by Christopher Nye | Jan 3, 2019
European PMIs all painted a picture of the economy continuing to struggle. The euro sold off from the highs but then accelerated lower as news came out that the ECB had appointed administrators to Banca Carige. Despite being a rather small Italian bank, the headline...
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by Christopher Nye | Jan 3, 2019
We saw UK manufacturing PMIs hold up better than some European releases, coming in at 54.2 against expectations of 52.5. However a lot of the outperformance was explained by companies stockpiling ahead of Brexit, so there was little benefit to the pound. Despite...
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by Christopher Nye | Jan 3, 2019
The first trading day of the year did not disappoint for excitement, action and volatility. PMIs from across the world confirmed the slowdown in the global economy, and once again we saw extreme volatility in the US equity market as the Dow dropped 600 points, rallied...
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by Christopher Nye | Jan 2, 2019
Most houses produce outlooks for the year around this time and it’s starkly obvious this year the consistency of the call for a lower dollar. They may or may not be right at some stage; often the first move in January is the wrong one. Friday sees the release of...
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by Christopher Nye | Jan 2, 2019
European PMIs throughout the week are likely to show an economy starting to struggle. The euro has been quite range-bound for a while now, and the weaker data is likely to keep the topside boundary intact in the short term. We think it will have to be USD weakness...
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