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  • Close-up of eagle on a wrinkled one dollar bill.
    July 23, 2021
    • Investor Services
    The dollar is ending a good week on a solid note. DXY is trading just below 93 and is up two straight days and six of the past seven. Further gains are expected and it should eventually test the March 31 high near 93.437. The euro remains heavy after the ECB decision (see below) and the clean break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is having trouble breaking back above $1.38 as economic uncertainty picks up.
  • Euro-Symbol Statue in Frankfurt
    July 22, 2021
    • Investor Services
    U.S. 10-year yield is trading around 1.30%; central bank divergence will be underscored today with the ECB decision; weekly initial jobless claims will be closely watched; Fed manufacturing surveys for July will continue to roll out; Republican Senators blocked debate on the infrastructure package; a battle over the debt ceiling is brewing; Mexico reports mid-July CPI data; Colombia announced a $4 bln tax plan to shore up public finances; the ECB decision should bring hints of further easing;
  • Various arrows pointing upwards with green and blue dots
    July 21, 2021
    • Investor Services
    Given the absence of any fresh drivers, markets are continuing with the recent recovery in risk appetite; U.S. fiscal policy remains highly uncertain ahead of a key Senate vote; Peru’s elected leftist president Pedro Castillo had his victory finally confirmed after weeks of dispute; U.K.-EU relations are set to flare up again
  • Blue line and bar graphs in front of a globe
    July 20, 2021
    • Investor Services
    Risk off impulses have quieted down, at least for now; U.S. stock futures are higher today after falling yesterday in sympathy with the general risk off mood; the U.S. fiscal outlook remains unclear
  • Yellow downward trending recession arrow on black financial graphs in background
    July 19, 2021
    • Investor Services
    The dollar remains firm as the new week begins in risk off mode. DXY is up for the third straight day and is trading at the highest level since April 5 near 93. Further gains are expected as it moves toward a test of the March 31 high near 93.437. The euro remains heavy ahead of the ECB decision Thursday and the break below $1.18 sets up a test of the March 31 low near $1.1705. Sterling is also trading heavy as the government’s pandemic response comes under renewed scrutiny (see below). Cable is about to test the April 12 low near $1.3670 and further losses are likely. USD/JPY remains under pressure as risk off sentiment continues to take hold, though near-term support is seen around the July 8 low just above 109.50.
  • car driving down country road blur
    July 18, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    July 18, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Green upward trending line in front of global map and various financial graphs
    July 16, 2021
    • Investor Services
    • Powell stuck to the same tone on the second day of his testimony, while Bullard said it was time to end emergency measures. More hawkish comments out of the BoE yesterday, pressured short-end rates higher. Cases in the UK rose to the highest in six months. The BoJ policy meeting was uneventful, with no policy change and some headlines around the “green lending plan”; Higher CPI numbers validate the RBNZ’s hawkish stance
  • Puzzle that is missing a piece revealing dollar-bill in missing hole
    July 15, 2021
    • Investor Services
    Markets are still on board with Fed Powell’s reassuring message on inflation. The BoK kept rates unchanged while also tapering its bond purchases; Chile’s central bank joined Brazil and Mexico in their tightening cycle, while Turkey and Korea left rates unchanged, as expected. Crude continues its downward slide after U.S. supply data and signs that a supply deal on OPEC+ might be at hand
  • U.S. $100 banknotes closeup.
    July 14, 2021
    • Investor Services
    The growing hawkishness of many central banks globally is fully on display this month; U.S. inflation readings will remain in focus; U.S. Treasury completed its note and bond issuance for the week; the Fed releases its Beige Book report for the upcoming FOMC meeting; Chair Powell testifies before the House today and the Senate tomorrow; BOC is likely to taper again; Chile is expected to hike rates 25 bp to 0.75%
  • Various arrows pointing upwards with green and blue dots
    July 13, 2021
    • Investor Services
    U.S. inflation readings will come into focus; we believe that the continued low rate environment will give the Fed more confidence to taper; U.S. Treasury issuance continues
  • Candle stick graphs and line graphs in front of purple and blue world map on a black background
    July 12, 2021
    • Investor Services
    The central bank divergence story is likely to come back into focus this week; U.S. Treasury note and bond issuance picks up again; the U.S. growth outlook for Q2 remains strong; Peru left rates unchanged Friday but the changes in forward guidance suggest officials are getting ready to hike soon; ECB asset purchases for the week ending July 9 will be reported; ECB President Lagarde is flagging further easing of some sort; U.K. will fully reopen July 19 even as Prime Minister Johnson urges caution
  • car driving down country road blur
    July 11, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    July 11, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Stacked gray stones with pink sky in background
    July 09, 2021
    • Investor Services
    We are approaching the weekend with markets searching for direction; jobless claims yesterday were mixed; consumer credit continues to grow; Canada reports June jobs data; Mexico June headline inflation came in at 5.88% y/y, slightly higher than expected and definitely enough to justify Banxico’s hawkish turn; Brazil inflation for June came in slightly below forecast at 8.35% y/y; Brazil intervened in FX markets yesterday for the first time since March to stem the sharp reversal of the real
  • Downward trending line on red LED screen
    July 08, 2021
    • Investor Services
    The strong flattening trend in the U.S. yield curve that stated in mid-May has accelerated; FOMC minutes were released; some minor data will be reported; Mexico reports June CPI; Peru is expected to keep rates steady at 0.25%; ECB will announce the results of its strategy review; it also releases its account of the June 10 meeting
  • White upward moving trend line with blue background
    July 07, 2021
    • Investor Services
    The divergence theme remains intact; FOMC minutes will be released; the bond market continues to confound; May JOLTS job openings will be reported; Canada reports June Ivey PMI; concerns about vaccine efficacy in Israel are giving global investors some trepidation
  • car driving down country road blur
    July 04, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    July 04, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Orange Financial Graph on Black Background
    July 02, 2021
    • Investor Services
    We believe that the central bank divergence story will be one of the major drivers for FX in H2; US jobs data will be the highlight; other important snapshots for June point to underlying strength in the economy; Canada reports May building permits, trade, and June Markit manufacturing PMI; Fitch downgraded Colombia’s long-term foreign currency rating from investment grade (IG) to high yield (HY)
  • Rolled up bank-notes from various countries
    July 01, 2021
    • Investor Services
    June ISM manufacturing PMI will be the highlight; weekly jobless claims data are expected to show continued improvement in the labor market; jobs data tomorrow are coming into focus; Fed speakers are likely to continue pushing the more hawkish narrative
  • U.S. $100 banknotes closeup.
    June 30, 2021
    • Investor Services
    ADP reports June private sector jobs; Chicago PMI will also be reported; U.S. equities made another all-time high yesterday; Fed officials continue to tilt hawkish; NYT article today plays up a split on the FOMC; Canada reports April GDP
  • Blue and black globe with a glowing web of lines surrounding it
    June 29, 2021
    • Investor Services
    All eyes are on the jobs report Friday; some reports suggest ending enhanced unemployment benefits have not yet led to a boost in employment; Fed speakers are likely to continue pushing the more hawkish narrative this week; Fed manufacturing surveys for June will wrap up today; Colombia is expected to keep rates steady at 1.75%; Boris Johnson’s government is under the microscope during a key week
  • Paris cityscape; Eiffel Tower
    June 29, 2021
    • Investor Services
    ESMA's recently released Annual Report covers several areas of focus for regulators in the next few years to come. Here, we break down the top 10 things to know about the future of ESMA.
  • Glowing lines and financial graphs floating around a globe like rings
    June 28, 2021
    • Investor Services
    All eyes are on the jobs report Friday; some reports suggest ending enhanced unemployment benefits have not yet led to a boost in employment; Fed speakers are likely to continue pushing the more hawkish narrative this week; Fed manufacturing surveys for June will wrap up today; Colombia is expected to keep rates steady at 1.75%; Boris Johnson’s government is under the microscope during a key week
  • car driving down country road blur
    June 27, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    June 27, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Candle stick graphs and line graphs in front of purple and blue world map on a black background
    June 25, 2021
    • Investor Services
    U.S. yields and the dollar remain subdued; we are agreement with Bullard and Kaplan's comments yesterday and look for tapering by end-2021; core PCE for May will be reported; President Biden announced a tentative infrastructure deal with a group of ten centrist Senators from both parties; Mexico took the plunge into the hawkish camp with a surprise 25 bp rate hike yesterday to 4.25%; Brazil quarterly inflation report reinforced the trajectory of hikes from the statement
  • Bank of England with UK flag, The historical building in London, UK
    June 24, 2021
    • Investor Services
    Since the Fed’s hawkish hold last week, inflation expectations have fallen dramatically; Fed manufacturing surveys for June will continue to roll out; weekly jobless claims data will be reported; we get another revision to Q1 GDP; Mexico is expected to keep rates steady at 4.0%; Chile central bank minutes were on the hawkish side, confirming a hike is coming in the next few meetings
  • U.S. Dollars and hourglass
    June 23, 2021
    • Investor Services
    Fed Chair Powell delivered no surprises in his Congressional testimony yesterday; we believe tapering is closer than markets appreciate; Markit preliminary June PMI readings will be the highlight; minutes from Brazilian Central Bank (BCB) were decidedly hawkish
  • Upward trending line on green LED screen
    June 22, 2021
    • Investor Services
    U.S. yields have rebounded sharply; Fed speakers will be plentiful; Fed manufacturing surveys for June will continue to roll out; Brazil central bank minutes will be released; the remarkable divergence within Latin America continues as the Brazilian real bucks the regional trend
  • Downward trending line on red LED screen
    June 21, 2021
    • Investor Services
    The U.S. yield curve continues to flatten; cross market measures of implied volatility have reawakened from the recent doldrums; with the media embargo over, Fed speakers will be plentiful this week; the U.S. growth outlook for Q2 remains strong
  • car driving down country road blur
    June 20, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    June 20, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Blue glowing arrows pointing diagonally up
    June 18, 2021
    • Investor Services
    Meetings this week underscore our long-standing call for widening central bank divergences; at the heart of the matter is that those economies that were in strong shape before the pandemic are seeing strong recoveries; markets seem to be especially fixated on the huge move in the 5- to 30-year part of the U.S. Treasury curve; weekly jobless claims data were disappointing
  • Puzzle that is missing a piece revealing dollar-bill in missing hole
    June 17, 2021
    • Investor Services
    The FOMC delivered a hawkish hold, as we expected; Chair Powell gave an upbeat outlook at the press conference; June Fed manufacturing surveys will continue to roll out; weekly jobless claims data should show continued healing of the labor market; Brazil delivered a 75 bp hike to 4.25% and signaled another one August 4, both as expected but added a hawkish tilt
  • The Federal Reserve building in Washington, DC
    June 16, 2021
    • Investor Services
    The two-day FOMC meeting ends with a decision this afternoon; May PPI surprised to the upside; May retail sales data are worth discussing; Canada reports May CPI; Brazil COPOM is expected to hike rates 75 bp to 4.25%
  • Various blue and orange business trend graphs and charts on black screen
    June 15, 2021
    • Investor Services
    U.S. rates have rebounded a bit ahead of today’s key data and tomorrow’s FOMC decision; May PPI and retail sales will be reported; June Fed manufacturing surveys will start to roll out
  • Federal Reserve Cloudy Day
    June 14, 2021
    • Investor Services
    The two-day FOMC meeting starts tomorrow and wraps up Wednesday afternoon. We expect a hawkish hold stemming from a shift in the Dot Plots, upgraded economic forecasts, and potential tapering talk.
  • Close-up of eagle on a wrinkled one dollar bill.
    June 14, 2021
    • Investor Services
    U.S. rates remain low as we enter a crucial week for the bond market; first and foremost is the risk of a hawkish hold from the Fed; ahead of the FOMC decision Wednesday, the market will get some key U.S. data tomorrow
  • car driving down country road blur
    June 13, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    June 13, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Close-up of folded dollar-bills
    June 11, 2021
    • Investor Services
    The G-7 summit begins today in Cornwall; May CPI data surprised the upside; yet U.S. rates continue to fall; next week’s FOMC meeting is coming into focus; weekly jobless claims data show continued healing of the labor market; Peru left rates on hold at 0.25% last night, as expected
  • Various types of purple and blue financial graphs in front of global map
    June 10, 2021
    • Investor Services
    Many emerging market (EM) economies are also facing near-term inflation shocks, but there has been a wide divergence between how central banks are facing it. Some have reacted by frontloading hikes, while others have stuck to a strategy of talking down inflation risks.
  • Euro-Symbol Statue in Frankfurt
    June 10, 2021
    • Investor Services
    May CPI data will be the data highlight; weekly jobless claims data will be reported; BOC kept policy steady, as expected; Peru is expected to keep rates steady at 0.25%; Brazil’s May IPCA inflation came in decidedly strong; the ECB is expected to extend its accelerated asset purchases into Q3
  • Yellow downward trending recession arrow on black financial graphs in background
    June 09, 2021
    • Investor Services
    U.S. JOLTS job openings came in very strong in April; The U.S. growth outlook for Q2 also remains strong; BOC is expected to keep policy steady; last night, Chile delivered a hawkish hold and is yet another sign that the global liquidity story is at an inflection point; Brazil and Mexico report May inflation
  • U.S. Dollars and hourglass
    June 08, 2021
    • Investor Services
    U.S. fiscal policy remains a big unknown; today is a light day in North America; Chile is expected to keep rates steady at 0.50%; Peru’s electoral board has not yet announced an official winner for the presidential race; BRL continues to test the R$5.00 level even as fiscal headlines weigh on fixed income markets
  • Floating blue currency symbols on black background
    June 07, 2021
    • Investor Services
    We are at an inflection point with regards to global monetary policy and liquidity. Some major central banks have already started tapering asset purchases, while others are inching closer to doing so.
  • Various types of purple and blue financial graphs in front of global map
    June 07, 2021
    • Investor Services
    We do not believe that tapering discussions have been derailed by the jobs report; the other big unknown right now is fiscal policy; the ruling party in Mexico (Morena) suffered a notable defeat in the midterm elections and lost its super-majority in the lower house; initial tallies from Peru’s crucial presidential runoff elections show surprising gains for Keiko Fujimori
  • car driving down country road blur
    June 06, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    June 06, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Dark earth glowing with blue lights
    June 04, 2021
    • Investor Services
    May jobs data will be the highlight; ISM services PMI surprised to the upside; weekly jobless claims data are worth discussing; Chair Powell is the only Fed speaker today; Canada also reports May jobs data; Chilean assets were hit yesterday by a potential bill allowing investors to fully withdraw their pension savings
  • Financial stock market trading graphs on screen in blue and red
    June 03, 2021
    • Investor Services
    ADP reports private sector jobs data; ISM services PMI will be very important; weekly jobless claims data will be watched closely; the Fed was upbeat in its Beige Book report for the upcoming June 15-16 FOMC meeting
  • Puzzle that is missing a piece revealing dollar-bill in missing hole
    June 02, 2021
    • Investor Services
    Fed releases its Beige Book report for the upcoming June 15-16 FOMC meeting; add St. Louis Fed President Bullard to the list of Fed officials that are tilting more hawkish; yesterday’s survey data points to ongoing strength in U.S. economy; USD/CAD traded at a new low for this move just above 1.20 yesterday before recovering; Banco de Mexico releases its quarterly inflation report
  • Humanoid robots dressed as businessmen
    June 02, 2021
    • Investor Services
    Regulators are reviewing how gamification and other tech led sales techniques sit within their Regulation Best Interest framework after the recent Robinhood/GameStop events. Here, we discuss their considerations.
  • Black Oil Barrels Close Together
    June 01, 2021
    • Investor Services
    ISM PMI readings will be watched to see if they mirror last week’s blockbuster survey readings; Fed manufacturing surveys for May will wind up with Dallas today; Canada reports Q1 GDP and Markit May PMI
  • car driving down country road blur
    May 30, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    May 30, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Stack of U.S. one hundred dollars notes
    May 28, 2021
    • Investor Services
    U.S. core PCE has taken on greater importance as the inflation debate rages; May Chicago PMI will be reported and there are upside risks to the consensus 68.0; weekly jobless claims data are worth a mention
  • Yuan, Dollar, and Euro overlapping banknotes
    May 27, 2021
    • Investor Services
    Fed manufacturing surveys for May will continue to roll out; weekly jobless claims data will be watched closely; we get the first revision to Q1 GDP; Banco de Mexico minutes will be released
  • White upward moving trend line with blue background
    May 26, 2021
    • Investor Services
    The drop in U.S. yields continues; more Fed officials are talking about talking about tapering; Hungary left rates on hold at 0.60% yesterday but confirmed its hawkish stance; RBNZ unexpectedly delivered a hawkish hold;
  • Large downward sloping arrow in front of candle-stick and bar graphs in red
    May 25, 2021
    • Investor Services
    Markets have to start pricing in a slightly more hawkish Fed going forward; stronger U.S. data ahead should feed into further tapering talk at the June 15-16 FOMC meeting; Mexico reports mid-May CPI; the prospect of left turn in Brazil’s politics is rising
  • Red and yellow decreasing line graphs in front of blue sky scrapers
    May 24, 2021
    • Investor Services
    Markets have to start pricing in a slightly more hawkish Fed going forward; stronger U.S. data ahead should feed into further tapering talk at the June 15-16 FOMC meeting; Mexico reports mid-May CPI; the prospect of left turn in Brazil’s politics is rising
  • Dog reading a newspaper
    May 24, 2021
    • Investor Services
    There is some good news and some bad news regarding the Packaged Retail Investment and Insurance Products (PRIIPs) regulation. Here, we explain the updates and the five pain points that remain.
  • car driving down country road blur
    May 23, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    May 23, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • The flags of the European Union at the European Commission's headquarters.
    May 21, 2021
    • Investor Services
    Higher U.S. real rates are not doing the dollar any favors; preliminary May Markit PMI readings will be the highlight; research by the SF Fed suggests anecdotes of enhanced unemployment benefits keeping workers home are overstated; Canada reports March retail sales; BOC Governor Macklem delivered a sobering message regarding the housing market
  • The Federal Reserve building in Washington, DC
    May 20, 2021
    • Investor Services
    FOMC minutes show that the Fed is now talking about talking about tapering; Kaplan is the only Fed speaker today; the Dot Plots for the June 15-16 FOMC meeting will take on more significance; Fed manufacturing surveys for May will continue to roll out; weekly jobless claims data will be closely watched
  • Black Oil Barrels Close Together
    May 19, 2021
    • Investor Services
    Key FOMC minutes will be released; Canada reports April CPI; Banco de Mexico official signaled low likelihood of any more rate cuts
  • Large downward sloping arrow in front of candle-stick and bar graphs in red
    May 18, 2021
    • Investor Services
    With Fed officials remaining dovish as data paint a mixed picture for the U.S., markets are taking the dollar lower; Kaplan speaks today; Fed manufacturing surveys for May have started to roll out; Chilean assets have come under heavy pressure with the strong performance of far-left parties in the Constitutional Assembly elections
  • Blue financial market graphs with red light at the graph's peak
    May 17, 2021
    • Investor Services
    The dollar remains under pressure as U.S. rates continue to fall.
  • car driving down country road blur
    May 16, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    May 16, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • U.S. Dollars and hourglass
    May 14, 2021
    • Investor Services
    The dollar is giving up some of its recent gains as U.S. rates fall. DXY is down after two straight up days and is trading soft after being unable to break above 91.
  • Industrial barrels stacks in waste yard
    May 13, 2021
    • Investor Services
    US inflation data will remain in focus; heavy US Treasury issuance this week concludes with a $27 bln sale of 30-year bonds; weekly jobless claims data may take on more importance after the big miss for April; Mexico, Chile, and Peru are all expected to keep rates steady
  • Silhouettes of Oil Pumps in Oil Field at Sunset
    May 12, 2021
    • Investor Services
    U.S. inflation data come into focus; we think that risks to US yields lie to the upside; it’s worth taking a look at how U.S. core and headline inflation have behaved historically to supply shocks; the U.S. labor market remains in flux; more states are rejecting the enhanced unemployment benefits; U.S. Treasury issuance continues with a $41 bln sale of 10-year notes
  • Blue line and bar graphs in front of a globe
    May 11, 2021
    • Investor Services
    The debate about unemployment benefits is heating up after last week’s big miss on jobs; heavy US Treasury issuance this week starts off with a $58 bln sale of 3-year notes today; Fed speakers will remain plentiful; Brazil reports April IPCA inflation
  • Stacked gray stones with pink sky in background
    May 10, 2021
    • Investor Services
    The markets are still digesting the much weaker than expected jobs report from Friday; the debate between markets and the Fed has tilted more towards the latter; today is a quiet day in the U.S. before the upcoming flood of UST issuance and U.S. data
  • A man and a woman doing pullups on the same bar in a gym
    May 10, 2021
    • Investor Services
    The global COVID-19 pandemic has brought the topic of operational resilience to the top of the agenda for regulators worldwide. Here, we sum up some of the common areas of focus among the open operational resilience regulatory assessments and how they are influencing policymakers' actions going forward.
  • car driving down country road blur
    May 09, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    May 09, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Upward trending line on green LED screen
    May 07, 2021
    • Investor Services
    April jobs data will be the highlight; the U.S. growth outlook remains stronger than ever; the Fed’s financial stability report warned that rising risk appetite is stretching valuations and creating weakness in the US financial system; Canada also reports April jobs data; Mexico reports April CPI
  • The Federal Reserve building in Washington, DC
    May 06, 2021
    • Investor Services
    It’s clear from the strong U.S. recovery and falling virus numbers that the Fed will have to continue unwinding its emergency measures. The Bank of Canada and the Bank of England have already stated adjusting their stance without causing much disruption, but it’s the Fed that really matters.
  • US Dollar on financial screen
    May 05, 2021
    • Investor Services
    Comments by Treasury Secretary Yellen are worth discussing; ADP private sector jobs will be today’s highlight; ISM services PMI will also be reported; the U.S. growth outlook remains stronger than ever; Brazil is expected to hike rates 75 bp to 3.5%; Colombia central bank releases its quarterly inflation report
  • Blue financial market graphs with red light at the graph's peak
    May 05, 2021
    • Investor Services
    The outlook for major Latin American markets continues to deteriorate, despite the favourable commodity cycle and relatively higher rates to support local currencies. Local politics and unfavourable pandemic outcomes are still our main reasons for concern, but external factors – strong dollar and higher U.S. yield – also create additional headwinds.
  • Stack of U.S. one hundred dollars notes
    May 04, 2021
    • Investor Services
    U.S. data yesterday were mixed but still point to underlying strength in the economy; despite the PMI reading, the U.S. outlook remains stronger than ever; Fed speakers remain plentiful; COP is under heavy downward pressure on the back of negative political headlines
  • acronym word cloud on light blue background
    May 04, 2021
    • Investor Services
    Environmental, Social, and Governance (ESG) is one of the hottest topics in asset management, and just the start of many acronyms thrown around regularly. Here we discuss the latest ESG acronym: Corporate Sustainability Reporting Directive, or CSRD.
  • Blue financial market graphs with red light at the graph's peak
    May 03, 2021
    • Investor Services
    The U.S. economy continues to sizzle; therein lies the crux of our strong dollar outlook; April ISM manufacturing PMI is the data highlight
  • car driving down country road blur
    May 02, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    May 02, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Floating blue currency symbols on black background
    April 30, 2021
    • Investor Services
    We got our first look at Q1 GDP yesterday; therein lies the crux of our strong dollar outlook; keep an eye on two spreads that will support our bearishness on the euro; today’s data highlight is April Chicago PMI; Colombia is expected to keep rate steady at 1.75%
  • Various types of purple and blue financial graphs in front of global map
    April 29, 2021
    • Investor Services
    U.S. yields are climbing as markets continue to digest the FOMC decision; the Fed delivered a dovish hold, as expected; markets are starting to look for signs of tapering and that was the first question for Powell; we get our first look at Q1 GDP; weekly jobless claims will be reported
  • Federal Reserve Cloudy Day
    April 28, 2021
    • Investor Services
    The two-day FOMC meeting ends with a decision this afternoon; we will be putting out a lengthy piece this week about the Fed’s likely roadmap for tapering; U.S. yields are rising ahead of the decision
  • Blue and green financial line graph on black LED screen
    April 27, 2021
    • Investor Services
    The two-day FOMC meeting begins today and ends with a decision tomorrow afternoon; Fed manufacturing surveys for April will continue to roll out; Brazil reports mid-April IPCA inflation.
  • Close-up of eagle on a wrinkled one dollar bill.
    April 26, 2021
    • Investor Services
    The latest Bloomberg survey shows growing expectations of Fed tapering in Q4; yields are picking a bit ahead of the two-day FOMC meeting that begins tomorrow and ends with a decision Wednesday afternoon; Fed manufacturing surveys for April will continue to roll out
  • car driving down country road blur
    April 25, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • Downward trending line on red LED screen
    April 23, 2021
    • Investor Services
    Senate Republicans offered a $568 bln compromise spending package; President Biden will reportedly propose a hike in the capital gains tax; weekly jobless claims data point to a solid NFP reading; preliminary US Markit April PMI readings will be reported
  • Euro-Symbol Statue in Frankfurt
    April 22, 2021
    • Investor Services
    US bond yields remain depressed; Fed manufacturing surveys for April will continue to roll out; weekly jobless claims are for the BLS survey week; BOC delivered a hawkish hold; other central banks may also be willing to start tapering QE before year-end; Mexico reports mid-April CPI; ECB is expected to keep all policy settings unchanged
  • Red and yellow decreasing line graphs in front of blue sky scrapers
    April 21, 2021
    • Investor Services
    US bond yields remain depressed ahead of a 20-year bond auction; BOC meeting ends with a decision this morning; ahead of the decision, Canada reports March CPI; BRL saw some relief yesterday after congress (finally) agreed on the budget
  • Glowing blue arrow sloping upwards
    April 20, 2021
    • Investor Services
    The Bank of Canada meeting ends with a decision Wednesday. Some expect it to begin tapering its asset purchases but we think it may be too soon and so a dovish surprise is very possible. The policy rate will remain unchanged at 0.25% while updated macro forecasts will be presented in the quarterly monetary policy report.
  • Yuan, Dollar, and Euro overlapping banknotes
    April 20, 2021
    • Investor Services
    Bitcoin saw a roughly 10% flash crash over the weekend; US Treasury yields continue to tumble; the Trudeau government releases its 2021 budget
  • Climber using pick axe to club up deep ice cavern
    April 19, 2021
    • Investor Services
    Bitcoin saw a roughly 10% flash crash over the weekend; US Treasury yields continue to tumble; the Trudeau government releases its 2021 budget
  • set of various plates of food isolated on white background, top view
    April 19, 2021
    • Investor Services
    We explain some of the top issues likely to ensure Mr. Gensler doesn’t get a whole lot of a “honeymoon period” when he takes his seat at the head of the SEC table. One thing is for certain, he starts his tenure with a full plate.
  • car driving down country road blur
    April 18, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • planet earth from space with sun rising
    April 18, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • Benjamin Franklin's eye close-up from one hundred dollar bill
    April 16, 2021
    • Investor Services
    Yesterday’s US data was simply stellar; the US growth outlook remains very strong; yet bond yields tumbled; data today are minor
  • Pile of colorful sticky notes with hand drawn question marks. It is a seamless background which was created with adhesive note papers.
    April 16, 2021
    • Investor Services
    In the final part of our three part series on fund liquidity, we focus on the recently published report from European Securities and Markets Authority (ESMA) on its study of UCITS liquidity risk management.
  • Various blue and orange business trend graphs and charts on black screen
    April 15, 2021
    • Investor Services
    We are likely to get signs today that the U.S. economy continues to roar; March retail sales data will be the highlight; Fed manufacturing surveys for April will start to roll out; weekly jobless claims should show resumed improvement in the labor market; Fed Beige Book report is worth a mention
  • Rolled up bank-notes from various countries
    April 14, 2021
    • Investor Services
    Treasury Secretary Yellen is scheduled to issue her first semiannual FX report this Thursday. Here, we outline some possible changes based on our calculations for the criteria. However, this will be complicated by reports suggesting Yellen will ease some of the thresholds.
  • Puzzle that is missing a piece revealing dollar-bill in missing hole
    April 14, 2021
    • Investor Services
    US yields are crashing lower and removing some crucial support for the dollar; US CPI came in a tad higher than expected; heavy US Treasury issuance this week was easily absorbed; Fed Beige Book report will be released
  • Question mark shape cut out in a white post-it-note on a blue gradient background
    April 14, 2021
    • Investor Services
    In Part Two of our three part series on fund liquidity, we focus specifically on European Money Market Funds.
  • Upward trending arrows, bar graphs, and line graphs
    April 13, 2021
    • Investor Services
    US inflation data will come back into focus; US yields are creeping higher and giving the dollar some support; all of this comes on top of heavy US Treasury issuance this week
  • Orange Financial Graph on Black Background
    April 12, 2021
    • Investor Services
    US yields are creeping higher and giving the dollar some support; US inflation data will come into focus; weekly jobless claims were disappointing; Canada reports March jobs data; Brazil reports March IPCA inflation
  • Yellow post-it-note pinned to a board with 'What if?' written on it
    April 12, 2021
    • Investor Services
    In Part One of a three part series on fund liquidity, we discuss the important “what if” questions regulators are posing currently.
  • planet earth from space with sun rising
    April 11, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    April 11, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • Blue charts and numbers for COVID-19 cases with 3d renderings of germs
    April 09, 2021
    • Investor Services
    US yields are creeping higher and giving the dollar some support; US inflation data will come into focus; weekly jobless claims were disappointing; Canada reports March jobs data; Brazil reports March IPCA inflation
  • Facade on the Federal Reserve Building in Washington DC
    April 08, 2021
    • Investor Services
    Market expectations for Fed tightening continue to move the other way; FOMC minutes are worth a mention; Fed policymakers continue to stress the new outcome-based strategy; weekly jobless claims should show resumed improvement in the labor market; Mexico reports March CPI; Peru is expected to keep rates steady at 0.25%
  • Yellow downward trending recession arrow on black financial graphs in background
    April 07, 2021
    • Investor Services
    Despite string US data, US yields continue to edge lower; FOMC minutes will be released; Canada reports March Ivey PMI and February trade
  • White upward moving trend line with blue background
    April 06, 2021
    • Investor Services
    President Biden’s path to the next round of stimulus just got easier; the US economy continues to roar; while US long yields have stabilized for now, market expectations for Fed tightening continue to adjust
  • Two men shake hands in front of British flag and European flag
    April 06, 2021
    • Investor Services
    Despite certain points of tension across the asset management industry in the lead up to Brexit, overall things have been pretty calm in the wake of the “divorce”. Here, we discuss the latest Memorandum of Understanding and what it could mean for the industry.
  • Blue and black globe with a glowing web of lines surrounding it
    April 05, 2021
    • Investor Services
    Last week’s jobs data confirm our view that the US economy is gathering momentum; ISM services PMI will be today’s highlight; the US growth outlook remains very strong; Colombia reports March CPI
  • planet earth from space with sun rising
    April 04, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    April 04, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. Dollars and hourglass
    April 01, 2021
    • Investor Services
    Risk appetite is returning ahead of the Easter holidays. Equity markets are broadly higher, with gains of around 0.8% for EM Asian indices, the Nikkei adding 0.7%, and the EuroStoxx 600 up 0.5%. U.S. futures are pointing to a small positive open. Fixed income markets are stable after U.S. President Biden announced his fiscal plan, mostly as expected. The 10-year yield is at 1.72%. The dollar is mixed, weakening against EM currencies but slightly firmer against majors. Oil is bouncing back ahead of the OPEC meeting, with Brent up 1.5% to $63.7 per barrel.
  • Federal Reserve Cloudy Day
    March 31, 2021
    • Investor Services
    Reports say that Biden new stimulus plan is around $2.25 tln; more details later today; Euro area inflation increased in March, but Laggard talks down any risk; Brazil's president Bolsonaro has reshuffled his cabinet towards a more centrist configuration, a short-term positive; Turkish central bank has a new deputy head; the lira remains under pressure; Indonesia's central bank now owns more bonds than offshore investors
  • Close up of Benjamin Franklin on the 100 dollar bill with financial graphs in front of him
    March 30, 2021
    • Investor Services
    The Archegos fallout and higher Treasury yields continue to cast a shadow of uncertainty over markets, but risk appetite is improving. In equity markets, most global indices are higher. The Nikkei managed a small gain, while EM Asia indices were up between 0.5-2.5%. In FX, the majors were little changed, but some EM currencies are under pressure (TRY -1.3% and INR -1.1%). The 10-year Treasury yields are making new cycle highs at 1.76%.
  • Colorful stacked oil drums
    March 29, 2021
    • Investor Services
    The next fiscal package is shaping up to be quite large and focusing on infrastructure. The EU has hardened its position towards AstraZeneca vaccines. Oil prices were under pressure from favorable news regarding the Suez Canal ship blockage. Geopolitical tensions surrounding China are set to worsen but probably not leading to disruptive action. BOJ minutes reinforced the bank's pro-active yet accommodative mode.
  • Signpost in the mountains pointing way to mount everest b.c., Khumbu glacier and prayer flags, Everest area, Nepal
    March 29, 2021
    • Investor Services
    The first phase of the E.U.’s Sustainable Finance Disclosure Regulation (SFDR) focused on adherence to the E.U.’s ESG agenda, representing the industry’s arrival at basecamp. We outline the three remaining challenges as the focus now turns to the detailed SFDR RTS and Taxonomy alignment.
  • planet earth from space with sun rising
    March 28, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    March 28, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • Green upward trending line in front of global map and various financial graphs
    March 26, 2021
    • Investor Services
    Equities across the APAC region closed the week on the front foot, following the U.S. close higher on positive vaccine distribution news. The Nikkei and Shanghai Comp were both +1.5%. Oil resumed its journey higher as the container stuck in the Suez Canal showed no sign of moving (Brent is back to $63). Treasury yields were higher following the poor 7-year note auction yesterday, leaving the 10-year yields at 1.65%. The dollar is mostly weaker, down about 0.5% against commodity currencies (NOK, AUD, MXN) but slightly stronger against the yen. TRY is underperforming, with USD/TRY back above the 8.0 mark.
  • U.S. Dollars and hourglass
    March 25, 2021
    • Investor Services
    APAC equities were mixed with the Nikkei closing 1%, Chinese indices little changed, and the India Sensex down 0.7%. EU and UK showed signs that vaccine sharing could be achieved while FED Powel was bullish on unemployment and growth, and still looking through inflation. This helped stabilize equity markets in Europe, which are little changed to slightly lower. U.S. futures are slightly higher. The dollar is mixed but mostly trading in narrow ranges, same for sovereign debt yields. Brent crude declined 1% in Asia Efforts to dislodge the Suez Canal blockage continued with it likely being days before trade can resume.