DRR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 - 617480280 From 02/04/21

Australia's December trade surplus was not as large as expected, and exports did not rise as anticipated, but the details were favorable. The euro has been pushed below $1.20 to its lowest level since December 1. US oil inventories fell by a million barrels last week. For fu...

Equities have charged higher, and the greenback is mostly firmer. The big surprise of the day was the preliminary eurozone CPI. Rising equities and oil prices support the Canadian dollar, but the firmer greenback more broadly is fostering an extended consolidative phase. For...

The Reserve Bank of Australia left rates on hold and reiterated that rates will remain low for a prolonged period. Germany, France, and Spain surprised with better-than-expected GDP figures. Italy came in as expected today with a 2% contraction following a 16% expansion in Q3. Mex...

Global equities are snapping back today. The greenback retained the strength seen last week that was attributed to safe-haven flows. The MSCI Asia Pacific Index snapped a four-day decline led by Hong Kong, South Korea, India, and Indonesia. Europe's Dow Jones Stoxx is up aroun...

The dollar rose against all the major currencies last week, except for the British pound and New Zealand dollar. A convincing break below $1.2050 would likely confirm a larger topping pattern (possible head and shoulders) for the euro. The Australian dollar also appears vulnerable...

Powerful corrective forces continue to grip the market. Japan's economy finished 2020 on a weak note. Retail sales fell by 0.8% in December, a little more than expected, and follow a 2.1% decline in November. The US dollar reached CAD1.2880 yesterday, its highest level since Decem...

Rising shipping costs and lengthening delivery times have reignited the discussion about a return of reflationary forces. Business surveys in the eurozone industrial sector have started to point to some upward pressure on factory gate prices and potentially core goods prices. Howe...

In Asia-Pacific, the focus has been on the dramatic decline in equities, and macroeconomic news has been light. The EU harmonized figures will be released later today and are expected to have posted around a 0.3% gain on the month. The US economic calendar is packed today. The hig...

Another wave of the COVID-19 pandemic has disrupted economic activity in early 2021. We anticipate that new COVID-19 infections will decline in the months ahead as vaccines will become more widely available. A last-minute trade agreement at the close of 2020 averted the tail risks...

Dollar found some support from US yields in early trading in 2021. 2021 should not be the year to pencil in small corrections, but more to paint in broad brush strokes the major trends set to dominate the year. This includes a global recovery emerging from 2Q onwards, central bank...