Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

How Emerging Markets Fare Admidst High US Interest Rate

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>USD strength is ebbing across the board, which provides a positive force for most EM currencies on a spot basis. </li>
<li>However, where inflation differentials are large, the downward pressure will remain in 2025 e.g. Turkish Lira (TRY)</li>
<li>Where inflation differentials are modest against the U.S., but interest rate differentials are wider then this can mean modest appreciation – especially if the starting point is an undervalued currency. </li>
</ul>


USD strength is ebbing across the board, which provides a positive force for most EM currencies on a spot basis. 
However, where inflation differentials are large, the downward pressure will remain in 2025 e.g. Turkish Lira (TRY)
Where inflation differentials are modest against the U.S., but interest rate differentials are wider then this can mean modest appreciation – especially if the starting point is an undervalued currency. 


EM FX Outlook: Fed Easing Helps but Divergent Trends