Former Head eFX and G10 Interbank Trader, Now a Private Fund Manager
Contributor's Links: SPI MARKETS - Global Traders
Former Head eFX and G-10 Interbank Trader, withmore than 35 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. He is regularly called upon by leading TV, radio and print publications to offer his views on the ... more


S Never Underestimate The Purchasing Power Of The U.S. Consumer
Stability is most necessary for all the fundamental factors that could be cited as a trigger to buy back in. And there are tentative signs of that happening.
S Markets Remain In Fight Or Flight Mode While Rolling The Dice On Recession Odds.
Oil investors will continue watching the China covid curve while playing the China rebound story through Oil futures and XLE
S Equities Bounce But The Recessionary Mortal Coil Is Unlikely To Pass Quickly
It is very "noisy," keeping intraday volatility high, while traders look to sniff out any signs of economic slowdown.
S Good News: US Stocks Were Little Changed, Bad News: Euro Getting Raked Over The Coals
European risk sentiment is getting mangled by news of Russia cutting gas supply in retaliation for sanctions.
S Markets Question The Fed’s Ability To Orchestrate A Soft-Landing
With the U.S. economy seemingly late-cycle with the market already pricing a sizeable Fed hiking cycle, the focus remains on recession risk.
S Investor Anxiety Levels Rising
Despite the Fed becoming sequentially more hawkish, the market isn't winding down its inflation outlook. Much of this relates to the behavior of Treasury yields.




Latest Posts
UK PMIs Not Pretty
The UK flash PMIs for July were a bit ugly. The manufacturing number was 60.4, lower than forecasts for 62.4 and after 63.9. The services number was 57.8, also lower than expectations for 62.0 and after 62.2
One Day Of Risk Aversion Does Not Make A Trend, But ....
One day of risk aversion does not make a trend. but the  Delta variant concerns that pushed risk markets lower to start the week have not gone away.
OIL: The Delta Variant Is The Headwind, But Global Demand Is The Wild Card
Interestingly, Oil prices did not participate when the US stock rebounded triggering a rally in the broader markets. Indeed, this shows there are still many Delta variant jitters and perhaps a reflection that crude oil is still up 33% YTD
APAC Equity Selloff Continues
APAC equities continue selling off after US equities rebounded overnight, with the reopening trade and value outperforming growth
London Open
The broader narrative remains intact with plenty of discussion around peak growth and inflation
Dip Demand For Cable
It makes sense to remain constructive on GBP overall and biased to buy dips.
BoJ Keeps Policy On Hold, Cuts FY GDP View
The Bank of Japan left its monetary policy settings unchanged

Work Experience

Chief Global Market Strategist
September 2019 - April 2021 (1 year 8 months)

This was my first foray into freelance market analysis. I published 3-5 daily market reports covering a breadth of cross assets, including Forex, Gold, Oil and Stocks, that incorporated market views based on my market-making and proprietary trading background and published in nearly 1 million "mentions" in top-tier business publications during the past 5-year cycle. Did 30 to 50 market-related Radio and TV interviews per month


Head of Electronic Trading OANDA in Asia
May 2005 - April 2019 (14 years 2 months)

I managed all trading and risk functions in the Asia Pacific region and was a key stakeholder in building a Tokyo trading system for Japanese retail flow.

VP Head of Prop Trading
Sumitomo Bank
September 1985 - December 2005 (20 years 7 months)

In addition to my role as head of proprietary trading, I covered some of the largest Japanese and North American Corporations including Toyota and Coca Cola to execute multi-year FX hedging schemes via a combination of options and multi-year forward contracts


Western University
1978 / 1982
Statistics, Macro-Economic Modelling


Huge Macro Phase in Q2 for U.S. Economy
Stephen Innes

Innes: Huge Macro Phase in Q2 for U.S. Economy