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FX Fundamentals

WatchTower Research on fx fundamentals: clear, practical explainers using the same data the terminal runs on across FX, metals and indices.

All Getting StartedPositioningCentral BanksFX FundamentalsMarket Structure
Institutional consensus panel in WatchTower Terminal aggregating bank FX research
FX Fundamentals

How to Read Bank Research Consensus in FX

Sell-side FX research is noisy and often wrong. Used well, the consensus across many banks is still a genuine edge. Here is how I read it, and how to avoid herding.
WatchTower Terminal pair table sorted by carry, showing the interest paid or earned to hold each pair
FX Fundamentals

The Carry Trade Explained: Earning the Rate Differential

The carry trade is one of the oldest ways to make money in FX, and one of the fastest to blow up. Here is how it works, where the return comes from, and what kills it.
The US dollar asset page in WatchTower Terminal, with its composite score, macro breakdown and rate path
FX Fundamentals

What Moves the US Dollar

The dollar sits on one side of most FX trades, so understanding it matters more than any other currency. Here are the forces that actually move it, and the dollar smile.