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G10 Macro Rates Market Analysis – Weekly Review – 23rd November 2020

23 November 2020

With the Pacific G10 Macro Rates Team 
Another week, another Covid-19 vaccine to save humanity and the economy. This time it was Moderna with a 95% efficacy and a more practical storage temperature at fridge type levels rather than -80c for Pfizer’s offering. This however did not kick off the same positive market surge as the previous week’s news, as increasing numbers of COVID19 cases and further lockdowns in the US dampened growth expectations and caused rates to rally. Broad indices for stocks and currencies ended little changed on the week. Oil bucked the mood, rallying on continued optimism that future growth will increase demand. 

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G10 Macro Rates Market Analysis – Weekly Review – 16th November 2020

16 November 2020

With the Pacific G10 Macro Rates Team 
The big news of the week was Pfizer announcing a viable vaccine with a 90% success rate in preventing Covid-19 infections. One should pause for thought at this, it is a truly astounding achievement. Within 9 months a vaccine to a pathogen that was unknown to humanity has been created and shown to be effective. Bravo to the medical world! 

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G10 Macro Rates Market Analysis – Weekly Review – 9th November 2020

09 November 2020

With the Pacific G10 Macro Rates Team 
Last week was all about the US election, the market and indeed the world was transfixed on vote counts and electoral college seats. 

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G10 Macro Rates Market Analysis – Weekly Review – 2nd November 2020

02 November 2020

With the Pacific G10 Macro Rates Team 
The week started with a bang as BTP’s rallied 8bp after S&P unexpectedly upgraded Italy post the Friday close. 

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G10 Macro Rates Market Analysis – Weekly Review – 26th October 2020

26 October 2020

With the Pacific G10 Macro Rates Team 
The final tv debate between Biden and Trump passed with no clear winner, however in a far calmer manner. Optimism over the potential deal between House Speaker Pelosi and Treasury Secretary Mnuchin dominated headlines last week. Increasing chances of a ‘Blue Sweep’ and increased fiscal spending also affected financial markets. 

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G10 Macro Rates Market Analysis – Weekly Review – 12th October 2020

12 October 2020

With the Pacific G10 Macro Rates Team 
Sentiment changed last week with risk assets benefitting on the back of increasing chances of a Blue Sweep. The narrative shifted from higher taxes and more regulation to near term fiscal boost. Financial markets ignored the saga with President Trump contracting Covid-19 at the ‘super spreader’ event in the White House and spending couple of days in hospital. S&P 500 finished last week +3.8%, US 10y yield was 8bps higher at 0.774%, WTI was back above $40 and almost +10% on a week. 

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G10 Macro Rates Market Analysis – Weekly Review – 28th September 2020

28 September 2020

With the Pacific G10 Macro Rates Team 

Interest rate markets were very calm last week with yields on 10y US Treasury bonds trading within 0.05% range whole week.

 

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G10 Macro Rates Market Analysis – Weekly Review – 21st September 2020

21 September 2020

With the Pacific G10 Macro Rates Team 

Last week was filled with Central Bank action, three out of the four biggest developed markets’ central banks had their scheduled meetings after ECB met last week.

 

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G10 Macro Rates Market Analysis – Weekly Review – 14th September 2020

14 September 2020

With the Pacific G10 Macro Rates Team 
Equities finished the week lower with fixed income markets unchanged, and oil closed below $40. VIX returned to mid-20s after spiking close to 40 the week earlier, as risk assets stabilised. Central Banks didn’t deliver any changes as expected. 

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G10 Macro Rates Market Analysis – Weekly Review – 7th September 2020

07 September 2020

With the Pacific G10 Macro Rates Team 
In the UK, speeches by BoE members emphasised the extended period required for the economy to heal, and that more QE, and negative rates were still options available to them. 

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