Credit AgricoleCurrency Wars 2.0The commodity terms of trade supply shock that has rocked the global economy so far this year continues to reverberate across FX markets. The shock has fuelled...
Investment Bank Outlook 15-09-2022
BNY MellonMind The UK Consumption GapOn the face of things, the latest UK labour market data likely provides the Bank of England with some relief. Nominal incomes are still growing at a relatively...
Investment Bank Outlook 14-09-2022
BNY MellonAPAC Exports Shock ComingMacro data from APAC over the past week showed continued deterioration; bright spots were scarce. While China's August credit data appeared strong on a headline...
Investment Bank Outlook 13-09-2022
BNY MellonHousehold Debt Drags G10 Commodity FXOne of the most stable groups of positive holdings in iFlow this year has been the G10 commodity currency trio of CAD, NOK and AUD. From initial fears of...
Investment Bank Outlook 12-09-2022
BNY MellonUSD Strength Not Due to Interest RatesAlthough it faltered somewhat at the end of last week, the US dollar has been on a tear since the middle of August. The US Dollar Index (DXY) was up...
Investment Bank Outlook 09-09-2022
Credit AgricoleStagflation Becoming A Major ThemeStagflation has become a major theme for FX markets. The extent of stagflation an economy is experiencing can be measured by the misery index (the sum...
Investment Bank Outlook 08-09-2022
BNY MellonECB Searching For A New BaselineThe European Central Bank is expected to step up its policy-normalisation process today with a 75bp rate hike. While we do see some downside risk of a 50bp...
Investment Bank Outlook 07-09-2022
BNY MellonAPAC FX Depreciation Expectations RiseThe latest sentiment data from APAC painted a mixed picture. August manufacturing PMIs for China and South Korea fell into the contraction zone for the...
Investment Bank Outlook 06-09-2022
BNY MellonEntrusting Truss With GiltsNew Prime Minister Liz Truss isexpected to announce a major support package for UK households within days, ifnot sooner. As highlighted last week, the prospect of...
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