Opening Bluff

- 19 June 2026

- Kevin Warsh came out swinging on rates – and by Thursday, the market had already started reading him the other way
- The dollar spiked; everything denominated in it fell. This is a distinction we are watching in our investment playbook.
- WTI has broken below key support, and Goldman is cutting its Brent forecast. The IB isn’t alone. There is more than meets the eye – we dive in and outline the playbook.
- Gold’s correction has done its repair work, weak hands have been flushed, and the options market is offering the upside at a discount. The USD is the trigger we are watching. Are you?
- Japanese bank profitability just hit levels not seen in thirty years, and the rate cycle is still early. We are positioned for it. Meanwhile, the state of play for Australian banks has changed significantly.
- Report spotlight: QBE Insurance – we dig into what’s happening under the hood and whether the market is pricing the insurer rig...