Long BRL – Short CLP

We initiate this trade with an indicative level of 16 5 . 50 and a target at 17 1, with a stop on close under 162.60 . The rationale is driven mainly by a 1 - month positive carry of 0.8 %. We are going long the currency with the highest carry in the region (BRL) and short the currency with one of the lowest carry (CLP). A secondary argument is that BRL should be more resilient than the CLP to potential oil-price shocks if the US attacks Iran, given Brazil’s position as a major crude producer. Conversely, Chile is a net oil importer, so terms of trade would likely deteriorate if th...

In the AI of the storm: Navigating the financial risks, physical limits, and productivity promises of a new economic era.

In just a few years, AI has moved from a promising innovation to a market driving force, backed by record profits, massive investments and a powerful technological revolution narrative. As its macroeconomic and strategic implications are increasingly evident, public and private actors are racing to build AI capacity – with a few players clearly leading.This rapid build‑out carries significant risks and uncertainties, between excessive optimism, bubble-like dynamics, huge monopolistic (and potentially systemic) positions, all unfolding under very real physical and organizational constraints.We ...

Natixis 米国金利テクニカル・チャートブック