FREE ACCESS No Nonsense Macro Update

Macro Update - Monday 21st July

Christopher Moir

Jul 21, 2025

TL;DR

💵 FX       : Rotation or Blip?
📈 Equities : Not all things are created equally.
🧻 Bonds    : Rotation or Blip?
🛢️ Energy   : Party over?

Lots of images so please view in browser as many email clients truncate the newsletter and their is juicy stuff at the end…

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