After years of low volatility, foreign exchange trading is roaring back to life. The currency desk, once overshadowed by stocks and bonds, is thriving as global interest rate policies diverge and trade tensions resurface. 

Optiver’s FX volumes have doubled since 2024, prompting a shift to 24-hour operations, with new hires and strategic relocations to meet surging demand. Banks are also rebuilding their currency trading teams, recruiting veterans from the 2008 financial crisis alongside fresh talent eager to navigate the revived market turbulence. 

Hedge funds are fueling the momentum, with record-breaking activity in Asian currencies and a renewed belief that FX can add real value to portfolios. 

Finsum: Whether this marks a long-term shift remains uncertain, but for now, the “sleeping giant” of foreign exchange has undeniably awakened.

China’s new tariffs on U.S. energy imports are expected to hit the metallurgical coal market the hardest, given its role in steel production. While crude oil and LNG trade between the two countries is small, with minimal global disruption anticipated, U.S. coking coal made up nearly 12% of China’s seaborne imports in 2024. 

If these tariffs make American coal uncompetitive, China’s steelmakers will need to turn to other suppliers, most likely Australia and Canada. This shift could force China to pay a premium, as these countries already have strong demand from India, the largest global importer of coking coal. 

A reshuffling of trade routes might occur, with China buying more Australian coal and India offsetting that by sourcing more from the U.S., though not without some initial price volatility. As coking coal prices have been falling, Australian exports could gain a pricing edge if Chinese buyers pivot, while U.S. producers might face challenges securing alternative markets.

Finsum: Pay attention to the commodities circuit, as tariffs start to take hold, retaliatory efforts could spawn ways to generate alpha. 

Broadway’s spring season is blooming with an eclectic mix of new musicals, revivals, and star-studded productions. Idina Menzel makes her grand return in Redwood, a powerful story set against the majestic backdrop of California’s redwood forests. 

Audiences can dive into history with Operation Mincemeat, a witty and thrilling musical about a real-life WWII deception, or get swept away to Havana with Buena Vista Social Club, celebrating the music and legends of Cuba. Heavyweight performances are also on the horizon, with Denzel Washington and Jake Gyllenhaal taking on Othello, while Sarah Snook brings all 26 characters of 

The Picture of Dorian Gray to life in a mesmerizing solo performance. Branden Jacobs-Jenkins’ Purpose promises a poignant look at a Black political dynasty, and Glengarry Glen Ross returns with Kieran Culkin and Bob Odenkirk delivering Mamet’s sharp-edged dialogue. 

Finsum: Whether you crave classic drama, innovative storytelling, or dazzling music, Broadway this spring offers a show-stopping experience for every theatergoer.