UST outlook justifies looking for extension trades
Aug 21, 2015 03:37 am UTC| Commentary
The recent US moves justify looking for select opportunities to extend duration, taking advantage of steep spread curves. Although a Fed hike in September still seems a realistic scenario, the effect of such a move on...
July FOMC minutes suggest rising risk of delay in start of hiking cycle
Aug 21, 2015 03:33 am UTC| Commentary
Since the July FOMC meeting, crude oil has sold off ~15%, the broad trade-weighted dollar has strengthened 1.6%, the Feds measure of 5y5y breakevens has fallen roughly 15bp, and the y/y average hourly earnings print has...
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...
South Africa’s plan to move away from coal: 8 steps to make it succeed
Germany lowers voting age to 16 for the European elections
IceCube researchers detect a rare type of energetic neutrino sent from powerful astronomical objects