Weekly Market Update
Post date: 14/06/2021 13:08 The blow-out inflation report out of the US outshone the ECB June meeting, but the market reaction was counterintuitive, to put it mildly. Even though inflation in the US is now running at 5% on the year, and the price increases are broad based, US traders clearly bought the Federal Reserve […]
Weekly Market Update
Post date: 07/06/2021 11:06 The dollar rallied late in the week against its G10 peers, only to give up most of those gains after a mildly disappointing payrolls report on Friday. The jobs data is still hard to interpret, but other measures of world growth continue to show signs of strength and inflationary pressures are […]
Weekly Market Update
Post date: 01/06/2021 12:09 The key financial market themes of the last six months were replayed last week. Commodities bounced back strongly, inflation data out of the US surprised to the upside, and risk assets rallied, with commodity-sensitive emerging market currencies taking the lead. Rates in G10 countries are still in a holding pattern, but […]
Weekly Market Update
Post date: 24/05/2021 11:04 In a week with few moves of note among major currencies, a hawkish turn by the central banks in Eastern Europe stole the spotlight and propelled the Polish zloty and Hungarian forint to the top of the EM currency performance rankings. Commodity prices pulled back, which had the predictable effect on […]
Weekly Market Update
Post date: 20/05/2021 9:29 Risk assets worldwide are hanging on near all-time highs, but are looking wobblier after a week that saw the inflation surprise in the US we had been warning about for some time. Considering the scale of the surprise, it’s somewhat surprising that US 10-year Treasury rates only rose by 0.04%. Nevertheless, […]
Weekly Market Update
Post date: 10/05/2021 15:35 A much weaker-than-expected labour report broke the string of positive economic surprises out of the US and sent the dollar tumbling versus almost every major currency worldwide. Bond yields fell and commodities soared once again, dragging upwards commodity dependent currencies. In the G10, the Australian, New Zealand and Canadian dollars, together […]
Weekly Market Update
Post date: 26/04/2021 15:35 The US dollar continued its recent trend lower last week, falling modestly against every G10 currency save the Australian dollar. The moves there were, however, modest and most of the action took place in emerging markets. It was hard to discern a theme, since the Brazilian real rose strongly but other […]
Weekly Market Update
Post date: 19/04/2021 12:13 The somewhat puzzling retreat in US bond yields last week, together with very strong economic data, buoyed risk assets in general, including equities, commodities and credit. The dollar did not fare well, unsurprisingly, and fell against every other G10 currency and major emerging market currency. Strength in oil and copper prices […]
Weekly Market Update
Post date: 12/04/2021 15:19 US bond selling has abated and yields in Treasury bonds appear to be range-bound for now, with the 10-year rate oscillating between 1.60% and 1.75%. The dollar had a mixed week, pulling back against every G10 currency except the pound as well as most emerging market currencies. We do not expect […]
Weekly Market Update
Post date: 06/04/2021 12:34 In a holiday-shortened trading week risk assets continued to rally, led by US stocks, seemingly ignoring the clear upward trend in global rates. A strong payrolls report out of the US was no help to the dollar, which sold-off against every other G10 currency. Emerging market currencies joined in the party, […]