Opinion – Friday 21 September 2018

Risk-on persists with the Dow and S&P hitting new all-time highs on light volume. The markets were helped by US data set signalling positive momentum, Treasury yields little changed but the USD continues its recent retreat. The EUR/USD finally broke and closed...

Opinion – Thursday 20 September 2018

It has been a modestly positive past 24 hours for risk assets, higher US Treasury yields boosted US banks, but US Tech shares underperformed. The USD is little changed in Index terms while Emerging Market FX recovery continues helped along by Chinese premier Li...

Opinion – Wednesday 19 September 2018

The Australian Dollar is the best performing G10 currency over the past 24 hours in the wake of President Trump announcing a tariff rate of 10% on an additional $200b of Chinese imports, to come into effect on September 24. That 10% rate is to rise to 25% from the...

Opinion – Tuesday 18 September 2018

Well, after all this waiting it seems that we are almost there with President Trump confirming a China trade announcement of $200bn new tariffs on Chinese goods (after the close of the U.S. Markets) as it escalates its trade war with Beijing. The taxes will take...

Opinion – Monday 17 September 2018

An otherwise positive Friday for risk sentiment, bond yields (higher) and the US dollar, aided by a reasonably strong set of US economic data, was punctuated late Friday by a Bloomberg source story saying that President Trump has issued instructions to officials to...

Opinion – Friday 14 September 2018

A 625bp rise in Interest Rates from Turkey’s central bank ignited a sharp rally in the Lira which in turn has dragged most (but not all) Emerging Market currencies up in its wake as well as boosting the Euro. The latter also benefited from a relatively positive...

Opinion – Thursday 13 September 2018

We have seen a sequence of better trade reports over the past 24 hours that for now has flushed out some Australian Dollar short positions and USD longs. Setting the scene yesterday were words from Trump that the US-Canada trade talks are ‘’coming along very well’’...

Opinion – Wednesday 12 September 2018

Solid US data and higher oil prices lift US Treasury yields across the curve with pricing of US Fed hikes expectations also increasing for 2018 as well as 2019. US equities close higher, dismissing the negative lead from Europe and the USD had a quiet session despite...

Opinion – Tuesday 11 September 2018

Markets have been quite benign over the past 24 hours. There has been no news on US tariffs from the White House and no first tier data to trouble the scorers. Most major currency pairs have been relatively contained. The EUR/USD has traded in a 80 point range since I...

Opinion – Monday 10 September 2018

Speaking aboard Air Force One on Friday afternoon, President Donald Trump threatened to sharply escalate the US trade war with China, saying his administration could move ‘’very soon’’ to impose tariffs on $200bn in imports from Beijing, with levies on a further...

Opinion – Friday 7 September 2018

We now have a risk-off atmosphere to markets with the public consultation period in respect of White House plans for tariffs on another $200bn of Chinse goods just drawing to a close. The S&P500 and NASDAQ closed lower but still managed to stage another late...

Opinion – Thursday 6 September 2018

The USD has taken a breather for once as the market waits for any news from the White House as early as this week on additional tariffs on another $200bn of Chinese imports. The DXY Index has pretty much pulled back to where it ended last week. The AUD and other...

Opinion – Wednesday 5 September 2018

The US Dollar remains in the ascendancy from a triple whammy of more Emerging Markets, this time from South African Rand weakness, a new cycle high in the US ISM Manufacturing Index for August and the uncertainty looming over the possible 25% tariffs on an additional...

Opinion – Tuesday 4 September 2018

It has been a quiet start to September partly due to the US being on holiday celebrating Labor Day. European equity Indices ended the day little changed with the UK FTSE 100 the stand out, up almost 1% and buoyed by a 0.7% decline in the pound. Criticism of PM May...