Opinion – Thursday 26 October 2017

After a sleepy start to the week markets have awakened over the past 24hrs. US equities are softer amid disappointing earnings results and Republican tensions threatening the prospects for tax reform. US Data has helped push US Treasury Yields higher and Interest Rate...

Opinion – Wednesday 25 October 2017

US markets right have been caught between 1) the ongoing negotiations over tax between the White House and Republicans, 2) who will be the next Fed Chair (the market seems to be positioning for a Taylor-Powell duo but there is still no news), and 3) the course of the...

Opinion – Wednesday 19 July 2017

How much a dollar cost? Is a song from American rapper Kendrick Lamar and apparently it is Barack Obama’s favourite song of 2015. Well, whichever way you measure it, a US Dollar costs less today than it did yesterday. The USD sell off that began early yesterday...

Opinion – Wednesday 25 October 2017

US markets right have been caught between 1) the ongoing negotiations over tax between the White House and Republicans, 2) who will be the next Fed Chair (the market seems to be positioning for a Taylor-Powell duo but there is still no news), and 3) the course of the...

Opinion – Tuesday 24 October 2017

Yesterday was a trading session of limited market moves with markets treading water ahead of key risk events later in the week (ECB Thursday and US GDP Friday). US Dollar strength continued (DXY +0.2%), Bond Yields barely moved (USTs -1.6bps), while equities were...

Opinion – Monday 23 October 2017

US Bond Yields ended the NY session on the day’s highs, 10 year treasuries at 2.385%, their highest close since 12th July (they were last above 2.40% on May10th). The US Dollar ended close to the highs, DXY +0.47% to 93.70, its best close since Oct 6th. This was...

Opinion – Friday 20 October 2017

The biggest news yesterday was the finalisation of the New Zealand Government. Labour’s Jacinda Arden will now be the next Prime Minister following NZ First’s deal to form a coalition government. The Kiwi moved sharply on the news and is now down 2% since I marked...

Opinion – Thursday 19 October 2017

Well Winston Peters might be milking it as negotiations to form a new New Zealand Government drag interminably on, but he clearly does need a host to live. The NZD sits close to the bottom of the G10 scoreboard this morning, weighed down not just by ongoing domestic...

Opinion – Wednesday 18 October 2017

The US Dollar has continued to eke out small gains amid ongoing speculation over Fed Chair nomination, US equities are flat (DJ briefly traded above 23k for the first time) and commodities are mixed. The market has recently been focussed on John Taylor who apparently...

Opinion – Tuesday 17 October 2017

It has been a quiet start to the week, but of note the US Dollar is slightly stronger across the board and commodities also had a good trading session. Higher US Treasury Yields have contributed to the USD outperformance and US equities managed to eke out another day...

Opinion – Monday 16 October 2017

It has now been six from seven in terms of core US CPI undershooting expectations (six months at 0.1% including Friday’s September print and just one at the 0.2% consensus estimate that has prevailed for each of these seven months). So core CPI rose by just 0.7% in...

Opinion – Friday 13 October 2017

Yesterday was another trading session marked by generally limited moves in currencies – the Pound the exception – Bond Yields have been steady-to lower on net, equities down smalls with commodities mixed. Oil has given up some of the gains from earlier this week, iron...

Opinion – Thursday 12 October 2017

Tight ranges were seen ahead of the FOMC Minutes release and there has been a fairly muted reaction post. The US Dollar remains on the back foot, US Treasury Yields are still in a tight range and US equities continue to eke out small gains. The Fed remains data...

Opinion – Wednesday 11 October 2017

It has  been a mix of events in the UK (better data), Europe (no immediate declared Catalan independence from Puigdemont) and the US (Trump tax politics and a softer NFIB report) that have provided the background for limited currency moves over the past 24 hours. The...