The Japanese yen dropped nearly 2% versus the USD on Thursday on the reaffirmation of the BoJ’s commitment to ultra-easy policy. The BoJ pledged to purchase an unlimited amount of bonds daily in order to maintain its 10-…
Executive Summary Summarizing Our Main Investment Themes In One Chart Our current strategic recommendations are centered around four key themes: global inflation will slow over the rest of 2022, Europe remains too weak to…
According to BCA Research’s Foreign Exchange Strategy service, the answer to whether the carnage in the yen is in an apocalyptic phase depends on the time horizon. Daily traders, reconciling positions every few hours,…
Listen to a short summary of this report. Dear Client, In lieu of our weekly report next week, I will be hosting a webcast on Tuesday with my colleague Mathieu Savary, Chief European Strategist, on the implications of…
The yen has weakened considerably recently. It is down nearly 9% vis-à-vis the USD since the beginning of March. This continues a longer-term trend that brings the yen’s decline since the start of last year to 18%.…
Executive Summary The Dollar Has Broken Above Overhead Resistance Most central banks continue to dial up their hawkish rhetoric, led by the Fed. This is putting upward pressure on the dollar (Feature Chart). The big…
Executive Summary To understand the economy and the market we must think of them as non-linear systems which experience sudden phase-shifts. The pandemic introduced phase-shifts in our lives, which led to phase-shifts in our goods…
Executive Summary Our recommended model bond portfolio outperformed its custom index by a robust +48bps in Q1/2022 – an impressive performance given the significant uncertainties stemming from the Ukraine war, surging commodity…
Executive Summary Equities Are Still Attractive Versus Bonds Macroeconomic Outlook: Global growth will reaccelerate in the second half of this year provided a ceasefire in Ukraine is reached. Inflation will temporarily come…
Executive Summary The Dollar And The Yield Curve The dollar has tended to decline 3-to-6 months after the Fed starts hiking interest rates. This has been true since the mid-1990s. Beyond that timeframe, the path of the…