URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 04/16/21

Like the dog that did not bark, the long-term US yields tumbled despite data that confirms the acceleration of the US economy and labor market. The 10- and 30-year bond yields fell by the most since the end of February (~8.5 bp) and are little changed today. The greenback finished...

The dollar-bloc currencies lead today's move against the greenback, but nearly all the emerging market currencies are participating too. The UK and EU officials meet to discuss the Northern Ireland Protocol, but a major breakthrough is not likely. Powell has sounded increasingly c...

Core machine orders in Japan unexpectedly fell by 8.5% in February. Bloomberg's survey's median forecast called for a 2.5% gain after a 4.5% drop in January. The weakness was purely a domestic event. European benchmark yields are mostly softer, though a slightly higher than expected S...

The first quarter of 2021 brought what the Asset Allocation Committee expected, and as it looks to the next six to 12 months, it faces two questions. Do we think the economy will overheat, pushing bond yields to levels that unsettle equity markets or even force central banks to stifle...

China's trade surplus narrowed dramatically in March to $13.8 bln from $37.9 bln in February and $65.4 bln in January. The euro continues to trade in a narrow range of roughly $1.1860-1.1930. So far today, it is in less than a 20 tick range on either side of $1.1900. The US earnin...

Risk appetites have not returned from the weekend. Equities are heavy, and bond yields softer. The busy week for US data starts slowly today, but features the March CPI tomorrow and retail sales and industrial production on Thursday. The US dollar moving sideways in the lower end ...

The US dollar softened last week as yields softened, and it continued to pare the gains scored in the second half of March. The dollar's inability to gain after the much-stronger-than-expected March employment data may have encouraged a bout of profit-taking. Next week offers a te...

The rise in the US 10-year yields coincided with the dollar's recovery against the yen. The euro peaked yesterday, a little above $1.1925, and is trading with a softer bias today, but within yesterday's range. The US dollar was sold to MXN20.0650 yesterday, its lowest level since ...

Germany's manufacturing sector is demonstrating resilience. The PMI rose to 66.6 in March from still strong 58.3 in December, last year's peak. Sterling has fallen out of favor, and some are attributing it to the problems associated with the AstraZeneca vaccine. Although Ontario a...

The heavier tone for the dollar that emerged last week persists. The final read of the EMU services and composite PMI was better than the flash reading. There is no reason to expect much fresh color on the Fed's views or reaction function from the FOMC minutes. For further d...