URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 03/23/20

By Chris Turner, Global Head of Markets and Regional Head of Research & Petr Krpata, Chief EMEA FX and IR Strategist & Francesco Pesole, FX Strategist The “music” for stock markets has stopped and concerns about the USD funding markets have taken ov...

Overview In HG Wells' War of the Worlds , the common cold repelled a Martian invasion. Now, a novel coronavirus is disrupting everything and everywhere. Global equities continue to get hammered, though the apparent relative resilience of Japan may have spurred some buying of Japanese equiti...

The British pound sterling (or GBP) has fallen precipitously recently, not just against the U.S. dollar (which has clearly out-performed against practically all currencies). GBP has fallen too against even the euro (EUR/GBP has risen sharply), as well as the Canadian dollar (or CAD). It has ho...

The economic and financial reaction to the global pandemic has triggered a surge in the US dollar, which itself may amplify the disruption that is evident throughout the capital markets. The macro analysis piece ( The Economic Tsunami that has Begun and the Drive for Cash ) focuses on the fu...

Introduction In the past few weeks, the constant growing uncertainty around COVID-19 has rattle investors’ confidence and led to a global panic with massive repercussions on markets. World equities are now down over 30 percent since their February peak, and global stock and bond mar...

With the supply shock of China's manufacturing shutdown morphing into a demand shock as Europe and the U.S. hunker down in an attempt to stop the spread of Covid-19, JPMorgan Asset Management boosts the probability of recession to 55% from 25%. More news on: Invesco DB USD Bullish ETF, I...

Overview: Dramatic price action continues but in the other direction. Stocks and bonds have rallied strongly, and the US dollar is snapping a strong advance with a sharp and broad setback. The immediate trigger is hard to identify. Some accounts linking it to fears that the California shutdo...

Overview: It is not just that the dollar soared while stocks and bonds continued to plunge. The dollar's strength is, in effect, a powerful short-covering rally. It was used to fund a great part of the global circuit of capital. The circuit of capital is in reverse now, and the funding curre...

By Chris Turner , Global Head of Markets and Regional Head of Research for UK & CEE & Francesco Pesole , FX Strategist In the current environment, highly vulnerable risk-sensitive currencies may face a further hit due to their low liquidity characteristics. Norway's kron...

By Chris Turner, Global Head of Markets and Regional Head of Research for UK & CEE & Antoine Bouvet, Senior Rates Strategist Good take-up of ECB USD swap line Today's ECB swap auction saw good take-up of the 84 day USD auction - US$76bn was allotted. The EUR cross-currency basi...