Analyze macro drivers for a currency pair: 1. Interest Rate Differential: - Current policy rates - Forward rate differential - Rate path expectations (OIS curves) - Carry attractiveness 2. Economic Growth Differential: - GDP growth rates (current and forecast) - High-frequency economic data comparison - Output gap differentials 3. Inflation Differential: - Headline and core inflation - Real interest rate comparison - Inflation trajectory 4. Trade & Capital Flows: - Current account balances - Portfolio flow trends - FDI patterns - Reserve currency demand 5. Central Bank Policy: - Comparative hawkishness/dovishness - Balance sheet policies - Intervention risk 6. Political/Risk Factors: - Political calendar events - Geopolitical risk premium - Terms of trade sensitivity 7. Valuation: - PPP fair value estimate - BEER/FEER models - Real effective exchange rate percentile 8. Positioning & Sentiment: - CFTC speculative positioning - Risk reversals (options skew) - Retail flow (if available) Output: Directional bias with conviction level and key levels to watch.