All courses🌍 Fundamental · Level 3.1
🌐 Macro & Intermarket Analysis
The US Dollar Index, bond yields, real rates, and intermarket relationships. This is the level where fundamental analysis becomes genuinely predictive.
4 lessons ~20 min read
01020304
DXY and the dollar — the market's compass
State what DXY actually measures and why its 58% euro weight matters Use DXY for direction and divergence rather than for confirming a euro pair Separate dollar strength from currency weakness using a dollar-free cross Identify whether a dollar move is driven by rates, risk or growth
Bond yields & real interest rates
Explain why currencies follow rate differentials rather than absolute rates Use the 2-year spread as the cleanest read on relative policy expectations Calculate real yields and explain their effect on currencies and gold Read the bond move as the cause of the FX move rather than as a coincidence
Gold & commodities — the real drivers
Rank gold’s three drivers and identify which is currently in charge Explain why gold can fall during high inflation Recognise the fear regime, in which the dollar and gold rise together Size gold positions from price distance rather than from pip habits
Intermarket relationships — the connected map
State the mechanism behind each correlation before trading it Read risk-on and risk-off from equities, VIX and credit rather than the dollar Treat divergence as a question raised, not a signal given Run a five-chart intermarket check before each session
Final challenge
Answer all 12 questions. You need 10 of 12 correct to unlock the certificate — 2 can be wrong. Retakes are unlimited, so take your time.