Macro Outlook - 26 August 2025
You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.
The US Dollar, USDJPY and Oil look to be rounding a 40 day cycle trough zone and Gold a 20 day. EURUSD looks to have just stalled at a 40 day cycle peak. We think that the Nikkei and S&P500 have peaked at 80 day cycle magnitude along with Bitcoin. We also believe that 10 year treasuries are heading towards the next 80 day cycle trough.
