Market insights
The desk's view, in writing.
Strategic FX briefings, weekly outlooks and market analysis from the Lamera Capital dealing desk. Written for people with real currency exposure, not for clicks.
US Inflation Matches Forecasts
US inflation came in as expected at 3.4%. The Fed's September call stays open, and Sterling now turns to UK data.
Read the latest pieceOne Number, Two Readings: Tomorrow's US Inflation Report
July's US CPI lands with a September Fed hike priced at a coin flip. What's expected, how the camps split, and why the monthly core number decides the tie.
Read the pieceFed Hike Expectations Retreat After Weak US Jobs Report
Weak US jobs data has changed the outlook for September, weighing on the Dollar and raising fresh questions over whether the Fed will still hike rates.
Read the pieceSterling Borrowed Its Rally. The Repayments Have Started.
The BoE held and Bailey ruled out a hike. With the ECB and Fed priced to move, the rate differentials that carried the pound are narrowing from both sides.
Read the pieceThe Bond Market Called Warsh's Bluff
The Fed held, but 30-year yields hit a 19-year high and the dollar fell. Why that combination is a credibility verdict, and what it means for a September hike.
Read the piecePound Retreats as Oil, Borrowing Costs and a Hawkish Fed Strengthen the Dollar
Sterling falls against the euro and dollar despite stronger UK retail sales, as rising oil prices, higher bond yields and hawkish central-bank expectations support the US dollar ahead of the Federal Reserve and Bank of England meetings.
Read the pieceTwo Weeks, Four Central Banks, and a New Prime Minister: What Could Move Your Currency Before Month-End
Sterling near a one-year high, the loonie firm on oil, and four central bank decisions before month-end. A pair-by-pair guide for businesses buying currency.
Read the pieceThe Fed Has a Reason. The Bank of England Only Has Oil.
Markets have priced hikes on both sides of the Atlantic off the same oil shock. Why the Fed's case is domestic and durable, and sterling's rally is borrowed.
Read the pieceCurrency Risk Management for UK Importers: How to Protect Overseas Supplier Payments
Learn how UK importers can manage currency risk, protect overseas supplier payments, use forward contracts, market orders and live FX pricing to reduce exposure.
Read the pieceGBP/JPY Forecast 2026: What a Weak Yen Means for UK Importers Buying From Japan
GBP/JPY remains near historic highs as yen weakness supports UK importers buying from Japan. See what is driving the pound to yen rate & how businesses can manage JPY exposure.
Read the pieceGBP/EUR and GBP/USD Outlook: Burnham Speech, ECB Sintra and US Jobs in Focus
Weekly GBP/EUR, GBP/USD and EUR/USD outlook covering Andy Burnham's economic speech, ECB Sintra, Eurozone inflation, US jobs data and the dollar.
Read the pieceWhy Is The Canadian Dollar So Weak Against The US Dollar?
This USD/CAD outlook explains how Fed-BoC rate divergence, oil price volatility, and Canada’s growth outlook are shaping the loonie and creating currency risk for businesses.
Read the pieceThe Market Has Already Tamed Burnham. Now It Wants a Chancellor.
Starmer's resignation sent gilts higher, not lower. Why the bond market has already tamed Burnham, why the Chancellor matters more than the PM, and what it means for sterling.
Read the piece