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Markets UK gilts underperformed yesterday. Yields with maturities ranging from the 2-yr (+5.1 bps) to the 10-yr (+6.1 bps) all hit five month and post-election highs. The spring Budget, due to be presented later today, is a key moment for the new Labour government and for markets. UK debt sales are expected to rise to […]

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24/01/2024

Euro Steady, Eyes PMIs

The euro is showing limited movement on Tuesday. In the North American session, EUR/USD is trading at 1.0866, down 0.15%. Eurozone, German  PMIs expected to remain in contraction The eurozone economy is sputtering and the road to recovery is likely to be a long one. Manufacturing  and services PMIs are useful gauges of economic activity […]
26/06/2024

Sunset Market Commentary

Markets Markets are testing the resolve of Japanese officials. USD/JPY broke through the 160-level which triggered FX interventions at the end of April and early March. The pair set a new nearly 40-yr high above 160.50. Verbal warnings by the Japanese (vice-) finance minister earlier this week don’t result in effective action yet. Japan’s currency […]
12/07/2024

Analysis of USD/JPY: Was There an Intervention?

Yesterday’s news of slowing inflation in the US sharply weakened the dollar, anticipating the Federal Reserve’s monetary easing. In the first 15 minutes after the data release: → EUR/USD rose by approximately 0.45% to the psychological level of 1.09; → GBP/USD increased by approximately 0.55%, reaching a 2024 high. Conversely, USD/JPY fell, with a more […]