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The title quote is from Tad Rivelle, Chief Investment Officer of TCW (Los Angeles-based fixed-income management company), who manages one of the largest actively managed bond funds. He goes on to comment about the implications of the negative rate policy that has been implemented by Japan and ...
In my last article covering the EUR/JPY pair (i.e., the price of euros expressed in terms of Japanese yen), I suspected that downside would prevail going forward. A trade idea was presented with a 'stop' value of approximately 122.233, which has unfortunately since been hit. The vertical l...
There were a few notable developments in terms of the price action in the foreign exchange market last week. The biggest was the four-day drop in sterling that took it down 2.5% on the week, which is the largest decline since the flash crash in October 2016 that saw it lose more than 4%. On ...
Overview The holiday mood has tightened its grip on the capital markets, and global investors have nearly completely ignored the impeachment of the US President, as it has little economic or policy significance. US equities reached new record highs yesterday, with the S&P 500 moving abov...
Overview It is risky to read too much into the price action in holiday-thin markets, but inflation fears are beginning to surface. The price of January WTI is around $61, having tested $50 a barrel in Q3. The CRB Index made new highs for the year yesterday and is up almost 9% for the year. T...
One has to wonder whether Boris Johnson is not already squandering the golden opportunity his recent large election victory gave him to put the UK on a sounder economic footing. One also has to wonder what he might have learnt from the UK's painful 3 ½ year negotiation of a Brexit Withdra...
Overview: The capital markets have turned quiet as the year-end positioning drives prices in lieu of fresh developments. Equities in the Asia Pacific region were narrowly mixed. The smaller markets in Asia performed better than the large bourses of Japan, China, and Korea, which eased. Europ...
J. Patrick Bradley, Senior Vice President, Investment Research A victory for the ages. Records broken. Boris Johnson, UK Prime Minister, was swept to a huge victory. His Conservative Party won a majority of 80 seats, with all Tory candidates vowing to support Johnson's renegotiated Brexit ...
By Darren Williams After a decisive victory in the UK's general election, Prime Minister Boris Johnson has a strong mandate to "get Brexit done." But the eventual shape of his Brexit deal is still far from clear. Holding 365 out of 650 seats in the UK Parliament, Johnson's Conservative P...
Macro News Global: We previously saw that the rise in uncertainty we observed around the world in the past two years has been increasing demand for safe havens such as the US dollar and US Treasury bonds. Figure 1 (left frame) shows that periods of US dollar strength are usually associated...