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With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week was very quiet within G10 markets after the unexpected volatility experienced over the first week of 2020, driven by the uncertainty in the Middle East. The S&P 500 finished the week at new highs, rates and currencies were mostly range-bound, as a result volatility continued to slide lower. US and China signed the Phase 1 deal, without any surprises. Data continued to point at stabilisation and recovery in Asia-Pacific economies, which should be beneficial for the countries whose economies are reliant on trade (Europe and Japan). 

Latest G10 Macro Rates Blog
With Shayne Dunlap, Co-Portfolio Manager

Trump started the new year and decade unleashing an armed drone from somewhere above Baghdad airport. Is this a forbear to a new period of uncertainty and a return of higher volatility?   

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week marked the first week of normal business and liquidity in the bond and interest rate markets, as demostrated by over $1 trillion of bond issuance. 

With the Pacific G10 Macro Rates Team

Steady as she goes
December rounded off the year in a relatively benign way. US equities kept rallying, whilst the UST 10yr drifted up 14bp from 1.78 to 1.92 and the UST 2-10 curve steepened gradually from 16 to 34 bp.  

With the Pacific G10 Macro Rates Team

Global Macro Overview
As one would expect going into the seasonal holidays, last week was a relatively quiet week for the financial markets.  There was no new information and the data has been broadly consistent with the resilient economic growth. 

Latest G10 Macro Rates Blog
With Shayne Dunlap, Co-Portfolio Manager

Trump was impeached last night, the third president in US history, however the market couldn’t have cared less. FX and rates unchanged, nada, flatline. The partisan lines are so heavily drawn that they may as well be the fictional “wall” between the US and Mexico.  

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week saw two Central Bank meetings, the UK election and another round of twitter posts, rumours and official statements about the US-China trade conflict. 

With the Pacific G10 Macro Rates Team

Global Macro Overview
Encouraging data out of China over the weekend has pushed equities and bond yields higher on Monday. However markets were caught out by President Trump who created a storm of headlines on Tuesday to detract attention from the release of the House Impeachment Report. 

With the Pacific G10 Macro Rates Team

Global Macro Overview
It was mostly a quiet Thanksgiving week, with the FT reporting the tightest range for EUR/USD in history. Last week also saw the continuation of the election campaign in the UK, further developments on the US-China trade front, new highs on the S&P and a lot of insightful macroeconomic data. 

With the Pacific G10 Macro Rates Team

Global Macro Overview
A very quiet week in the rates markets, with 10y US Treasuries stuck in a 15bps range. Trade related headlines continued to drive the markets. As uncertainty increased about a Phase 1 deal in 2019, the S&P 500 sold-off after reaching new highs and bonds rallied. Economic data was broadly in line with consensus across the globe and hence didn’t affect financial markets that much.