The dollar’s relentless rise since the beginning of 2021 is tightening financial conditions and adding to the headwinds facing the global economy. Back in 1985, concerns about the impact of a soaring dollar caused the US,…
Executive Summary Upward Repricing Of Bond Yields Continues In this report, we discuss our move last week to shift to a below-benchmark overall global duration stance in more detail. Our strongest conviction view on…
Sterling collapsed to an all-time low in intra-day trading on Monday. The weakness follows UK Chancellor Kwasi Kwarteng’s Friday mini-budget announcement and weekend comments that more tax cuts are coming. The Bank of…
Executive Summary The USD has appreciated by over 25% since the beginning of 2021. This is a negative for US corporate sales and profits and is a drag on US equity performance. According to BCA FX strategists, the USD is likely to…
Dear client, Next week’s report will be on European assets, authored by my colleague Mathieu Savary. We will send that to you Monday, September 26. In that report, Mathieu looks at the European energy market in depth, and…
Executive Summary The Chinese Economy Is Facing Deflationary Pressures China’s economy is facing a deflationary threat. Core consumer price inflation is below 1%, and producer (ex-factory) price inflation has…
Cable fell below 1.14 in intra-day trading on Friday (incidentally, the 30th anniversary of Black Wednesday). Though it recovered some of the losses, it ended the week at a 37-year low. New evidence that the UK economy is…