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G10 Macro Rates Market Analysis – Weekly Review – 25th January 2021

25 January 2021

With the Pacific G10 Macro Rates Team 
The week opened to another strong Chinese number showing Q4 GDP at +6.5%. It was then down to G10 central bank announcements to make up for the lack of market noise due to the MLK holiday and the Biden/Harris presidential inauguration stealing attention. Italy provided some late political volatility as the 66th post WW2 government coalition fell apart on differences in the spending of EU recovery funds. 

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G10 Macro Rates Market Analysis – Weekly Review – 18th January 2021

18 January 2021

With the Pacific G10 Macro Rates Team 
Last week saw the market re-appraised the odds of tapering in the US, after the FOMC re-emphasised it would be a function of economic resilience. This was interpreted as a pushback on timing and resulted in the benchmark UST 10yr backing down below 1.10% after touching a 10-month high 1.18%. 

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G10 Macro Rates Market Analysis – Weekly Review – 11th January 2021

11 January 2021

With the Pacific G10 Macro Rates Team 
Welcome to the first Pacific G10 Macro weekly for 2021, which continues the madness of 2020 with harsh lockdowns and an attempted “coup” in Washington DC. The only predictable event was both sides claiming a victory after the eventual resolution of a trade deal on Brexit. Elsewhere positive numbers were reported from China, Taiwan and South Korea on trade, export, survey and industrial production. These announcements led to a stock indices putting in healthy returns for the end of year and a relatively limited response from government bonds. 

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

14 December 2020

With the Pacific G10 Macro Rates Team 
The big event last week was the December ECB meeting, which was much anticipated as Lagarde had hinted strongly that action was forthcoming. They delivered just enough to keep markets happy. Delivering a Euro 500bn increase for the PEPP and extension to mid-2022 along with TLTROs, but no rate cut. Favourable financing conditions were preserved, but not enough to stop ECB forward guidance on inflation being revised lower to a sub target 1.4% in 2023. 

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

08 December 2020

With the Pacific G10 Macro Rates Team 
Last week started with Chinese data showing strong PMIs and CPI as expected. South Korean trade data was also strong, showing good underlying regional demand.  

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G10 Macro Rates Market Analysis – Weekly Review – 30th November 2020

30 November 2020

With the Pacific G10 Macro Rates Team 
Italian and French COVID cases turned the corner, the USA and Japan reported increases and the UK announced a transition out of national measures. A Brexit deal was nearly agreed, but not quite, again. 

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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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The Optimisation Conundrum

11 November 2020

The Optimisation Conundrum: Assessing the role of bonds within traditional investment funds by the Pacific G10 Macro Rates Team.

The Pacific G10 Macro Rates team spoke to Investment Week on a paper they have recently written which assesses the role of bonds within traditional investment funds. 

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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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