
Fed: Same game, different rules
Fixed Income Research & Macro Strategy (FIRMS) - 4X Global Research The Federal Reserve at its policy meeting on 16th June, whether inadvertently or by design, reset financial markets’ clocks. The dust has since settled somewhat, with US short-end and long-end...

US and UK: The Comeback Kids
Fixed Income Research & Macro Strategy (FIRMS) - 4X Global Research The US Dollar NEER has since 12th February appreciated about 2.3% to a 4-month high and its inverse correlation with the S&P 500 (-4.2%) has re-established itself. This is in line with our...

Transitional UK budget unlikely to rattle markets
Fixed Income Research & Macro Strategy (FIRMS) - 4X Global Research The British Chancellor of the Exchequer Rishi Sunak will on 3rd March, at around 12.30 UK time, present to the House of Commons the annual budget for the United Kingdom. The ruling Conservative...

Currency seasonality’s slow comeback?
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research This report updates the monthly seasonal patterns of 31 major Nominal Effective Exchange Rates (NEERs) going back to January 2010, using over two million daily data points with trade-weights...

Dollar – Diversification, rotation and valuations
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Media and analyst reports focussing on the scope for further US Dollar weakness and Emerging Market currency outperformance have continued to proliferate in the past month. The consensus view is still...

Biden’s trump cards and challenges
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research Barring another dramatic twist in an already torturous two months of political upheaval, Joe Biden will find a very full in-tray when he settles into the famed Oval Office in eight days time....

Far more to Renminbi than USD/CNY cross
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research The prevailing market view, as depicted in a recent Reuters article, is seemingly that Chinese policy makers are happy to allow further Renminbi appreciation versus the Dollar driven by a...

Time is priceless but has a steep cost
Fixed Income Research & Macro Strategy (FIRMS) – 4X Global Research While some countries, including Sweden and United states, have eschewed national lockdowns over the past nine months or so the vast majority have adopted unprecedented measures to deal with a once...

US Dollar – Calm before the storm?
Fixed Income Research & Macro Strategy (FIRMS) - 4X Global Research The Dollar has treaded water in the past three months, in line with our benign view that “forecasts of the Dollar’s demise as the world’s number one reserve currency are at best extremely...

PBOC likely to keep Renminbi on tight leash
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research Only four currencies have appreciated by more than 4% versus US Dollar since end-July: the high-yielding South African Rand (4.6%) and Mexican Peso (5.8%), the Chinese Renminbi (4.4%) and...

UK & Sterling facing potential quadruple whammy
Fixed Income Research & Macro Strategy (FIRMS) – From 4X Global Research Sterling has enjoyed a strong, if bumpy ride, since late-June. It has been the second strongest major currency against the US Dollar and appreciated 3.7% in NEER term, thanks in part to a...

Warnings about US economy and USD overblown
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research The United States’ post-war record GDP contraction in Q2 of 9.5% qoq and the Dollar’s recent depreciation have been making headline news but some perspective is required. The US GDP contracted...

Retail sales key to UK economic growth recovery
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research The volume of retail sales – the value of the sale of goods adjusted for domestic inflation – rose a faster-than-expected 14% mom in June. In level terms UK retail sales were only 1% below the...

China’s V-shaped recovery under the microscope
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research Chinese GDP growth (seasonally-adjusted) was 11.5% qoq in Q2. This was stronger than consensus forecast (+9.6% qoq) and more than reversed Q1 contraction of 9.8% qoq. This record-high growth...

Major economies & currencies – What to look out for and why it matters
Fixed Income Research & Macro Strategy (FIRMS) from 4X Global Research Price action in major currencies was again subdued last week. With few tier-one macro data releases for markets to trade off the focus was on the reaction function of governments and central...
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