Please limit your word count to 500-550 words for each essay question.

Q1: Identify and analyse 3 key macro themes that have emerged in 2025 to date.

For each theme, discuss how you anticipate its implication on global markets during the remainder of the year.

Q2: Pitch a macro trade idea (charts including technical analysis and economic fundamentals are strongly recommended), in FX/Rates/Commodities.

Please structure your idea with the entry level, TP, SL, time horizon, as well as your conviction rationale.

Q3i. Demonstrate your understanding of the Federal Reserve, and profile 3 plausible candidates for the next Fed Chair (e.g., Bessent, Hassett, Warsh, Waller).

Conclude with your assessment of the most likely nominee and outline the potential market implications of the appointment.

Q3ii. Deep dive into a macro economy, preferably an EM country, with an investable macro view.

Access the economic status (e.g BoP, FX Reserve, central bank independence), identify areas of opportunities in the market with your base case for the local currency and rates performance till the year end.

Your answer is expected to be supported by data, which could be obtained from central banks, national statistics, CFTC, CEIC, etc