Japan's markets breaking free from policy surprises
Jun 29, 2015 12:15 pm UTC| Commentary
The JGB market has been relatively calm compared with the volatility in overseas rates markets, as well as the big advances in the Nikkei (to a 15y high) and USDJPY (to a 13y high) - the so-called Japan macro trades. This...
Sell-off in euro bund is unlikely
Jun 29, 2015 12:03 pm UTC| Commentary
Since the beginning of 2015 the economic outlook in the euro area has been improving gradually. According to Barclays, there has not been a significant sustainable shift to qualify the recent sell-off as...

Sweden financial stability concerns likely keeping policy stable
Jun 29, 2015 11:10 am UTC| Commentary
Finally, further easing is unlikely on rising financial stability concerns related to a prolonged period of low (or even negative) interest rates. Swedish household debt exceeds 85% of GDP and equates to more than 160% of...
Further yen depreciation unlikely
Jun 29, 2015 10:56 am UTC| Commentary
The JPY appears to be caught between two powerful and opposing forces. On one side, the BoJs QQE program and portfolio outflows by Japanese investors; on the other, JPYsextraordinary cheapness, which is attracting...
Q3 to be the weakest quarter for gold
Jun 29, 2015 10:42 am UTC| Commentary
Activity in the gold market has continued to ebb and prices have become becalmed in an increasingly stagnant market.The $50 trading range of $1170-1220 in which gold has been stuck for the whole of Q2 is the least volatile...
Greece capital controls now seem likely
Jun 29, 2015 09:59 am UTC| Commentary
It seems unlikely that Greece can escape capital controls. Once in place, these will take time to lift; in the case of Cyprus, it took two years.Even under what currently seems the more likely outcome of a vote to "accept"...
Financial investors could sell off their oil investments due to higher risk aversion
Jun 29, 2015 09:51 am UTC| Commentary
Oil prices are down as the new week of trading begins. Brent has fallen below $62 per barrel, while WTI is priced at less than $58.5 per barrel.The escalation of the debt crisis in Greece (see Precious metals below) has...