Re-entering long NOK (via SEK)

Aug 20, 2015 23:55 pm UTC| Commentary

The double dip in oil prices has given an opportunity to re-establish a core long NOK position, but this time versus SEK, according to RBC Capital Markets. Our reasons for being constructive on NOK are the same today...

USD data held firm in a general risk averse tone overnight

Aug 20, 2015 22:28 pm UTC| Commentary

Equities and fixed income held a general risk averse tone overnight, with the SP500 down 2%-to the lowest level since February-and bonds broadly bid up. In the commodity and FX spaces though, the mood was not the same,...

Eurozone growth loses steam slightly

Aug 20, 2015 16:06 pm UTC| Commentary Economy

Eurozone growth slowed slightly to 0.3% q/q in Q2, from 0.4% q/q in the two previous quarters. This slowdown can be attributed to the backlash in economic growth in France, the Netherlands and Austria. The modest rebound...

Asia currency devaluation spreads to Kazakhstan and Vietnam

Aug 20, 2015 15:58 pm UTC| Commentary

Kazakhstan, Central Asias largest crude oil producer, devalues their currency following Vietnams adjustment of their currency peg lower. This is certainly due to the shock waves being felt from last weeks multiple China...

Mexico GDP: Slower growth path pushes back rate hike expectations

Aug 20, 2015 15:50 pm UTC| Commentary

Mexicos GDP expanded by 0.5% q/q sa in Q2 15. This number was lower than our above-consensus forecast (0.9%, consensus: 0.4%) on the back of a strong performance in services (0.9%) offset by a flat print in industrial...

US existing home sales rise more than expected, Q3 GDP tracking unchanged

Aug 20, 2015 15:09 pm UTC| Commentary

Existing home sales increased more than expected in July, supported by a solid rebound in single-family units. Existing sales were up 2.0% m/m, to an annualized level of 5.590mn units. The outturn was stronger than...

Philadelphia Fed manufacturing index improved in August

Aug 20, 2015 14:36 pm UTC| Commentary

The Philadelphia Fed manufacturing index rose to 8.3 in August (previous: 5.7), a solid move up from last months reading, against consensus expectations for a moderate rebound to 6.5. New orders fell to 5.8 from 7.1,...