In this report, we identify the Norwegian krone as a currency that could outperform especially at the crosses, irrespective of the broad dollar trend.

The ECB will continue to lift rates due to sticky inflation and a tight labor market. Will it be enough to push long-term German yields higher?

Listen to a short summary of this report.     Executive Summary Chart 1The Dollar Has Broken Below The First Line Of Support  The softer CPI print in the US boosted growth plays and pushed the DXY index below…

Listen to a short summary of this report.     Executive Summary The Dollar Likes Volatility  Uncertainty about Fed policy has supercharged volatility in bond markets, and correspondingly, USD demand (Feature…

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…

Dear client, In addition to this weekly report, we sent you a Special Report from our Geopolitical Strategy service, highlighting the risk from the Russo-Ukrainian conflict. Kind regards, Chester Executive Summary The Ukraine…

Special Report

Feature Over the past months, we have seen a potent bout of volatility in developed government bond markets, as investors have tried to assess the “lift-off” dates for central bank hiking cycles and the speed and cumulative…

Highlights Monetary Policy: Last week’s numerous central bank meetings across the world confirmed that the overall direction for global monetary policy is shifting in a more hawkish direction. The main reason: growing fears that…

Highlights The Evergrande crisis is not China’s Lehman moment. Nonetheless, Chinese construction activity will decelerate further in response to this shock. Global equities are frothy enough that a weaker-than-expected Chinese…