Highlights US Dollar: The overvalued US dollar is finally cracking under the weight of aggressive Fed policy reflation and non-US growth outperformance coming out of the COVID-19 recession. The US dollar weakness has more room to run,…
BCA Research's European Investment Strategy service recommends that investors play good news in Europe by remaining long EUR, CHF, and SEK versus USD, and long US T-bonds and Spanish Bonos versus German Bunds and French OATs…
BCA Research's Foreign Exchange Strategy service concludes that the euro has more upside on a cyclical basis. As a relatively closed economy, the US has tended to have a higher services component to GDP. However, the…
Highlights The dollar is on the verge of a significant breakdown. If the DXY punches through 94, it will likely mark the beginning of a structural bear market. The most recent catalyst – fiscal support in the euro zone –…
Last Friday, my colleague Dhaval Joshi and I held a webcast discussing investment strategies. The topics of discussion included global equity valuations, mega-cap stocks leadership and the outlook for EM stocks, fixed-income and…
The national savings rate is a function of savings by households, corporations and the government. For now, the US national savings rate remains well behaved: The explosion of the fiscal deficit has been met by a counterbalancing…
A breakdown in the dollar is on everyone’s lips. We agree that the greenback is more likely to depreciate than appreciate, because its faces five potent headwinds. First, the dollar is a strongly countercyclical currency…
Highlights The yield advantage behind the dollar bull market since 2011 has completely evaporated. This has unhinged one of the final pillars of dollar support. However, there is also a shifting paradigm in currency markets as…
Highlights Exogenous risks will remain more of a threat to grain prices than out-of-whack fundamentals, which are closer to balance than not, as the USDA’s World Agricultural Supply and Demand Estimates (WASDE) indicate. COVID-…