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Overview: The Federal Reserve delivered the first rate cut since the Great Financial Crisis but couched it in terms of a mid-course correction rather than the start of a larger easing cycle. By doing so, Fed chief Powell cast the cut in less dovish terms than the market expected and the reac...
Global: As expected, the Fed cut its policy rate by 25bps on Wednesday, the first cut in 11 years, levitating the US dollar and generating a tiny 'sell-off' in equities. Even though some market participants were betting on a 'large' 50bps cut, we said that a 25bps cut seemed more reasonable ...
Overview: After a shellacking in recent days, the sterling has stabilized though there is not much of a bounce to speak of, suggesting the adjustment to the risk of a no-deal Brexit may not be complete. After the S&P 500 posted back-to-back declines, Asia Pacific equities struggled. Hong...
Last week, the United Kingdom got a new Prime Minister. Boris Johnson was the Foreign Secretary under Theresa May. He was formerly the Mayor of London. Before that, he served as a member of Parliament. Mr. Johnson takes over the government at a significant time in British history as the countr...
Growth in the eurozone has returned to the anemic rates seen in the third and fourth quarters of last year, with GDP growth halving in the April-June period to 0.2% Q/Q (or 1.1% on an annualized basis). More news on: Invesco CurrencyShares Euro Trust ETF, ProShares UltraShort Euro ETF, i...
By Bill Witherell, Ph.D. The European Central Bank (ECB) did not reduce key interest rates at its July meeting ending last week, contrary to the expectations of some observers. This decision leaves the US central bank, the Federal Reserve, to take the lead with a widely forecast rate cut a...
Overview: The prospect of a no-deal Brexit continues to pound sterling lower. A little more than two months ago, it was testing $1.32. Two weeks ago it was around $1.25. Today it traded near $1.2120 before stabilizing. On the other hand, the 10-year Gilt yield is below 65 bp, a new multiyear...
Overview: Unrest in Hong Kong and disappointing earnings reports from South Korea weighed on local equity markets, and the MSCI Asia Pacific Index fell for the third consecutive session. European equities are edging higher in tentative trading. The Dow Jones Stoxx 600 is firmer for the sixth...
By Andrew Mulliner, CFA The July 25 European Central Bank ((ECB)) meeting was billed as the most important ECB meeting of the last few years. Today's statement and press conference, read in isolation, mark a significant statement of intent regarding the ECB's willingness and ability to "do...
The dollar gained against most of the world's currencies last week. With a few sessions left in July, the greenback has advanced against the majors and all but a handful of emerging market currencies. It rose to new highs for the year at the end of last week against sterling. The risk of a no-...