Urban studies: Doing research when every city is different 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
BOJ Seen Holding Rates at 1% While Keeping Inflation Risk Warning 
Geopolitical Shocks That Could Reshape Financial Markets in 2025 
Fed Holds Interest Rates Steady as Kevin Warsh Says Rising Treasury Yields Tighten Financial Conditions 
Chile Central Bank Holds Interest Rate at 4.5% as Inflation and Global Risks Persist 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
China Holds Loan Prime Rates Steady for 14th Month as Economic Recovery Remains Uneven 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
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We remain MW RUB in the GBI-EM Model portfolio, but are bearishly biased, holding USDRUB call spreads. YTD the ruble has been the strongest performer in EM FX, with a spot around +7.2% stronger against USD.
However, in our view risks from current levels are skewed to the downside, given expensive valuations and geopolitical uncertainties. And geopolitical concerns remain.
Geopolitical risks continue to linger, and if were to materialize, could generate bouts of capital outflow pressure. With the budget rule in place, our economist forecasts the CBR to purchase around $67bn of FX on behalf of the budget rule in 2019, from the $100bn projected current account surplus.
This is our view does not leave a strong buffer to deal with such potential capital outflow bouts. Accordingly, we hold 26-July-19 USDRUB 67/71 1x1 call spreads (at spot reference: 68.002 levels). Courtesy: JPM
Currency Strength Index: FxWirePro's hourly USD is flashing at 105 (which is highly bullish) while articulating (at 13:24 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
