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  • 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
  • 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
  • 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.
  • planet earth from space with sun rising
    April 25, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging 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
  • 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
  • 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
  • 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
  • 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
  • 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.
  • 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.
  • Colorful stacked oil drums
    March 24, 2021
    • Investor Services
    Risk sentiment remains fragile across markets. U.S. 10-year Treasury yields are stable at just over 1.60% after a large downward move yesterday. Global equity markets are broadly weaker, especially in Asia, though U.S. equity futures are slightly higher. The dollar is mixed, weakening against commodity currencies (NOK, ZAR, MXN) but broadly weaker against most major currencies. Oil prices are staging a tentative rebound after the sharp drop over the last few sessions.
  • U.S. $100 banknotes closeup.
    March 23, 2021
    • Investor Services
    The same underlying risks continue to dominate market sentiment: concerns about rising yields, the threat of a third wave of the virus globally, the spat over the AstraZeneca vaccine, and US/Chinese tensions.
  • Euro-Symbol Statue in Frankfurt
    March 22, 2021
    • Investor Services
    Turkish President Erdogan shocked the market by replacing the central bank governor, sending the lira on a tailspin; The virus dramas continue to deepen with some E.U. countries moving towards extending lockdowns and threatening to block vaccine exports to the U.K.; Market pricing for the first Fed hike continues to adjust towards earlier tightening; The increase in global yields has been a global phenomenon, but it has been happening faster and earlier in EM than in developed markets.; The PBoC kept its lending rates unchanged, as expected.
  • planet earth from space with sun rising
    March 21, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    March 21, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • Colorful stacked oil drums
    March 19, 2021
    • Investor Services
    US Treasury yields are off their recent highs but the situation remains tense; market pricing for the first Fed hike continues to adjust; strong US data should keep pressure on US rates to move higher; Canada reports January retail sales; BOE delivered a dovish hold, as expected; Reports suggest the UK and EU may reach an agreement on financial regulation by the end of this month; Russia opted to kick off the tightening cycle
  • Green upward trending line in front of global map and various financial graphs
    March 18, 2021
    • Investor Services
    The FOMC delivered exactly what was expected; Chair Powell stuck with the party line; US yields continue to climb in the wake of yesterday’s FOMC decision; Brazil delivered a stronger tightening in its first move of the cycle
  • Close up of Japanese 10000 yen banknotes
    March 17, 2021
    • Investor Services
    The Bank of Japan starts a two-day meeting Thursday. Given the massive fiscal stimulus in the pipeline, no change in the major monetary policy settings is expected. However, the policy review may result in some cosmetic changes that are likely to have very little market significance.
  • U.S. Dollars and hourglass
    March 17, 2021
    • Investor Services
    The FOMC ends a two-day meeting with a likely dovish hold this afternoon; markets are clearly not on board with the Fed’s messaging on rates US rates are at the highs ahead of the decision; February retail sales data are worth discussing; Canada reports February CPI; Brazil is expected to hike rates 50 bp to 2.5%
  • Bank of England with UK flag, The historical building in London, UK
    March 16, 2021
    • Investor Services
    The Bank of England wraps up its meeting with a decision Thursday. It is widely expected to remain on hold whilst acknowledging an improved economic outlook. Recent comments suggest little official concern yet about rising yields and so we believe gilt yields are likely to continue rising, lending sterling some support.
  • U.S. $100 banknotes closeup.
    March 16, 2021
    • Investor Services
    The FOMC begins a two-day meeting that ends with a decision tomorrow; February retail sales data will be the US data highlight; Fed manufacturing surveys for March have started to roll out; Brazil’s economy expanded faster than expected in January, which should embolden the central bank to validate the rate hikes priced in
  • Federal Reserve Cloudy Day
    March 15, 2021
    • Investor Services
    The two-day FOMC meeting starts tomorrow and wraps up Wednesday afternoon. We expect another dovish hold, with Powell underscoring that Fed policy is going nowhere anytime soon. With the US economy surging, we suspect the Fed can do little to keep rates down and so the dollar is likely to continue benefitting from rising yields as a result.
  • U.S. $100 banknotes closeup.
    March 15, 2021
    • Investor Services
    Reports suggest President Biden is planning a major tax hike to help pay for the infrastructure bill; the US curve continues to steepen ahead of the FOMC meeting; Fed manufacturing surveys for March start to roll out
  • planet earth from space with sun rising
    March 14, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    March 14, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. $100 banknotes closeup.
    March 12, 2021
    • Investor Services
    US Treasury yields are back on the upswing; US PPI data will be the highlight; Canada reports February jobs data
  • U.S. $100 banknotes closeup.
    March 11, 2021
    • Investor Services
    US inflation concerns have eased, at least for now; the 10-year Treasury auction yesterday saw enough demand not to rattle markets but was by no means strong; President Biden got his first major political victory with the stimulus bill passing the House; February budget statement is worth discussing; Brazil reports February IPCA inflation; Peru is expected to keep rates steady at 0.25%
  • U.S. $100 banknotes closeup.
    March 10, 2021
    • Investor Services
    US inflation data take center stage; heavy US Treasury issuance continues; President Biden’s stimulus plan should be approved today in the House; February budget statement will draw some attention; Canada is expected to keep policy unchanged
  • U.S. $100 banknotes closeup.
    March 09, 2021
    • Investor Services
    The US fiscal stimulus narrative is by no means over; US 10-year yields are off their recent highs, now around 1.52%; volatility in the bond markets comes alongside US Treasury issuance this week; it was a perfect storm for Brazil; Mexico reports February CPI
  • Close up of Benjamin Franklin on the 100 dollar bill with financial graphs in front of him
    March 09, 2021
    • Investor Services
    The ECB meets Thursday and is widely expected to stay on hold. Macro forecasts will be updated and the bank will likely acknowledge the deteriorating outlook. We expect the ECB to eventually increase the pace of its PEPP purchases in the coming weeks and increase the size of the envelope around mid- year. There’s risk of more jawboning against rising yields but the strong euro is no longer a concern.
  • U.S. $100 banknotes closeup.
    March 08, 2021
    • Investor Services
    The US curve continues to steepen to new highs; near-term inflation expecations in the US contiue to rise, but longer-dated measures have been lagging, which can be seen as a positive sign for the Fed; US bond market faces some serious challenges this week; President Biden’s stimulus plan enters the final stretch
  • planet earth from space with sun rising
    March 07, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    March 07, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. $100 banknotes closeup.
    March 05, 2021
    • Investor Services
    February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture
  • U.S. $100 banknotes closeup.
    March 04, 2021
    • Investor Services
    February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture
  • U.S. $100 banknotes closeup.
    March 03, 2021
    • Investor Services
    February ADP private sector jobs report will be the highlight; the US growth outlook remains strong; Fed releases its Beige Book report; measures of inflation expectations in the US are showing a mixed picture
  • U.S. $100 banknotes closeup.
    March 02, 2021
    • Investor Services
    The US economy is gathering momentum in Q1; Democratic lawmakers are moving ahead with a relief package that does not contain a minimum wage provision; Senator Warren unveiled her proposal for a wealth tax
  • U.S. $100 banknotes closeup.
    March 01, 2021
    • Investor Services
    All eyes are on the US bond market this week; the dollar is the missing piece of the reflation trade as it builds on its Friday turnround; this week offers Fed officials a final opportunity to hone their message to the markets; February ISM manufacturing PMI will be the data highlight The ECB releases details of its bond-buying operations for last week; Germany reports February CPI; firm final eurozone February manufacturing PMI readings were reported BOJ stand ready to maintain YCC ahead of the policy meeting March 18-19; RBA announced a substantial increase of its YCC efforts by increasing the amounts and maturities of its purchases; the drama comes ahead of the RBA meeting tomorrow; Caixin reported softer China manufacturing PM; IHong Kong’s Hang Seng Index is overhauling its weightings and composition; Korea reported firm February trade data; crypto currencies have had a wild ride over the last few sessions
  • planet earth from space with sun rising
    February 28, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    February 28, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. $100 banknotes closeup.
    February 26, 2021
    • Investor Services
    The Fed’s nonchalance regarding rising yields is noteworthy; The ECB continues to jawbone rising yields; if actual bond purchases can’t stop yields from rising, mere jawboning will have little lasting impact; France and Spain gave us the first snapshots for February CPI; Japan data came in better than expected; BOJ Governor Kuroda stressed steady policy to parliament; Australia yields continued to rise despite RBA intervention; BOK also joined in the bond purchase action to stabilize rising yields; India reports Q4 GDP data
  • U.S. $100 banknotes closeup.
    February 25, 2021
    • Investor Services
    The main event will be Fed Chair Powell’s semi-annual testimony before the Senate Banking Committee; Fed manufacturing surveys for February will continue to roll out; the rise in US yields hasn’t yet had a significant impact on the corporate bond market, but outflows from high-yield ETFs are picking up
  • U.S. $100 banknotes closeup.
    February 24, 2021
    • Investor Services
    The main event will be Fed Chair Powell’s semi-annual testimony before the Senate Banking Committee; Fed manufacturing surveys for February will continue to roll out; the rise in US yields hasn’t yet had a significant impact on the corporate bond market, but outflows from high-yield ETFs are picking up
  • U.S. $100 banknotes closeup.
    February 23, 2021
    • Investor Services
    The main event will be Fed Chair Powell’s semi-annual testimony before the Senate Banking Committee; Fed manufacturing surveys for February will continue to roll out; the rise in US yields hasn’t yet had a significant impact on the corporate bond market, but outflows from high-yield ETFs are picking up
  • U.S. $100 banknotes closeup.
    February 22, 2021
    • Investor Services
    US Treasury yields continue to march higher, increasing concerns about the potential impact on other assets; we suspect the bond market is keeping a close eye in President Biden’s relief package; Fed manufacturing surveys for February will continue to roll out
  • planet earth from space with sun rising
    February 21, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    February 21, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. $100 banknotes closeup.
    February 19, 2021
    • Investor Services
    The global increase in longer-dated yields continues; US surveys for February will continue to roll out; Canada reports December retail sales
  • U.S. $100 banknotes closeup.
    February 18, 2021
    • Investor Services
    •January retail sales data may have been a game-changer; really, data this week have been pretty much everything a dollar bull could ask for; Fed manufacturing surveys for February will continue to roll out; weekly jobless claims data will be watched closely; FOMC minutes are worth discussing
  • U.S. $100 banknotes closeup.
    February 17, 2021
    • Investor Services
    January retail sales data will be the US data highlight; January PPI data will also hold some interest; some cracks may be starting to appear; FOMC minutes will be released this afternoon; Canada reports January CPI
  • U.S. $100 banknotes closeup.
    February 16, 2021
    • Investor Services
    With the impeachment trial over, Congress turns its attention back to the stimulus package; the US curve continues to steepen to new highs; January retail sales data tomorrow will be key for the dollar’s near-term outlook; Fed manufacturing surveys for February will start to roll out
  • planet earth from space with sun rising
    February 14, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    February 14, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • U.S. $100 banknotes closeup.
    February 12, 2021
    • Investor Services
    Weekly jobless claims data are worth discussing as they suggest labor market stress is ongoing; Treasury completed its sale of $126 bln in total coupon debt this week; the CBO forecasts a wider budget deficit for 2021
  • U.S. $100 banknotes closeup.
    February 11, 2021
    • Investor Services
    January CPI came in lower than expected; Treasury will sell $27 bln of 30-year bonds; weekly jobless claims data will be watched for signs of improvement
  • U.S. $100 banknotes closeup.
    February 10, 2021
    • Investor Services
    January CPI data will be the US data highlight; Treasury will sell $41 bln of 10-year notes; January budget statement will draw some attention;
  • planet earth from space with sun rising
    February 09, 2021
    • Investor Services
    Our take on the latest drives for EM Asian markets.
  • U.S. $100 banknotes closeup.
    February 09, 2021
    • Investor Services
    Reports suggest President Biden is likely to push through much of his aid proposal without Republican support; high yield corporate bonds are extending their rally; US Treasury will sell $58 bln of three-year notes
  • Close-up of folded dollar-bills
    February 08, 2021
    • Investor Services
    The U.S. curve continues to steepen to new highs; market appetite will be tested this week with heavy UST supply; inflation expectations continue to rise in the U.S.
  • planet earth from space with sun rising
    February 07, 2021
    • Investor Services
    Here's a look at the main drivers in Emerging Markets this week.
  • car driving down country road blur
    February 07, 2021
    • Investor Services
    Here's a look at the main drivers in Developed Markets this week.
  • Building with Flag on top of it
    February 04, 2021
    • Investor Services
  • Two dollar bills folded up like arrows
    February 03, 2021
    • Investor Services
  • Dollar sign combined with a rocket
    February 02, 2021
    • Investor Services
  • Close up of Benjamin Franklin on the 100 dollar bill with financial graphs in front of him
    February 01, 2021
    • Investor Services
  • car driving down country road blur
    January 31, 2021
    • Investor Services
  • Cover of Foreign Exchange Magazine Quarter 4 2020 with marble
    October 14, 2020
    • Investor Services
    In the latest FX Quarterly, our strategists take a deep dive on the key risks driving global economies, including the ongoing COVID-19 crisis and the upcoming US election. We also provide our outlook on developed and emerging markets in Q4 2020.
  • Foreign Exchange Outlook newsletter cover
    July 30, 2020
    • Investor Services
    In the latest FX Quarterly, our strategists take a deep dive on the key risks driving global economies, including the ongoing COVID-19 crisis and the upcoming US election. We also provide our outlook on developed and emerging markets in Q3 2020.
  • Green floating monetary signs on a blue background
    May 13, 2020
    • Investor Services
    Forecasts for major and emerging market currencies through Q4 2020.
  • Empty yellow train seats
    May 13, 2020
    • Investor Services
    We created a simple 5-factor model to evaluate the restrictions imposed by different countries, how they compare in terms of severity of lockdown, and where they are heading in the spectrum of reopening. The scale we use measures grade restrictions from 1 (open) to 4 (closed) across the following factors: (a) schools, (b) non-essential businesses, (c) borders, (d) social distancing and (e) severity of penalties/prosecution.
  • Colorful people wearing white masks
    May 13, 2020
    • Investor Services
    We discuss the key economic developments for Brazil, South Africa, South Korea, and China.
  • Scattered wooden jenga pieces on a wood background
    May 13, 2020
    • Investor Services
    As the coronavirus surges across the world, governments are taking unprecedented measures in order to protect their citizens and their economies and reduce its potential long-term effects on society as a whole.
  • The earth from space
    May 13, 2020
    • Investor Services
    This edition of our FX quarterly comes out a little later than usual. As March turned into April, there were simply too many uncertainties and unknown developments for us to make any sort of big picture calls with any degree of clarity or certainty. Those two months saw a flurry of policy responses around the globe that we will recount here.
  • Foreign Exchange Outlook newsletter cover
    May 13, 2020
    • Investor Services
    In the latest FX Quarterly, our strategists recount the flurry of global policy responses around the world to the ongoing COVID-19 crisis. We also provide our outlook on developed and emerging markets in Q2 2020.
  • Foreign Exchange Outlook for first quarter 2020 cover
    December 20, 2019
    • Investor Services
    In the latest FX Quarterly, our strategists provide their views on major events across developed and emerging markets in Q1 2020.
  • Abstract Business Person on the Edge of a roof against a green background
    December 20, 2019
    • Investor Services
    With the two biggest tail risks – the trade war and Brexit – seemingly addressed, markets are embracing the improved global outlook.
  • zen garden with raked sand and a smooth stone
    December 20, 2019
    • Investor Services
    Emerging markets (EM) should enjoy a period of relative calm from external factors until the electoral cycle picks up in the US.
  • Floating green monetary signs on a blue background
    December 20, 2019
    • Investor Services
    Forecasts for major and emerging market currencies through Q4 2020.

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