As expected, the BoC kept interest rates at 1.75%. While the BoC highlighted that the economy possesses more slack than originally estimated, it refrained from committing policy to any path this year. After all, while the…
Highlights We expect both the Australian dollar and Chinese RMB to move higher in the coming months. A key catalyst is broad-based weakness in the US dollar. The composition of goods benefiting from the US-China Phase I deal are a…
Rising oil prices will go a long way towards improving Canada’s and Norway’s trade balances. In the case of Norway, net trade fell in 2019 due to lower exports of oil and natural gas, but still stands at 5.1% of GDP.…
Highlights Remain short the DXY index. The key risk to this view is a US-led rebound in global growth, or a pickup in US inflation that tilts the Federal Reserve to a relatively more hawkish bias. Stay long a petrocurrency basket. The…
Highlights 2020 Model Bond Portfolio Positioning: Translating our 2020 global fixed income Key Views into recommended positioning within our model bond portfolio comes up with the following conclusions: target a moderately aggressive…
Dear Client, In addition to this short weekly report, you will also receive a Special Report on investment themes over the next decade, penned by our colleagues in the US Equity Strategy and Geopolitical Strategy services. The…
Dear Client, In addition to this short weekly report, you will also receive our 2020 outlook, published by the Bank Credit Analyst. Next week, I will be on the road visiting clients in South Africa. I hope to report my discussions and…
In October, Governor Poloz highlighted that the underpinnings supporting the Canadian consumer remain firm. The main factor behind the BoC’s discussion of an “insurance cut” is the weakness in capital spending.…