7.0847,5.1536)",
"span":{
"offset":7629,
"length":5
}
},
{
"role":null,
"content":"0.40%",
"source":"D(2,7.645,5.0508,7.9106,5.0508,7.9106,5.1536,7.645,5.1536)",
"span":{
"offset":7635,
"length":5
}
},
{
"role":null,
"content":"Headline CPI Kalshi",
"source":"D(2,4.4326,5.2275,5.4868,5.2273,5.4868,5.3545,4.4326,5.3546)",
"span":{
"offset":7641,
"length":19
}
},
{
"role":null,
"content":"Headline CPI Bloomberg",
"source":"D(2,5.769,5.2277,7.0807,5.2289,7.0806,5.3649,5.7689,5.3637)",
"span":{
"offset":7661,
"length":22
}
},
{
"role":null,
"content":"Kalshi vs. Bloomberg Core CPI expectation",
"source":"D(2,4.1649,5.556,7.2136,5.5589,7.2134,5.7445,4.1647,5.7416)",
"span":{
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}
},
{
"role":null,
"content":"0.7",
"source":"D(2,3.2747,5.7847,3.4075,5.7847,3.4075,5.8813,3.2747,5.8813)",
"span":{
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}
},
{
"role":null,
"content":"0.6",
"source":"D(2,3.2747,6.1821,3.4095,6.1821,3.4095,6.2795,3.2747,6.2795)",
"span":{
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"length":3
}
},
{
"role":null,
"content":"0.5",
"source":"D(2,3.2747,6.563,3.4096,6.5632,3.4095,6.6609,3.2746,6.6608)",
"span":{
"offset":8878,
"length":3
}
},
{
"role":null,
"content":"0.4",
"source":"D(2,3.2726,6.9569,3.4095,6.9569,3.4095,7.0572,3.2726,7.0572)",
"span":{
"offset":8882,
"length":3
}
},
{
"role":null,
"content":"0.3",
"source":"D(2,3.2747,7.3524,3.4095,7.3524,3.4095,7.4503,3.2747,7.4503)",
"span":{
"offset":8886,
"length":3
}
},
{
"role":null,
"content":"0.2",
"source":"D(2,3.2747,7.7451,3.4095,7.7451,3.4095,7.8418,3.2747,7.8418)",
"span":{
"offset":8890,
"length":3
}
},
{
"role":null,
"content":"0.1",
"source":"D(2,3.2726,8.1359,3.4011,8.1384,3.3991,8.2372,3.2706,8.2346)",
"span":{
"offset":8894,
"length":3
}
},
{
"role":null,
"content":"0",
"source":"D(2,3.3473,8.54,3.4116,8.54,3.4116,8.626,3.3473,8.626)",
"span":{
"offset":8898,
"length":1
}
},
{
"role":null,
"content":"-0.30%",
"source":"D(2,3.642,8.6636,3.9263,8.6636,3.9263,8.7603,3.642,8.7603)",
"span":{
"offset":8900,
"length":6
}
},
{
"role":null,
"content":"-0.20%",
"source":"D(2,4.208,8.6646,4.499,8.6569,4.5016,8.7539,4.2106,8.7616)",
"span":{
"offset":8907,
"length":6
}
},
{
"role":null,
"content":"-0.10%",
"source":"D(2,4.7812,8.6636,5.0676,8.6636,5.0676,8.7603,4.7812,8.7603)",
"span":{
"offset":8914,
"length":6
}
},
{
"role":null,
"content":"0.00%",
"source":"D(2,5.35,8.6581,5.6196,8.6481,5.6237,8.7587,5.3541,8.7688)",
"span":{
"offset":8921,
"length":5
}
},
{
"role":null,
"content":"0.10%",
"source":"D(2,5.9309,8.6636,6.1924,8.6636,6.1924,8.7603,5.9309,8.7603)",
"span":{
"offset":8927,
"length":5
}
},
{
"role":null,
"content":"0.20%",
"source":"D(2,6.4995,8.661,6.7651,8.661,6.7651,8.7603,6.4995,8.7603)",
"span":{
"offset":8933,
"length":5
}
},
{
"role":null,
"content":"0.30%",
"source":"D(2,7.0723,8.6636,7.3379,8.6636,7.3379,8.7603,7.0723,8.7603)",
"span":{
"offset":8939,
"length":5
}
},
{
"role":null,
"content":"0.40%",
"source":"D(2,7.6409,8.6636,7.9065,8.6636,7.9065,8.7603,7.6409,8.7603)",
"span":{
"offset":8945,
"length":5
}
},
{
"role":null,
"content":"Core CPI Kalshi",
"source":"D(2,4.6775,8.8404,5.5034,8.8404,5.5034,8.9592,4.6775,8.9592)",
"span":{
"offset":8951,
"length":15
}
},
{
"role":null,
"content":"Core CPI Bloomberg",
"source":"D(2,5.7524,8.8408,6.8398,8.8408,6.8398,8.9697,5.7524,8.9697)",
"span":{
"offset":8967,
"length":18
}
},
{
"role":"sectionHeading",
"content":"Calendar",
"source":"D(2,0.6558,9.5057,1.519,9.5057,1.519,9.7015,0.6558,9.7015)",
"span":{
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},
{
"role":null,
"content":"The rest of the calendar is on the next page...",
"source":"D(2,0.6464,9.8188,3.5801,9.8247,3.5797,9.9965,0.6461,9.9906)",
"span":{
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"length":47
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},
{
"role":"pageNumber",
"content":"2",
"source":"D(2,7.7778,10.5375,7.8608,10.5375,7.8608,10.6455,7.7778,10.6455)",
"span":{
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"length":22
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},
{
"role":"pageHeader",
"content":"Spectra MARKETS",
"source":"D(3,1.1885,0.3384,2.7226,0.3322,2.7247,0.8404,1.1905,0.8467)",
"span":{
"offset":10182,
"length":15
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},
{
"role":null,
"content":"Spectra Markets trading calendar for the week of July 13",
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"span":{
"offset":10550,
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},
{
"role":null,
"content":"MONDAY 13",
"source":"D(3,1.3229,1.8721,1.8264,1.8731,1.8258,2.1613,1.3224,2.1603)",
"span":{
"offset":10637,
"length":9
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},
{
"role":null,
"content":"TUESDAY 14",
"source":"D(3,2.8078,1.8685,3.3007,1.873,3.298,2.1603,2.8052,2.1558)",
"span":{
"offset":10656,
"length":10
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},
{
"role":null,
"content":"WEDNESDAY 15",
"source":"D(3,4.3537,1.8718,5.0303,1.8716,5.0304,2.1572,4.3538,2.1574)",
"span":{
"offset":10676,
"length":12
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},
{
"role":null,
"content":"THURSDAY 16",
"source":"D(3,5.8894,1.8674,6.4713,1.8715,6.4693,2.1596,5.8874,2.1554)",
"span":{
"offset":10698,
"length":11
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},
{
"role":null,
"content":"FRIDAY 17",
"source":"D(3,7.3047,1.8737,7.6992,1.8745,7.6986,2.1598,7.3041,2.1589)",
"span":{
"offset":10719,
"length":9
}
},
{
"role":null,
"content":"Before NY open",
"source":"D(3,0.4948,2.3078,0.8591,2.3034,0.8649,2.782,0.5006,2.7865)",
"span":{
"offset":10761,
"length":14
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},
{
"role":null,
"content":"TSMC 2:00",
"source":"D(3,6.0263,2.2251,6.3293,2.225,6.3294,2.511,6.0264,2.511)",
"span":{
"offset":10851,
"length":9
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},
{
"role":null,
"content":"UK GDP 2:00",
"source":"D(3,5.8355,2.645,6.5166,2.648,6.5161,2.7722,5.8349,2.7692)",
"span":{
"offset":10903,
"length":11
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},
{
"role":null,
"content":"NY AM",
"source":"D(3,0.4885,3.6392,0.8547,3.6446,0.8529,3.7679,0.4867,3.7625)",
"span":{
"offset":10947,
"length":5
}
},
{
"role":null,
"content":"Bank earnings: JPM / BAC / C / GS / WFC",
"source":"D(3,2.4149,2.9818,3.6831,2.979,3.6838,3.2893,2.4155,3.2921)",
"span":{
"offset":10984,
"length":39
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},
{
"role":null,
"content":"MS",
"source":"D(3,4.6054,3.0708,4.7771,3.0685,4.7787,3.1838,4.6069,3.1862)",
"span":{
"offset":11033,
"length":2
}
},
{
"role":null,
"content":"US Retail Sales 8:30",
"source":"D(3,5.6238,2.93,6.7486,2.9306,6.7484,3.3277,5.6235,3.327)",
"span":{
"offset":11045,
"length":20
}
},
{
"role":null,
"content":"US Housing Starts \u0026 Permits 8:30",
"source":"D(3,6.985,2.9806,8.0103,2.9798,8.0105,3.2805,6.9852,3.2814)",
"span":{
"offset":11075,
"length":36
}
},
{
"role":null,
"content":"US CPI 8:30",
"source":"D(3,2.5483,3.4509,3.5693,3.4505,3.5694,3.6281,2.5483,3.6286)",
"span":{
"offset":11132,
"length":11
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},
{
"role":null,
"content":"US PPI 8:30",
"source":"D(3,4.397,3.4826,4.9969,3.4709,4.9995,3.6037,4.3996,3.6154)",
"span":{
"offset":11153,
"length":11
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},
{
"role":null,
"content":"US Initial Jobless Claims 8:30",
"source":"D(3,5.5449,3.6153,6.8149,3.6153,6.8149,3.9128,5.5449,3.9128)",
"span":{
"offset":11186,
"length":30
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},
{
"role":null,
"content":"US IP 9:15",
"source":"D(3,7.2424,3.4829,7.7613,3.483,7.7612,3.6068,7.2424,3.6067)",
"span":{
"offset":11226,
"length":10
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},
{
"role":null,
"content":"Fed Chair Warsh House testimony 10:00",
"source":"D(3,2.2563,3.925,3.8507,3.9189,3.8522,4.317,2.2578,4.323)",
"span":{
"offset":11269,
"length":37
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},
{
"role":null,
"content":"BoC Rate Decision \u002B MPR 9:45",
"source":"D(3,4.0256,3.7609,5.3706,3.758,5.3714,4.1287,4.0264,4.1316)",
"span":{
"offset":11316,
"length":28
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},
{
"role":null,
"content":"U-Mich Sentiment (Prelim) 10:00",
"source":"D(3,7.0173,3.9693,7.9894,3.9621,7.9918,4.2768,7.0197,4.284)",
"span":{
"offset":11366,
"length":31
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},
{
"role":null,
"content":"BoC Press Conference 10:30",
"source":"D(3,4.1255,4.1976,5.2756,4.2021,5.2745,4.4952,4.1244,4.4907)",
"span":{
"offset":11418,
"length":26
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},
{
"role":null,
"content":"US Pending Home Sales 10:00",
"source":"D(3,5.574,4.1977,6.7776,4.1982,6.7775,4.4954,5.5739,4.4949)",
"span":{
"offset":11454,
"length":27
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},
{
"role":null,
"content":"NY PM",
"source":"D(3,0.4945,4.6389,0.8513,4.6378,0.8517,4.763,0.4949,4.7641)",
"span":{
"offset":11502,
"length":5
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},
{
"role":null,
"content":"Waller at NYABE 12:30",
"source":"D(3,1.0148,4.6297,2.1255,4.6338,2.125,4.7665,1.0143,4.7624)",
"span":{
"offset":11517,
"length":21
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},
{
"role":null,
"content":"US TIC / Foreign Portfolio Flows 16:00",
"source":"D(3,2.5193,4.552,3.5901,4.552,3.5901,4.8473,2.5193,4.8473)",
"span":{
"offset":11548,
"length":38
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},
{
"role":null,
"content":"US Fed Beige Book 14:00",
"source":"D(3,4.2334,4.5503,5.1715,4.5514,5.1712,4.8401,4.2331,4.839)",
"span":{
"offset":11596,
"length":23
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},
{
"role":null,
"content":"NFLX",
"source":"D(3,6.0347,4.6382,6.3293,4.6383,6.3293,4.7558,6.0347,4.7558)",
"span":{
"offset":11629,
"length":4
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},
{
"role":null,
"content":"Asia",
"source":"D(3,0.5479,5.4179,0.7932,5.4179,0.7932,5.5345,0.5479,5.5345)",
"span":{
"offset":11676,
"length":4
}
},
{
"role":null,
"content":"RBNZ Chief Economist Paul Conway (dove) speaks on Inflation 18:00",
"source":"D(3,0.9795,5.1476,2.1665,5.1476,2.1665,5.79,0.9795,5.79)",
"span":{
"offset":11702,
"length":65
}
},
{
"role":null,
"content":"CN Q2 GDP 22:00",
"source":"D(3,2.7579,4.9799,3.3484,4.9847,3.346,5.281,2.7555,5.2763)",
"span":{
"offset":11777,
"length":15
}
},
{
"role":null,
"content":"CN Industrial Production 22:00",
"source":"D(3,2.4238,5.4058,3.6793,5.4058,3.6793,5.6987,2.4238,5.6987)",
"span":{
"offset":11879,
"length":30
}
},
{
"role":null,
"content":"CN Retail Sales 22:00",
"source":"D(3,2.677,5.7494,3.422,5.7494,3.422,6.0479,2.677,6.0479)",
"span":{
"offset":11930,
"length":21
}
},
{
"role":null,
"content":"All times NYC",
"source":"D(3,3.9678,6.0999,4.6071,6.1007,4.6069,6.2314,3.9676,6.2306)",
"span":{
"offset":11974,
"length":13
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},
{
"role":"sectionHeading",
"content":"Final Thoughts",
"source":"D(3,0.6516,6.3642,2.0835,6.3642,2.0835,6.5903,0.6516,6.5903)",
"span":{
"offset":11990,
"length":17
}
},
{
"role":null,
"content":"1. Looks like a false start in crypto so far. I am sticking with a bullish lean there and in silver, but both are not doing much of anything to inspire.",
"source":"D(3,0.7294,6.7361,7.8567,6.7356,7.8567,7.1002,0.7295,7.1008)",
"span":{
"offset":12009,
"length":153
}
},
{
"role":null,
"content":"2. Weird USD rally in Asia last night. It was soon rejected.",
"source":"D(3,0.7165,7.1134,4.4746,7.1245,4.4741,7.2996,0.716,7.2885)",
"span":{
"offset":12164,
"length":61
}
},
{
"role":null,
"content":"3. SPCX $143. Watch the IPO price ($135) as a key psychological level.",
"source":"D(3,0.7139,7.3031,5.2629,7.3089,5.2627,7.4902,0.7136,7.4843)",
"span":{
"offset":12227,
"length":71
}
},
{
"role":null,
"content":"Positioning report is on the next page.",
"source":"D(3,0.7154,7.6885,3.1899,7.6934,3.1896,7.8682,0.7151,7.8634)",
"span":{
"offset":12300,
"length":39
}
},
{
"role":null,
"content":"Have a highly-rated week.",
"source":"D(3,0.7149,8.0689,2.3927,8.0652,2.3931,8.2466,0.7153,8.2503)",
"span":{
"offset":12341,
"length":25
}
},
{
"role":null,
"content":"good luck \u2191\u2193 be nimble",
"source":"D(3,3.3224,8.6482,5.4079,8.6345,5.4094,8.8611,3.3239,8.8748)",
"span":{
"offset":12368,
"length":22
}
},
{
"role":"pageNumber",
"content":"3",
"source":"D(3,7.782,10.5381,7.8525,10.5381,7.8525,10.6455,7.782,10.6455)",
"span":{
"offset":12392,
"length":22
}
},
{
"role":"pageHeader",
"content":"Spectra MARKETS",
"source":"D(4,1.1962,0.3396,2.7206,0.3389,2.7208,0.841,1.1964,0.8417)",
"span":{
"offset":12454,
"length":15
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},
{
"role":"sectionHeading",
"content":"The Spectra FX Positioning and Momentum Report",
"source":"D(4,0.3585,1.5472,6.9855,1.5568,6.9851,1.8643,0.3581,1.8548)",
"span":{
"offset":12752,
"length":48
}
},
{
"role":null,
"content":"Hi. Welcome to this week\u0027s report. (To read about how I use and trade this report, see here.) The USD bull fever has cooled as price momentum has stalled, but there has been no catalyst for a major reversal and so here we are. GBP and NZD have recovered, USDCAD is trending lower out of nowhere, and EURUSD and USDJPY remain paralyzed. With the scores where they are, there is no big positioning story in FX. The USD can rally or selloff from here; it\u0027s close to symmetrical.",
"source":"D(4,0.3505,2.1385,8.1554,2.1359,8.1556,2.8767,0.3508,2.8793)",
"span":{
"offset":12802,
"length":531
}
},
{
"role":"sectionHeading",
"content":"G10 FX Positioning and Momentum Scores",
"source":"D(4,1.3676,3.16,6.9022,3.1613,6.9021,3.4587,1.3675,3.4573)",
"span":{
"offset":13336,
"length":40
}
},
{
"role":null,
"content":"All scores -10 to \u002B10 scale, all currencies vs. USD (that is: JPY means yen, not USDJPY)",
"source":"D(4,2.1032,3.5826,6.3751,3.5849,6.375,3.7308,2.1031,3.7286)",
"span":{
"offset":13378,
"length":88
}
},
{
"role":null,
"content":"Summary scores",
"source":"D(4,3.7021,3.9446,4.8147,3.9467,4.8144,4.0928,3.7019,4.0907)",
"span":{
"offset":13498,
"length":14
}
},
{
"role":null,
"content":"USD",
"source":"D(4,4.0155,4.1492,4.2542,4.1492,4.2542,4.2566,4.0155,4.2566)",
"span":{
"offset":13543,
"length":3
}
},
{
"role":null,
"content":"EUR",
"source":"D(4,4.3189,4.1525,4.5571,4.1488,4.5588,4.2562,4.3206,4.2599)",
"span":{
"offset":13556,
"length":3
}
},
{
"role":null,
"content":"CHF",
"source":"D(4,4.6318,4.1462,4.8686,4.1466,4.8684,4.2576,4.6316,4.2571)",
"span":{
"offset":13569,
"length":3
}
},
{
"role":null,
"content":"JPY",
"source":"D(4,4.9376,4.15,5.1465,4.1475,5.1479,4.2656,4.939,4.2681)",
"span":{
"offset":13582,
"length":3
}
},
{
"role":null,
"content":"GBP",
"source":"D(4,5.2322,4.1516,5.4744,4.1484,5.4758,4.2566,5.2337,4.2598)",
"span":{
"offset":13595,
"length":3
}
},
{
"role":null,
"content":"AUD",
"source":"D(4,5.5263,4.1546,5.7856,4.1497,5.7877,4.2571,5.5283,4.262)",
"span":{
"offset":13608,
"length":3
}
},
{
"role":null,
"content":"NZD",
"source":"D(4,5.8396,4.151,6.0897,4.1537,6.0886,4.2557,5.8385,4.2531)",
"span":{
"offset":13621,
"length":3
}
},
{
"role":null,
"content":"CAD",
"source":"D(4,6.1499,4.1513,6.3875,4.149,6.3885,4.2555,6.1509,4.2578)",
"span":{
"offset":13634,
"length":3
}
},
{
"role":null,
"content":"Positioning",
"source":"D(4,2.733,4.3134,3.3455,4.3147,3.3452,4.4529,2.7327,4.4517)",
"span":{
"offset":13658,
"length":11
}
},
{
"role":null,
"content":"2",
"source":"D(4,4.0986,4.3275,4.1753,4.3261,4.1773,4.432,4.1006,4.4335)",
"span":{
"offset":13679,
"length":1
}
},
{
"role":null,
"content":"-2",
"source":"D(4,4.3954,4.326,4.4981,4.3292,4.4948,4.4329,4.3921,4.4296)",
"span":{
"offset":13690,
"length":2
}
},
{
"role":null,
"content":"-3",
"source":"D(4,4.6885,4.3285,4.802,4.3224,4.8076,4.426,4.6941,4.4321)",
"span":{
"offset":13702,
"length":2
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.0203,4.3304,5.0884,4.3293,5.09,4.4313,5.022,4.4324)",
"span":{
"offset":13714,
"length":1
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.3204,4.3291,5.3914,4.3288,5.3917,4.4304,5.3208,4.4307)",
"span":{
"offset":13725,
"length":1
}
},
{
"role":null,
"content":"-1",
"source":"D(4,5.6063,4.329,5.7068,4.328,5.7077,4.4293,5.6072,4.4302)",
"span":{
"offset":13736,
"length":2
}
},
{
"role":null,
"content":"-3",
"source":"D(4,5.9171,4.3303,6.0222,4.3289,6.0236,4.4284,5.9185,4.4299)",
"span":{
"offset":13748,
"length":2
}
},
{
"role":null,
"content":"-2",
"source":"D(4,6.2256,4.3258,6.3304,4.3268,6.3293,4.4322,6.2246,4.4311)",
"span":{
"offset":13760,
"length":2
}
},
{
"role":null,
"content":"Momentum",
"source":"D(4,2.7142,4.4858,3.3556,4.4851,3.3557,4.6,2.7144,4.6007)",
"span":{
"offset":13783,
"length":8
}
},
{
"role":null,
"content":"3",
"source":"D(4,4.1027,4.4883,4.1761,4.4903,4.1732,4.5953,4.0999,4.5933)",
"span":{
"offset":13801,
"length":1
}
},
{
"role":null,
"content":"-3",
"source":"D(4,4.3911,4.4902,4.4949,4.4902,4.4949,4.5923,4.3911,4.5923)",
"span":{
"offset":13812,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,4.7024,4.4865,4.8024,4.487,4.802,4.5954,4.702,4.595)",
"span":{
"offset":13824,
"length":2
}
},
{
"role":null,
"content":"-4",
"source":"D(4,5.0095,4.4902,5.1133,4.4902,5.1133,4.5923,5.0095,4.5923)",
"span":{
"offset":13836,
"length":2
}
},
{
"role":null,
"content":"2",
"source":"D(4,5.3208,4.4884,5.4021,4.4903,5.3997,4.5957,5.3184,4.5938)",
"span":{
"offset":13848,
"length":1
}
},
{
"role":null,
"content":"-3",
"source":"D(4,5.6238,4.4901,5.7166,4.4915,5.7151,4.5935,5.6223,4.5922)",
"span":{
"offset":13859,
"length":2
}
},
{
"role":null,
"content":"2",
"source":"D(4,5.9226,4.4902,6.0056,4.4902,6.0056,4.5923,5.9226,4.5923)",
"span":{
"offset":13871,
"length":1
}
},
{
"role":null,
"content":"-3",
"source":"D(4,6.2297,4.4902,6.3293,4.4902,6.3293,4.5923,6.2297,4.5923)",
"span":{
"offset":13882,
"length":2
}
},
{
"role":null,
"content":"Positioning and Sentiment",
"source":"D(4,3.4884,4.841,5.0305,4.8438,5.0303,4.9834,3.4881,4.9805)",
"span":{
"offset":13936,
"length":25
}
},
{
"role":null,
"content":"USD",
"source":"D(4,4.0174,5.0375,4.25,5.037,4.2502,5.1441,4.0176,5.1446)",
"span":{
"offset":13992,
"length":3
}
},
{
"role":null,
"content":"EUR",
"source":"D(4,4.3247,5.048,4.5575,5.0488,4.5571,5.1557,4.3243,5.1549)",
"span":{
"offset":14005,
"length":3
}
},
{
"role":null,
"content":"CHF",
"source":"D(4,4.6261,5.0477,4.8642,5.0354,4.8699,5.1461,4.6318,5.1584)",
"span":{
"offset":14018,
"length":3
}
},
{
"role":null,
"content":"JPY",
"source":"D(4,4.9427,5.0441,5.1465,5.0434,5.1469,5.1616,4.9431,5.1622)",
"span":{
"offset":14031,
"length":3
}
},
{
"role":null,
"content":"GBP",
"source":"D(4,5.2378,5.048,5.4706,5.0488,5.4702,5.1557,5.2374,5.1549)",
"span":{
"offset":14044,
"length":3
}
},
{
"role":null,
"content":"AUD",
"source":"D(4,5.5283,5.0488,5.7815,5.0488,5.7815,5.1536,5.5283,5.1536)",
"span":{
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"length":3
}
},
{
"role":null,
"content":"NZD",
"source":"D(4,5.8396,5.0488,6.0886,5.0488,6.0886,5.1536,5.8396,5.1536)",
"span":{
"offset":14070,
"length":3
}
},
{
"role":null,
"content":"CAD",
"source":"D(4,6.1509,5.0479,6.392,5.0488,6.3916,5.1558,6.1505,5.1549)",
"span":{
"offset":14083,
"length":3
}
},
{
"role":null,
"content":"CFTC Level (% of OI)",
"source":"D(4,2.5046,5.2082,3.5714,5.2068,3.5716,5.3418,2.5048,5.3431)",
"span":{
"offset":14107,
"length":20
}
},
{
"role":null,
"content":"6",
"source":"D(4,4.0989,5.223,4.1711,5.2203,4.175,5.3254,4.1027,5.328)",
"span":{
"offset":14137,
"length":1
}
},
{
"role":null,
"content":"-3",
"source":"D(4,4.3953,5.2222,4.4913,5.2228,4.4907,5.3265,4.3947,5.326)",
"span":{
"offset":14148,
"length":2
}
},
{
"role":null,
"content":"-6",
"source":"D(4,4.7018,5.2214,4.802,5.2208,4.8026,5.326,4.7024,5.3266)",
"span":{
"offset":14160,
"length":2
}
},
{
"role":null,
"content":"-4",
"source":"D(4,5.0096,5.2213,5.1153,5.2234,5.1133,5.326,5.0075,5.3239)",
"span":{
"offset":14172,
"length":2
}
},
{
"role":null,
"content":"-8",
"source":"D(4,5.3167,5.2234,5.4121,5.2234,5.4121,5.3254,5.3167,5.3254)",
"span":{
"offset":14184,
"length":2
}
},
{
"role":null,
"content":"-3",
"source":"D(4,5.6241,5.2181,5.7204,5.2232,5.7147,5.3316,5.6185,5.3266)",
"span":{
"offset":14196,
"length":2
}
},
{
"role":null,
"content":"-10",
"source":"D(4,5.8893,5.2208,6.0471,5.2206,6.0472,5.3256,5.8894,5.3258)",
"span":{
"offset":14208,
"length":3
}
},
{
"role":null,
"content":"-9",
"source":"D(4,6.2389,5.2115,6.3409,5.223,6.3286,5.3318,6.2266,5.3203)",
"span":{
"offset":14221,
"length":2
}
},
{
"role":null,
"content":"CFTC 4-Week Change",
"source":"D(4,2.4695,5.3784,3.6047,5.3793,3.6046,5.5186,2.4694,5.5178)",
"span":{
"offset":14244,
"length":18
}
},
{
"role":null,
"content":"5",
"source":"D(4,4.1027,5.3914,4.1709,5.3926,4.1691,5.4996,4.1008,5.4984)",
"span":{
"offset":14272,
"length":1
}
},
{
"role":null,
"content":"-4",
"source":"D(4,4.3953,5.3953,4.499,5.3953,4.499,5.4973,4.3953,5.4973)",
"span":{
"offset":14283,
"length":2
}
},
{
"role":null,
"content":"-1",
"source":"D(4,4.6925,5.3964,4.7854,5.3949,4.787,5.4946,4.6941,5.4961)",
"span":{
"offset":14295,
"length":2
}
},
{
"role":null,
"content":"-1",
"source":"D(4,5.0012,5.3961,5.0932,5.3967,5.0925,5.4952,5.0006,5.4946)",
"span":{
"offset":14307,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,5.3149,5.3939,5.408,5.3923,5.4098,5.4973,5.3167,5.4989)",
"span":{
"offset":14319,
"length":2
}
},
{
"role":null,
"content":"-8",
"source":"D(4,5.6255,5.3791,5.7351,5.3965,5.7176,5.5066,5.6079,5.4892)",
"span":{
"offset":14331,
"length":2
}
},
{
"role":null,
"content":"-9",
"source":"D(4,5.9222,5.3956,6.0181,5.3952,6.0185,5.5006,5.9226,5.501)",
"span":{
"offset":14343,
"length":2
}
},
{
"role":null,
"content":"-7",
"source":"D(4,6.2256,5.3911,6.3216,5.3917,6.321,5.4978,6.225,5.4972)",
"span":{
"offset":14355,
"length":2
}
},
{
"role":null,
"content":"Daily Sentiment Index",
"source":"D(4,2.4485,5.5483,3.6295,5.5462,3.6298,5.6867,2.4487,5.6888)",
"span":{
"offset":14378,
"length":21
}
},
{
"role":null,
"content":"4",
"source":"D(4,4.1006,5.5594,4.1753,5.5594,4.1753,5.6668,4.1006,5.6668)",
"span":{
"offset":14409,
"length":1
}
},
{
"role":null,
"content":"-4",
"source":"D(4,4.3995,5.5619,4.4994,5.5665,4.4948,5.6664,4.3949,5.6618)",
"span":{
"offset":14420,
"length":2
}
},
{
"role":null,
"content":"-7",
"source":"D(4,4.7099,5.5582,4.802,5.5576,4.8027,5.6644,4.7107,5.6651)",
"span":{
"offset":14432,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,5.0091,5.5584,5.1008,5.5581,5.1012,5.6668,5.0095,5.6671)",
"span":{
"offset":14444,
"length":2
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.3195,5.5636,5.3914,5.5599,5.3968,5.6671,5.325,5.6707)",
"span":{
"offset":14456,
"length":1
}
},
{
"role":null,
"content":"2",
"source":"D(4,5.6244,5.5628,5.7068,5.5601,5.7103,5.6674,5.6279,5.6701)",
"span":{
"offset":14467,
"length":1
}
},
{
"role":null,
"content":"2",
"source":"D(4,5.929,5.5662,6.0056,5.5648,6.0075,5.6722,5.9309,5.6736)",
"span":{
"offset":14478,
"length":1
}
},
{
"role":null,
"content":"-5",
"source":"D(4,6.238,5.5591,6.321,5.5591,6.321,5.6665,6.238,5.6665)",
"span":{
"offset":14489,
"length":2
}
},
{
"role":null,
"content":"Risk Reversal (1-month lookback)",
"source":"D(4,2.1582,5.7146,3.9201,5.7151,3.92,5.8481,2.1582,5.8476)",
"span":{
"offset":14512,
"length":32
}
},
{
"role":null,
"content":"-5",
"source":"D(4,4.0946,5.726,4.1913,5.7292,4.1876,5.8429,4.0909,5.8398)",
"span":{
"offset":14554,
"length":2
}
},
{
"role":null,
"content":"0",
"source":"D(4,4.4061,5.7333,4.4783,5.7323,4.4798,5.8397,4.4077,5.8407)",
"span":{
"offset":14566,
"length":1
}
},
{
"role":null,
"content":"6",
"source":"D(4,4.7158,5.7366,4.7854,5.7343,4.7886,5.8356,4.7191,5.8378)",
"span":{
"offset":14577,
"length":1
}
},
{
"role":null,
"content":"10",
"source":"D(4,4.9929,5.7318,5.1177,5.7322,5.1174,5.8396,4.9926,5.8393)",
"span":{
"offset":14588,
"length":2
}
},
{
"role":null,
"content":"7",
"source":"D(4,5.325,5.7317,5.3979,5.7333,5.3955,5.8406,5.3226,5.8391)",
"span":{
"offset":14600,
"length":1
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.6321,5.7314,5.6999,5.7324,5.6985,5.8362,5.6306,5.8352)",
"span":{
"offset":14611,
"length":1
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.9425,5.7314,6.0056,5.7309,6.0064,5.8384,5.9434,5.8388)",
"span":{
"offset":14622,
"length":1
}
},
{
"role":null,
"content":"10",
"source":"D(4,6.2123,5.7321,6.3335,5.7311,6.3344,5.8385,6.2131,5.8395)",
"span":{
"offset":14633,
"length":2
}
},
{
"role":null,
"content":"Risk Reversal (6-month lookback)",
"source":"D(4,2.1579,5.8808,3.92,5.876,3.9204,6.0145,2.1582,6.0193)",
"span":{
"offset":14656,
"length":32
}
},
{
"role":null,
"content":"1",
"source":"D(4,4.1068,5.8973,4.1636,5.8977,4.1628,6.0052,4.1061,6.0048)",
"span":{
"offset":14698,
"length":1
}
},
{
"role":null,
"content":"-3",
"source":"D(4,4.3954,5.8946,4.4982,5.8979,4.4949,6.0038,4.392,6.0006)",
"span":{
"offset":14709,
"length":2
}
},
{
"role":null,
"content":"-7",
"source":"D(4,4.7025,5.896,4.8058,5.8999,4.8018,6.0046,4.6986,6.0007)",
"span":{
"offset":14721,
"length":2
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.0178,5.8928,5.0934,5.8964,5.0884,6.0036,5.0128,6)",
"span":{
"offset":14733,
"length":1
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.3208,5.8921,5.3955,5.8921,5.3955,5.9995,5.3208,5.9995)",
"span":{
"offset":14744,
"length":1
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.6273,5.9029,5.6985,5.9024,5.6992,5.9991,5.6279,5.9995)",
"span":{
"offset":14755,
"length":1
}
},
{
"role":null,
"content":"-1",
"source":"D(4,5.9188,5.8975,6.0141,5.9018,6.0094,6.0056,5.9142,6.0014)",
"span":{
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"length":2
}
},
{
"role":null,
"content":"0",
"source":"D(4,6.2411,5.8975,6.3086,5.8968,6.3096,6.0066,6.2422,6.0072)",
"span":{
"offset":14778,
"length":1
}
},
{
"role":null,
"content":"Spectra FX Positioning",
"source":"D(4,2.4384,6.0532,3.6399,6.0532,3.6399,6.1929,2.4384,6.1929)",
"span":{
"offset":14800,
"length":22
}
},
{
"role":null,
"content":"2",
"source":"D(4,4.1027,6.0642,4.1745,6.065,4.1732,6.1725,4.1014,6.1716)",
"span":{
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"length":1
}
},
{
"role":null,
"content":"-1",
"source":"D(4,4.3954,6.062,4.4872,6.0663,4.4824,6.1677,4.3906,6.1634)",
"span":{
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"length":2
}
},
{
"role":null,
"content":"-3",
"source":"D(4,4.7005,6.0598,4.802,6.0581,4.8039,6.171,4.7024,6.1727)",
"span":{
"offset":14855,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,4.9956,6.0634,5.1008,6.0582,5.1064,6.1727,5.0012,6.1778)",
"span":{
"offset":14867,
"length":2
}
},
{
"role":null,
"content":"-1",
"source":"D(4,5.3084,6.0637,5.4051,6.0649,5.4037,6.1686,5.3071,6.1674)",
"span":{
"offset":14879,
"length":2
}
},
{
"role":null,
"content":"0",
"source":"D(4,5.6286,6.06,5.7131,6.0719,5.6985,6.1762,5.614,6.1643)",
"span":{
"offset":14891,
"length":1
}
},
{
"role":null,
"content":"1",
"source":"D(4,5.9447,6.0666,5.9848,6.0655,5.9877,6.1719,5.9475,6.173)",
"span":{
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"length":1
}
},
{
"role":null,
"content":"2",
"source":"D(4,6.238,6.0655,6.3255,6.0657,6.3252,6.1731,6.2378,6.1729)",
"span":{
"offset":14913,
"length":1
}
},
{
"role":null,
"content":"Momentum",
"source":"D(4,3.9118,6.2401,4.6,6.2479,4.5986,6.3722,3.9104,6.3645)",
"span":{
"offset":14937,
"length":8
}
},
{
"role":null,
"content":"USD",
"source":"D(4,4.0134,6.4399,4.25,6.4399,4.25,6.5474,4.0134,6.5474)",
"span":{
"offset":14947,
"length":3
}
},
{
"role":null,
"content":"EUR",
"source":"D(4,4.3247,6.4352,4.56,6.4416,4.5569,6.5546,4.3216,6.5482)",
"span":{
"offset":14952,
"length":3
}
},
{
"role":null,
"content":"CHF",
"source":"D(4,4.627,6.4401,4.8643,6.4385,4.865,6.5484,4.6277,6.5499)",
"span":{
"offset":14957,
"length":3
}
},
{
"role":null,
"content":"JPY",
"source":"D(4,4.9351,6.4454,5.1465,6.4385,5.1504,6.5588,4.939,6.5657)",
"span":{
"offset":14962,
"length":3
}
},
{
"role":null,
"content":"GBP",
"source":"D(4,5.2378,6.4453,5.4702,6.4453,5.4702,6.553,5.2378,6.553)",
"span":{
"offset":14967,
"length":3
}
},
{
"role":null,
"content":"AUD",
"source":"D(4,5.5283,6.4453,5.7815,6.4453,5.7815,6.5527,5.5283,6.5527)",
"span":{
"offset":14972,
"length":3
}
},
{
"role":null,
"content":"NZD",
"source":"D(4,5.8479,6.4453,6.0928,6.4453,6.0928,6.5474,5.8479,6.5474)",
"span":{
"offset":14977,
"length":3
}
},
{
"role":null,
"content":"CAD",
"source":"D(4,6.1509,6.4453,6.3875,6.4453,6.3875,6.5527,6.1509,6.5527)",
"span":{
"offset":14982,
"length":3
}
},
{
"role":null,
"content":"RSI",
"source":"D(4,2.9551,6.6073,3.1249,6.6134,3.1208,6.7262,2.951,6.7201)",
"span":{
"offset":14987,
"length":3
}
},
{
"role":null,
"content":"4",
"source":"D(4,4.1006,6.6226,4.1753,6.6226,4.1753,6.7192,4.1006,6.7192)",
"span":{
"offset":14992,
"length":1
}
},
{
"role":null,
"content":"-4",
"source":"D(4,4.3911,6.6226,4.4949,6.6226,4.4949,6.7192,4.3911,6.7192)",
"span":{
"offset":14995,
"length":2
}
},
{
"role":null,
"content":"-7",
"source":"D(4,4.7024,6.6165,4.802,6.6165,4.802,6.7185,4.7024,6.7185)",
"span":{
"offset":14999,
"length":2
}
},
{
"role":null,
"content":"-4",
"source":"D(4,5.0095,6.6226,5.1133,6.6226,5.1133,6.7192,5.0095,6.7192)",
"span":{
"offset":15003,
"length":2
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.3208,6.6165,5.3955,6.6165,5.3955,6.7251,5.3208,6.7251)",
"span":{
"offset":15007,
"length":1
}
},
{
"role":null,
"content":"-5",
"source":"D(4,5.6238,6.6115,5.7151,6.6115,5.7151,6.7243,5.6238,6.7243)",
"span":{
"offset":15010,
"length":2
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.9351,6.6172,6.0015,6.6172,6.0015,6.7245,5.9351,6.7245)",
"span":{
"offset":15014,
"length":1
}
},
{
"role":null,
"content":"-5",
"source":"D(4,6.2297,6.6145,6.321,6.6145,6.321,6.717,6.2297,6.717)",
"span":{
"offset":15017,
"length":2
}
},
{
"role":null,
"content":"Deviation from 20-Day",
"source":"D(4,2.4301,6.7711,3.6443,6.7736,3.644,6.9097,2.4298,6.9072)",
"span":{
"offset":15021,
"length":21
}
},
{
"role":null,
"content":"-1",
"source":"D(4,4.0902,6.7891,4.1753,6.7891,4.1753,6.8857,4.0902,6.8857)",
"span":{
"offset":15044,
"length":2
}
},
{
"role":null,
"content":"0",
"source":"D(4,4.4036,6.7829,4.4783,6.7829,4.4783,6.8857,4.4036,6.8857)",
"span":{
"offset":15048,
"length":1
}
},
{
"role":null,
"content":"-2",
"source":"D(4,4.6941,6.7837,4.802,6.7837,4.802,6.8911,4.6941,6.8911)",
"span":{
"offset":15051,
"length":2
}
},
{
"role":null,
"content":"-2",
"source":"D(4,5.0095,6.7836,5.1091,6.7836,5.1091,6.8915,5.0095,6.8915)",
"span":{
"offset":15055,
"length":2
}
},
{
"role":null,
"content":"3",
"source":"D(4,5.3208,6.7834,5.3914,6.7834,5.3914,6.8913,5.3208,6.8913)",
"span":{
"offset":15059,
"length":1
}
},
{
"role":null,
"content":"-1",
"source":"D(4,5.6113,6.7891,5.7068,6.7891,5.7068,6.8857,5.6113,6.8857)",
"span":{
"offset":15062,
"length":2
}
},
{
"role":null,
"content":"4",
"source":"D(4,5.9309,6.7828,6.0139,6.7828,6.0139,6.8857,5.9309,6.8857)",
"span":{
"offset":15066,
"length":1
}
},
{
"role":null,
"content":"2",
"source":"D(4,6.2422,6.7837,6.3086,6.7837,6.3086,6.8911,6.2422,6.8911)",
"span":{
"offset":15069,
"length":1
}
},
{
"role":null,
"content":"Deviation from 100-Day",
"source":"D(4,2.401,6.9341,3.6801,6.9414,3.6793,7.081,2.4002,7.0738)",
"span":{
"offset":15072,
"length":22
}
},
{
"role":null,
"content":"5",
"source":"D(4,4.1068,6.9502,4.1691,6.9502,4.1691,7.0576,4.1068,7.0576)",
"span":{
"offset":15096,
"length":1
}
},
{
"role":null,
"content":"-4",
"source":"D(4,4.3953,6.9543,4.5016,6.9617,4.4949,7.0587,4.3885,7.0513)",
"span":{
"offset":15099,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,4.7065,6.9502,4.802,6.9502,4.802,7.0576,4.7065,7.0576)",
"span":{
"offset":15103,
"length":2
}
},
{
"role":null,
"content":"-5",
"source":"D(4,5.0095,6.9499,5.1008,6.9499,5.1008,7.0577,5.0095,7.0577)",
"span":{
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"length":2
}
},
{
"role":null,
"content":"-1",
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"content":"This material has been provided by Spectra Markets, LLC (\u0022Spectra Markets\u0022). This material is confidential and therefore intended for your sole use. You may not reproduce, distribute, or transmit this material or any portion thereof to anyone without prior written permission from Spectra Markets.",
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"content":"This material is solely for informational and discussion purposes only. Spectra Markets is not a registered investment advisor or commodity trading advisor. This material should not be viewed as a current or past recommendation or an offer to sell or the solicitation to enter into a particular position or adopt a particular investment strategy. Spectra Markets does not provide, and has not provided, any investment advice or personal recommendation to you in relation to any transaction described in this material. Accordingly, Spectra Markets is under no obligation to, and shall not, determine the suitability for you of any transaction described in this material.",
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"content":"To be clear: Your individual circumstances have not been assessed. You must determine, on your own behalf or through independent professional advice, the merits, terms, conditions, risks, and consequences of any transactions described in this material. Securities described in this material may not be eligible for sale in all jurisdictions or to certain categories of investors. This material may also contain information regarding derivatives and other complex financial products. Do not invest in such products unless you fully understand and are willing to assume the risks associated with such products. Neither Spectra Markets nor any of its directors, officers, employees, representatives, or agents, accept any liability whatsoever for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on information contained herein, to the fullest extent allowed by law.",
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"content":"The opinions expressed in this material represent the current, good faith views of the author at the time of publication. Any information contained in this material is not and should not be regarded as investment research or derivatives research as determined by the U.S. Securities and Exchange Commission (\u0022SEC\u0022), the U.S. Commodity Futures Trading Commission (\u0022CFTC\u0022), the Financial Industry Regulatory Authority (\u0022FINRA\u0022), the National Futures Association (\u0022NFA\u0022) or any other relevant regulatory body. The author is currently employed at a trading desk. The opinions may not be objective or independent of the interests of the author. Additionally, the author may have consulted with various trading desks while preparing this material and a trading desk may have accumulated positions in the financial instruments or related derivatives products that are the subject of this material.",
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"content":"Spectra Markets does not guarantee the accuracy, adequacy or completeness of the information presented in this material. Past performance and simulation data do not necessarily indicate future performance. Predictions, opinions, and other information contained in this material are subject to change continually and without notice of any kind and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and Spectra Markets assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements. The value of any investment may also fluctuate as a result of market changes.",
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"topics": [
{
"topic_title": "GPIF pushback does not alter yen-bullish pension-reallocation thesis",
"summary": "Reuters reporting that GPIF will not overhaul its strategic asset allocation is framed as a small win for JPY bears but not thesis-changing. The author argues yen bulls were not expecting a surprise formal GPIF mix change; instead, GPIF and other pension funds can shift toward domestic assets within existing allowable bands. Current allocations leave flexibility across domestic bonds, foreign bonds, domestic equities, and foreign equities. The author will monitor Tokyo-session price action for evidence of slow JPY buying and prefers expressing the view via CHFJPY over two months rather than paying negative carry in USDJPY.",
"market_implication": "Source remains biased toward JPY support from potential pension reallocations within existing bands and prefers CHFJPY downside exposure over USDJPY shorts due to carry considerations.",
"tags": [
"Japan",
"JPY",
"CHFJPY",
"USDJPY",
"GPIF",
"pension funds",
"asset allocation",
"domestic assets",
"foreign assets",
"FX",
"carry"
]
},
{
"topic_title": "June US CPI is key FOMC event risk as headline disinflation contrasts with core uncertainty",
"summary": "The author expects June month-on-month headline CPI may be negative now that the April/May oil spike has reversed, but sees core CPI as the main issue. Markets are focused on whether lower oil and shelter can generate broader disinflation or whether AI capex, high computer-component costs, and sticky services keep inflation pressure alive. Core CPI expectations have shifted lower, with 0.2% and 0.3% both potentially unsurprising; the third decimal could matter. The release is especially important ahead of the July FOMC, with Waller remarks and Kevin Warsh testimony also on watch.",
"market_implication": "US CPI is highlighted as major event risk for Fed pricing; no directional market view is provided beyond sensitivity to core CPI details.",
"tags": [
"United States",
"US CPI",
"Core CPI",
"Headline CPI",
"oil",
"shelter",
"services inflation",
"AI capex",
"FOMC",
"Federal Reserve",
"Waller",
"Kevin Warsh",
"Kalshi",
"Bloomberg"
]
},
{
"topic_title": "KRW strength trade reaches max profit as SK Hynix hedging flow nears completion",
"summary": "The USDKRW put-spread trade expired below the bottom strike and paid out 163bps, or 4.4:1, as KRW continued to rally. The author says traders who are short cash should take it back now because hedging related to the SK Hynix flow should be nearly complete, with payment scheduled for 14 July.",
"market_implication": "Source recommends taking profit or reducing cash short exposure after the KRW rally, given the identified SK Hynix hedging catalyst is nearly complete.",
"tags": [
"South Korea",
"KRW",
"USDKRW",
"SK Hynix",
"FX options",
"hedging flows",
"Asian currencies"
]
},
{
"topic_title": "G10 FX positioning offers no strong USD signal after bull momentum stalls",
"summary": "The positioning and momentum report says USD bull fever has cooled as price momentum stalled, but there has been no catalyst for a major reversal. GBP and NZD have recovered, USDCAD is trending lower, while EURUSD and USDJPY remain paralyzed. With positioning and momentum scores near current levels, the author sees no large FX positioning story and describes USD risk as close to symmetrical from here.",
"market_implication": "G10 FX positioning is framed as balanced: USD can either rally or sell off, with no major positioning-driven directional signal.",
"tags": [
"G10 FX",
"USD",
"EURUSD",
"USDJPY",
"USDCAD",
"GBP",
"NZD",
"CAD",
"FX positioning",
"FX momentum",
"CFTC",
"risk reversals"
]
},
{
"topic_title": "Bullish lean retained in crypto and silver despite uninspiring price action",
"summary": "The author says crypto looks like a false start so far, but retains a bullish lean in both crypto and silver despite neither market showing much inspiration.",
"market_implication": "Source maintains a bullish lean in crypto and silver, while acknowledging weak confirmation from recent price action.",
"tags": [
"crypto",
"silver",
"precious metals",
"market sentiment"
]
}
]
}{
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"source_trade_raw": "10SEP CHFJPY put spread 199/196 for ~37bps off 200.50 spot",
"source_trade_normalized": "buy 10SEP CHFJPY 199/196 put spread",
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"direction": "down",
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"direction_detail": "Long Sep CHFJPY 199/196 put spread benefits from CHFJPY spot falling below the upper strike, with payoff capped below the lower strike.",
"market_stance": "bearish",
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}
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"direction": "up",
"direction_basis": "volatility_direction",
"direction_detail": "Bought CHFJPY put-spread structure has positive option premium exposure and generally benefits from higher implied volatility, though vega is reduced by the short lower-strike put.",
"market_stance": "long_volatility",
"option_sensitivity": "vega",
"exposure_decomposition": [
{
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"asset_class": "volatility",
"metric": "implied_volatility",
"polarity": "positive",
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}
],
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{
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"source_trade_raw": "30JUL USDMXN put fly 17.40/17.15/16.90 1X2X1 for 30bps off 17.52 spot",
"source_trade_normalized": "buy 30JUL USDMXN 17.40/17.15/16.90 1X2X1 put fly",
"source_asset_class": "fx",
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"spread_definition": "USDMXN 17.40/17.15/16.90 1x2x1 put fly payoff; benefits from a move lower toward the middle strike by expiry, with limited payoff outside the strike range.",
"direction": "down",
"direction_basis": "metric_direction",
"direction_detail": "Bought Jul USDMXN put fly expresses a targeted move lower in USDMXN toward 17.15 rather than a simple linear downside or pure volatility view.",
"market_stance": "bearish",
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}
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{
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"source_trade_normalized": "buy 13JUL USDKRW 1530/1505 put spread",
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"direction_detail": "Historical Jul USDKRW 1530/1505 put spread benefited from USDKRW falling below the strikes as KRW strengthened; direction is not reversed for historical status.",
"market_stance": "bearish",
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"direction": "up",
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"canonical_exposure_key": "COMMODITY.SILVER.LONG"
}
],
"canonical_key": "COMMODITY.LEVEL.SILVER.SPOT.PRICE.UP",
"rollup_keys": [
"COMMODITY.LEVEL.SILVER"
],
"confidence": "high"
}
],
"normalization_issues": [],
"confidence": "high"
}
]
}{
"page": {
"breadcrumb": {
"section": "Trending Themes",
"position": 7,
"total": 47
},
"title": "Japan Intervention Signals and Policy Appeals Support JPY and JGB Demand"
},
"narrative": {
"label": "Narrative",
"text": "Japanese authorities' public appeals to repatriate assets and encourage domestic bond purchases, combined with intervention readiness amid USD/JPY strength, are temporarily supporting JGBs and the yen despite structural pressures from USD strength and energy prices."
},
"coreClaims": [
{
"index": 1,
"text": "Finance minister and government appeals urged pension funds/GPIF to increase domestic allocations, prompting JGB and JPY support."
},
{
"index": 2,
"text": "USD/JPY traded above 162 driven by energy and USD strength, raising intervention risk and market attention to option strikes."
},
{
"index": 3,
"text": "Government measures have moderated but not eliminated yen weakness; sustained reversal depends on lower energy prices and a pause in Fed tightening."
}
],
"trend24hr": {
"label": "24hr Trend",
"description": "Volume of research activity in the prior 24-hour period.",
"stats": {
"sources": 5,
"items": 6
},
"chart": {
"unit": "rem",
"axisLabels": ["-24hr", "-12hr", "Now"],
"bars": [0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0.24]
}
},
"relatedThemes": [
{
"title": "GPIF Tactical Repatriation Talk but No Strategic Overhaul, Leaving JPY Volatility Two‑Way",
"sources": 3,
"items": 3
},
{
"title": "Energy‑Driven Dollar Strength and Policy Uncertainty Support USD Near Term",
"sources": 2,
"items": 5
},
{
"title": "Reduced State FX Sales Weaken Tenge Support, Partially Offset by Portfolio Inflows and NBU Purchases",
"sources": 2,
"items": 6
}
],
"underlyingResearch": {
"title": "Underlying Research",
"description": "All research items contributing to the selected theme.",
"filters": {
"reviewFlags": [
"All",
"Read First",
"Most Recent-Relevant",
"Differentiated",
"Possible Miscluster"
],
"sources": [
"All sources",
"Northcastle Global Forex",
"Compass Global Brief",
"Aldermere Economics",
"Spectra Markets",
"Kestrel Markets IQ"
]
},
"items": [
{
"source": "Spectra Markets",
"timestamp": "11:14",
"reviewFlag": "Most Recent-Relevant",
"headline": "EURUSD and USDJPY Options Market Shows Significant Strike Volumes",
"body": "EURUSD and USDJPY options markets display large open interest at key strikes around current spot levels, indicating concentrated hedging and speculative activity. USDJPY strikes near 160.50 show volumes up to $3 billion, highlighting market focus on this level ahead of mid-July expiries."
},
{
"source": "Compass Global Brief",
"timestamp": "Mon 16:24",
"reviewFlag": "Differentiated",
"headline": "Japan Establishes First Domestic Centralized Intelligence Agency Since WWII",
"body": "Japan is creating a centralized intelligence agency for the first time since WWII, addressing vulnerabilities from a previously fragmented system. This move aligns with Prime Minister Sanae Takaichi's broader security agenda, including lifting weapons export bans and increasing defense spending in response to threats from China, North Korea, and Russia."
},
{
"source": "Kestrel Markets IQ",
"timestamp": "Mon 7:00",
"reviewFlag": null,
"headline": "Japanese Government Encourages Domestic Bond Holdings to Support Local Markets",
"body": "Reports indicate the Japanese government is promoting increased domestic bond holdings among investors and pension funds, including the Government Pension Investment Fund (GPIF). This policy move led to weaker JPY crosses, with AUD/JPY capped near 112.80 after initial gains were reversed following the announcement."
},
{
"source": "Aldermere Economics",
"timestamp": "Mon 6:59",
"reviewFlag": "Read First",
"headline": "Japanese Yen Faces Intervention Risks Amid Rising USD/JPY and Energy Price Pressures",
"body": "USD/JPY is rising above 162, driven by higher energy prices and general USD strength in Asia. Japanese authorities continue to defend against yen weakness to mitigate inflation pressures. Historical intervention patterns suggest potential FX intervention this week ahead of the Marine Day public holiday. However, sustained yen strength reversal depends on lower energy prices and a halt to Fed rate hikes, both unlikely in the near term."
},
{
"source": "Kestrel Markets IQ",
"timestamp": "Sun 12 Jul",
"reviewFlag": "Read First",
"headline": "Japan's Finance Minister Urges Pension Funds to Repatriate Assets, Boosting JGBs and Yen",
"body": "Japan's Finance Minister called on pension funds, including the Government Pension Investment Fund (GPIF), to repatriate funds and increase investment in domestic assets. This policy appeal sparked a rally in Japanese Government Bonds (JGBs) and the Japanese yen, reflecting expectations of increased domestic demand for these assets."
},
{
"source": "Northcastle Global Forex",
"timestamp": "Sun 12 Jul",
"reviewFlag": "Most Recent-Relevant",
"headline": "Japanese Yen Weakness Moderated by Government Intervention and Investor Behavior",
"body": "The Japanese yen declined last week but pared losses after the finance minister urged pension funds to increase domestic asset allocations. Despite this, Japanese investors have been net sellers of foreign stocks and bonds through early July, according to the Ministry of Finance."
}
]
}
}{
"instrument": {
"assetClass": "CMDTY",
"name": "SILVER",
"direction": "UP",
"sourcesItemsCount": "3 / 4",
"directionSplit": {
"counts": "2 / 0",
"upPct": 100,
"downPct": 0
},
"netScore": "+1.00",
"secondaryScore": "0.00",
"trendIndicator": "~",
"subRows": [
{
"name": "SILVER OUTRIGHT",
"direction": "UP",
"sourcesItemsCount": "3 / 4",
"directionSplit": {
"counts": "2 / 0",
"upPct": 100,
"downPct": 0
},
"netScore": "+1.00",
"secondaryScore": "0.00",
"trendIndicator": "~",
"underlyingItems": {
"caption": "SILVER OUTRIGHT UP",
"columns": ["Date", "Source", "Trade Idea", "Extraction", "Direction", "Weight", "Atom"],
"items": [
{
"date": "12:14",
"source": "Spectra Markets",
"tradeIdea": "long silver",
"extraction": "INFERRED",
"direction": "UP",
"weight": 0.55,
"atom": "COMMODITY.LEVEL.SILVER.OUTRIGHT.UP"
},
{
"date": "2d",
"source": "Brightline Research",
"tradeIdea": "long silver",
"extraction": "INFERRED",
"direction": "UP",
"weight": 0.70,
"atom": "COMMODITY.LEVEL.SILVER.OUTRIGHT.UP"
},
{
"date": "5d",
"source": "Marcus Reyes",
"tradeIdea": "long silver",
"extraction": "INFERRED",
"direction": "UP",
"weight": 0.52,
"atom": "COMMODITY.LEVEL.SILVER.OUTRIGHT.UP"
}
]
}
}
]
}
}All three layers stream into your systems via the Harkster API / MCP, clean, classified, cited, and ready for whatever you build next.
Next steps
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