Amplifying Global FX Capital Pty Ltd

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is licensed in Australia to provide financial services.

We produce macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange.

These reports are drawn from analysis by Greg Gibbs and inform the capital management he undertakes on behalf of the company.

We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

We have two subscription levels for our research.  AmpGFX members receive our AmpGFX reports. These are our flagship macroeconomic analysis produced two to three times per week.  Real-Time members receive our AmpGFX reports plus Real Time Briefings.  These include our specific trading strategy, including our entry levels and related orders, and additional market commentary.

Greg Gibbs is the director and founder of Amplifying Global FX Capital. Greg began his career at the Reserve Bank of Australia in 1989, and in the early 1990s, he was the first economics graduate at the Bank to be assigned to the foreign exchange dealing desk.  In 1996, Greg joined Bankers Trust Australia on the FX sales desk covering Australian and international fund managers. In 1999, he joined Westpac Bank in New York and switched to the research side to become the bank’s first FX strategist based in New York, carving out a role covering major currencies. In 2002, he returned to Australia as senior FX strategist at RBC covering APAC currencies, and in 2006 he moved to ABN AMRO in Sydney, reuniting with many of his colleagues from Bankers Trust that were again part of a thriving full-service investment bank. Greg continued to work on at RBS in Sydney as senior FX strategist after it took over ABN AMRO in 2008.  He moved to Singapore in July 2012 after the bank consolidated its FX business in Asia, and was appointed Head of APAC Markets Strategy for the bank in February 2014.  In early 2015, Greg began to work on establishing his own company, Amplifying Global FX Capital, and launched its website in August 2015 after completing duties at RBS. 

Big issues holding down AUD/NZD have flipped

AUD/NZD is still languishing around record lows. Pessimism over the AUD increased as the Australian economy stalled in the second half of last year, the Royal Commission into the financial sector unsettled confidence, the housing market downturn accelerated, political uncertainty peaked into the national election in May, and the RBA scurried to cut rates twice at back-to-back monthly meetings in June and July. Now the regulatory, political and economic trends are moving in favour of the AUD and against NZD. RBNZ is toughing capital requirements on NZ banks. The Australian housing market is ...

Which currency do you want to hold – gold, crypto or fiat?

It appears central banks have pivoted towards delivering more policy easing to bolster inflation expectations that have plumbed new lows this year. The Fed has the greatest scope to ease policy, and the prospect of deep rate cuts has undermined the USD. However, the Fed is struggling to gain the initiative and appears to be reacting to market pressure and outside criticism rather than setting its own agenda. Gold has broken the range highs over the last six years and may have further to run as central bank policy easing sends investors in search of alternatives to fiat currencies. Trump's a...

Will Powell come to the party?

With a small break in the onslaught of bad news on trade barriers and talk of anti-trust investigations, US equities rebound from their recent sharp falls. US yields are also off the deck, but the market is sending out invitations for a rate cut party, and waiting for the Fed to turn-up. Fed Chair gave just enough hint that he might turn up, but he is still reluctant to acknowledge that risks to growth have increased. Lower US yields and hopes of rate cuts have shifted the tone from a strong dollar to a weak dollar, and this may continue for the time being. PMI data for the US from Markit ha...

Bond markets displaying fear, equities clinging to the notion of a Fed or Trump put

The US equity market slid into the close on Tuesday to sit on key supports. The market is beginning to acknowledge that trade policy actions to date are significant impediments to US, China and global growth and earnings. The bond market has proven more responsive to risks to growth so far this year. Bond yields have fallen to a low since 2017, the US yield curve remains inverted this year, inflation expectations have fallen to new lows in Europe and Australia, and have fallen in recent weeks in the USA. Real yields have fallen to new lows in Australia and the UK. Bond volatility has lifte...

The global recovery narrative crumbles

The US equity market was running with an optimistic assessment that there is a Trump and Fed put, that a trade deal and Chinese policy stimulus would generate a recovery in the global economy and the US economy was largely immune to a slowdown in activity abroad. However, the tariffs have been increased, trade talks have stalled, and the US has rolled out bans on Chinese tech companies. The evidence grows that there is a structural rift in US-China trade relations. The rebound in Chinese economic activity in March was not backed up by data in other Asian exporter nations or Europe through Apr...

Big issues holding down AUD/NZD have flipped

AUD/NZD is still languishing around record lows. Pessimism over the AUD increased as the Australian economy stalled in the second half of last year, the Royal Commission into the financial sector unsettled confidence, the housing market downturn accelerated, political uncertainty peaked into the national election in May, and the RBA scurried to cut rates twice at back-to-back monthly meetings in June and July. Now the regulatory, political and economic trends are moving in favour of the AUD and against NZD. RBNZ is toughing capital requirements on NZ banks. The Australian housing market is ...

Which currency do you want to hold – gold, crypto or fiat?

It appears central banks have pivoted towards delivering more policy easing to bolster inflation expectations that have plumbed new lows this year. The Fed has the greatest scope to ease policy, and the prospect of deep rate cuts has undermined the USD. However, the Fed is struggling to gain the initiative and appears to be reacting to market pressure and outside criticism rather than setting its own agenda. Gold has broken the range highs over the last six years and may have further to run as central bank policy easing sends investors in search of alternatives to fiat currencies. Trump's a...

Will Powell come to the party?

With a small break in the onslaught of bad news on trade barriers and talk of anti-trust investigations, US equities rebound from their recent sharp falls. US yields are also off the deck, but the market is sending out invitations for a rate cut party, and waiting for the Fed to turn-up. Fed Chair gave just enough hint that he might turn up, but he is still reluctant to acknowledge that risks to growth have increased. Lower US yields and hopes of rate cuts have shifted the tone from a strong dollar to a weak dollar, and this may continue for the time being. PMI data for the US from Markit ha...

Bond markets displaying fear, equities clinging to the notion of a Fed or Trump put

The US equity market slid into the close on Tuesday to sit on key supports. The market is beginning to acknowledge that trade policy actions to date are significant impediments to US, China and global growth and earnings. The bond market has proven more responsive to risks to growth so far this year. Bond yields have fallen to a low since 2017, the US yield curve remains inverted this year, inflation expectations have fallen to new lows in Europe and Australia, and have fallen in recent weeks in the USA. Real yields have fallen to new lows in Australia and the UK. Bond volatility has lifte...

The global recovery narrative crumbles

The US equity market was running with an optimistic assessment that there is a Trump and Fed put, that a trade deal and Chinese policy stimulus would generate a recovery in the global economy and the US economy was largely immune to a slowdown in activity abroad. However, the tariffs have been increased, trade talks have stalled, and the US has rolled out bans on Chinese tech companies. The evidence grows that there is a structural rift in US-China trade relations. The rebound in Chinese economic activity in March was not backed up by data in other Asian exporter nations or Europe through Apr...

RBA’s Debelle strikes optimistic tone; remains lazer focused on the state of the labour market

We had warned to watch out for dovish noises from the RBA this week after it changed its monetary policy meeting statement earlier in the month to say they are monitoring developments, suggesting they may be willing to consider a rate cut in coming months if downside risks to growth materialize. Watch out for dovish noises from the Fed and RBA; 10 April - AmpGFXcapital.com However, the speech on the “State of the Economy” on Wednesday by Deputy Governor Guy Debelle sounded relatively optimistic that the deterioration in the outlook since mid-2018 both in Australia and globally may be tempora...

Yield grab supports the USD, Japanification fear weakens EUR

FX markets are meandering with no clear trends, and it seems investors have little market conviction.  This appears to be resulting in choppy price action influenced mainly by short term technicals rather than macroeconomic developments. We have noted that in recent years the FX market has appeared to be less pre-emptive, and often responds surprisingly sharply after the event.  As such we remain wary of a reversal of recent USD strength if, as it seems increasingly likely, a negotiated trade and Brexit deal might be found relatively soon.  If there is a trend, it is a mild downtrend in the ...

May opens a path to unlock the Brexit Jam

PM May calls for a unified government approach to unlock the Brexit jam. Failing a unified plan, she has offered parliament a meaningful vote on a number of plans in a series of votes ahead of the EU summit on 10 April next week. This appears to offer a way to find a timely agreement that would allow Brexit to take place on 22 May; a result that should support the GBP.

RBA hints at an easing bias

The final ‘policy guidance’ paragraph added that the RBA is now “monitoring developments” suggesting that it is less sure that its current policy setting will remain appropriate. The RBA is typically relatively cautious in tipping its hand in the policy statement, and while subtle compared to the RBNZ statement last week, you might conclude that the change in this final RBA paragraph amounts to a shift from a neutral policy stance to an easing bias. The final paragraph suggests that the RBA is now prepared to ease policy should various threats to their outlook build further.  

Alternative Brexit vote on Monday may lift GBP

The defeat of May’s deal on Friday was narrower but still emphatic, rendering it almost dead. We see a higher probability, perhaps even a high probability, of a majority of MPs now supporting a customs union Brexit in the indicative votes on Monday. The bigger the vote, especially a majority, for a customs union will make it harder for Brexiteers in the Tory Party taking control and run the clock down to a no deal Brexit.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch