US equities finish last week strongly with positive trial results from Merck's Covid treatment drug helping sentiment.
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AMW: What does neutral monetary policy look like today?
Now that the other side of the pandemic is emerging, clients are starting to ask how high rates will go when central banks start to normalise policy.
AMW: Australia will likely hold its AAA credit rating
There's been some speculation that Australia’s AAA rating may be downgraded by one notch to ‘AA+’ in the wake of the Federal Budget.
AMW: Closed borders & labour market recovery
The labour market recovery has been much faster than expected.
AMW: What does population say about the outlook for rents?
We look at population dynamics over the COVID period and assess their implications for the outlook for rents.
为什么使用远期合约?-进口商篇
远期合约能够帮助企业控制成本且锁定企业的预算外汇汇率,本文通过例举三个被普遍使用的远期合约策略来阐述进口商们是如何通过这些策略来管理企业的外汇风险
AMW: Inflation?
The signals to watch to see if central banks are right or wrong.
12 months on from COVID-19: NAB Markets podcast
What's the economic and financial markets landscape 12 Months on from the onset of the COVID-19 pandemic?
AMW: Underemployment back to pre-pandemic levels
We investigate the implications of the sharp fall in underemployment.
AMW: FX forecast update
AUD/USD outlook revised up.
Australian Markets Weekly: RBA’s policy rule points to benefit of further policy stimulus
The Weekly analyses the RBA’s macro-econometric model.
Australian Markets Weekly: Experimental high-frequency indicator to track economic recovery
We’ve constructed an experimental summary index based on the common trend in a range of a mix of daily and weekly private-sector and official statistics
Australian Markets Weekly: PBO’s budget outlook
The Weekly looks at the Parliamentary Budget Office’s estimates of the impact of the virus on the budget. Plus, the Government’s recently announced housing subsidy.
Australian Markets Weekly: Scope for additional stimulus
Budget revision provides scope for additional stimulus to shore up recovery.
Australian Markets Weekly: measuring spare capacity
Measuring spare capacity amid an exodus from the workforce.
Australian Markets Weekly: weakest population growth in a century as Australia closed its border
Lower net overseas migration should see Australia’s population growth more than halve to 0.7% in 2020-21.
Australian Markets Weekly: assessing monetary policy
Easier monetary policy should be helpful in supporting the economy as activity rebounds later this year.
Australian Markets Weekly: record peace-time budget deficit
The instant recession caused by the coronavirus pandemic has seen an unprecedented easing of both monetary and fiscal policy.
Australian Markets Weekly: lessons from past recessions & depressions
Read the findings of our analysis of past depressions and recessions in Australia.
Australian Markets Weekly: The economics of a pandemic
Insights from the Kennedy paper.
Australian Markets Weekly: RBA to soon undertake yield curve control, reinforcing fiscal stimulus
NAB continues to expect the RBA to cut the cash rate to 0.25% in April.
Australian Markets Weekly: Coronavirus & the Australian economy
Markets are now monitoring the spread of coronavirus outside China.
Australian Markets Weekly: indicators point to unemployment edging higher
We've constructed a leading index of unemployment based on the predictive power of a very large number of official and surveyed indicators.
Australian Markets Weekly: RBA’s renewed focus on financial stability
The Reserve Bank has a renewed focus on financial stability, where the benefit of lower rates in achieving the inflation target and full employment is weighed against the longer-term risk of adding to already-high household debt.
Australian Markets Weekly: Modelling a China shock; more on potential coronavirus effect on Australia’s economy
We've analysed the impact of an assumed 1% shock to Chinese growth on Australia to estimate the potential impact of the virus coronavirus on Australia's economy.
Australian Markets Weekly: Travel ban points to larger coronavirus impact on Australian GDP
The government has introduced travel restrictions on arrivals from mainland China and advised Australians to avoid travelling to China because of the novel coronavirus.
Australian Markets Weekly: The case for a rate cut in February
The market has substantially reduced pricing for a February interest rate cut following the surprise improvement in the unemployment rate last week
Australian Markets Weekly: Estimating the probability of QE using market pricing & RBA forecasts
Calculating confidence intervals around cash rate futures pricing and the Reserve Bank's economic forecasts, we estimated an average probability of QE through to mid-2021 of about one-third.
Australian Markets Weekly: Economic and fiscal outlook
The Mid-Year Economic and Fiscal Outlook (MYEFO) released today reveals downgrades to the economic outlook.
Markets Today: A quiet day
Markets have been calm overnight, in wait and see mode ahead of a series of more important events this week.
Australian Markets Weekly: Australia’s poor productivity performance
The Reserve Bank’s persistent overestimation of growth likely reflects not allowing for the decline in potential growth.
Markets Today: President Out-Trumps Himself at NATO
President Trump has upset markets further today suggesting that the trade deal with China might be left till after the US election, a year away.
Australian Markets Weekly: Large and persistent RBA forecast misses on growth
The Reserve Bank anticipates a strong rebound in GDP growth, with annual growth accelerating from 1.4% currently to 3.1% by end-2021.
Markets Today: China angry on US Hong Kong Bill, but will it impact the trade deal?
President Trump has signed the Hong Kong human rights act.
Australian Markets Weekly: Revisiting the odds of QE
The effective lower bound for the policy rate is negative, but the Reserve Bank only seems comfortable with a 0.25-0.5% floor for the cash rate.
Australian Markets Weekly: Household debt around Australia
Household debt is growing very slowly at present, up only 4% over the past year.
Australian Markets Weekly: Analysing corporate income and cash flow
Total income is growing strongly, led by a boom in mining profits as non-mining profits languish, while growth in disposable income is more measured.
Australian Markets Weekly: Business investment held back by machinery & equipment
Business investment is exceptionally weak at present, only slightly above the multi-decade low reached as a share of GDP in the early 1990s recession.
Australian Markets Weekly: Consumer sentiment, low interest rates & tax cuts
The Weekly explores the impact of interest rate cuts on consumer sentiment.
Australian Markets Weekly: How accomodative is Australian monetary policy?
With the cash rate at a record low of 0.75%, short-term interest rates broadly match the all-time low reached in the 1950s.
Australian Markets Weekly: Australia exports capital as non-mining business investment languishes
Across advanced economies, business investment has underwhelmed since the global financial crisis, contributing to weak productivity and lower potential growth.
Markets Today: Something for everyone
There was something for everyone in Friday night’s US employment report.
Australian Markets Weekly: RBA preview & views from the UK & Europe
The RBA meets today and the market is 79% priced for a rate cut with 74% of economists surveyed also expecting a rate cut, including NAB.
Australian Markets Weekly: unconventional monetary policy nears
The Government pushes for greater transparency as unconventional monetary policy nears.
Australian Markets Weekly: Generational shift – an older workforce, a lower NAIRU
Unemployment has edged higher since earlier this year as strong employment growth has failed to keep pace with even stronger growth in the supply of labour.
Commodity Watch- Crude Oil: Saudi Arabia Refinery Attack Impacts
Crude oil markets may tighten significantly following weaponised drone attacks on the world's largest oil refinery at Abqaiq on Saturday.
Australian Markets Weekly: High household debt likely weighs on consumer spending
The Reserve Bank believes the main domestic risk to the outlook is consumer spending.
Australian Markets Weekly: Is office market risk adequately priced?
Retail property conditions have been mixed given low wage growth and weak consumer demand.
Australia Markets Weekly: Global risks intensify
The main domestic risk to the outlook is the uncertainty around consumer spending.
Australian Markets Weekly: RBA’s thoughts on Australian QE
The RBA sees Australian QE as unlikely in the near term. Read our analysis.
Australian Markets Weekly: Mining investment poised for modest rebound
The RBA thinks the economy may be at a "gentle turning point" underpinned by their optimism for mining investment. The Weekly analyses.
Australian Markets Weekly: impact on inflation of housing downturn
The Weekly analyses the impact of the housing downturn on inflation.
Australian Markets Weekly: The impact of the exchange rate on GDP
Our analysis suggests that the real exchange rate has more of an impact on growth than earlier RBA analysis.
Markets Today: European manufacturing weakens
Eurozone manufacturing PMIs are well down, hitting a seven-year low in Germany.
Australian Markets Weekly: The impact of higher interest rates on household cash flows
Reserve Bank research suggests that the two rate cuts to date will boost growth by 0.25-0.4pp over two years and lift inflation by only 0.1pp over two to three years.
Australian Markets Weekly: High household debt as a drag on spending
Recent RBA research shows that high mortgage debt is a drag on consumer spending, helping explain the weak growth in consumption since the global financial crisis.
Australian Markets Weekly: Forward indicators point to a weaker labour market & lower rates
The RBA has cut the cash rate to 1%, arguing that lower rates are an effort to reduce unemployment and not a response to a deteriorating outlook.
Australian Markets Weekly: Tracking fruit & vege prices in the CPI
Fruit and vegetable prices are the two most volatile components of the CPI and can have a large effect on headline inflation.
Australian Markets Weekly: boom in public spending keeps the economy afloat
Economic growth is slowing as public demand continues to be the main driver of GDP growth.
Australian Markets Weekly: High frequency read on the economy
The federal election and lower expected interest rates have contributed to a rebound in business confidence- but not business conditions.
Australian Markets Weekly: RBA calls for government support to help reduce unemployment
Governor Lowe has said that reducing unemployment to the bank’s 4.5% estimate of the NAIRU should return inflation to the 2-3% target band.
Australian Markets Weekly: A new easing cycle, the effective lower bound, unconventional policy & forward guidance
The RBA is expected to cut the cash rate on Tuesday, with a follow-up cut expected in August.
Australian Markets Weekly: Co-ordinated policy easing from the RBA, govt & APRA
The RBA will be helped by looming personal income tax cuts and a relaxation of prudential regulations on mortgages.
Australian Markets Weekly: RBA to signal rate cuts, more evidence of spare capacity
Shock election result sees the unexpected re-election of the Coalition government
Australian Markets Weekly: Is employment feeling the effect of a weaker economy?
This week, the labour market dominates in Australia.
Australian Markets Weekly: Persistently low inflation & structural unemployment
This week we’ve examined excess capacity in the labour market.
Australian Markets Weekly: The boom & bust in high-rise apartment construction
Australia recently experienced one of its largest booms on record in residential investment, driven by new construction as renovations to existing homes inexplicably languished. The Weekly analyses.
Australian Markets Weekly: How bad is the downturn in house prices?
The Weekly explores falling house prices – how do they compare with history and international experience?
Australian Markets Weekly: The Budget, RBA, Election ….
This weekly investigates the divergence between weak GDP growth and the strong labour market.
Australian Markets Weekly: Higher minimum wage unlikely to jolt overall wages out of low-growth rut
In this weekly, we've looked at low inflation, focusing on the role played by weak wage growth.
Australian Markets Weekly: Diagnosing weakness in consumer spending
In this weekly, we explore the weakness in consumer spending, which helped drive the broader economic slowdown that took the RBA by surprise in the second half of last year.
Australian Markets Weekly: Back in black – the return to surplus
The weekly looks at the turnaround in the budget where our analysis suggests the budget returned to surplus in the second half of 2018.
Australian Markets Weekly – The RBA confronts lower potential growth
The RBA has downgraded its outlook for growth, although history shows that the Bank has regularly overstated growth since the global financial crisis.
China economic update: 2019 podcast
Get up to speed on the key themes for the Chinese economy in 2019 with our latest podcast.
Markets Today: What do I know?
It has been another bad day at the office for equity markets, beginning in the Asian session and spreading across Europe and the US.
Australian Markets Weekly – Inside housing: orderly softening
It was a subdued end to last week for markets, oil still high in the aftermath of Trump reimposing sanctions on Iran. The housing sector is our special topic for this Weekly.
Australian Markets Weekly: 23 April 2018
FX Hedging Trends
Australian Markets Weekly: 16 April 2018
Testing and (hints of) building capacity
Australian Markets Weekly: 9 April 2018
Views from the US on Australia and the US
Australian Markets Weekly: 26 March 2018
Breaking down RBA research on wages.
AUD forecast revisions; still seen lower in 2018, volatility higher
In understanding the drivers of the rise in AUD/USD from 0.75 in early December to above 0.81 in January, higher commodity prices have justified much of the move.
Markets Today: Turbulence
Friday was another choppy day for equity markets, although the S&P500 managed to end on a positive note.
Markets Today: 19 January 2018
Focus is currently on Washington where a US government shutdown deadline looms this weekend unless a stopgap funding bill is agreed.
AUD/USD since float: Number of days in each 5 cent bucket
We’ve analysed where the Aussie dollar has spent most of its time since it was floated in 1983 and the results may surprise you.
Australian Markets Weekly: 11 December 2017
Two weeks ago, we wrote on the outlook for the AUD from our Head of FX Strategy, Ray Attrill highlighting the expected move of the AUD/USD into the US$0.70-0.75 cent range.
Essential Asia: Selective optimism
Our 2018 forecasts for Asian currencies reflect the view of reduced impact of Fed’s policy normalisation and more confidence about Asia’s external sector performance and overall growth prospects along a global economic recovery.
RMB Roadmap 2018
While significant progress has been made on liberalising the RMB and opening up the onshore bond and equity markets, there are other structural reforms that need to happen before the floodgates can be thrown open.
Essential Asia: Politicking Policy
North Korea, China’s Communist Party Congress and Singapore's policy rate decision are on market radar in October, along with Fed’s policy normalisation thereafter.
China: The Bond plot thickens
China is set to increase foreign ownership of Chinese debt. In the near term, we expect Chinese bond market inflows north of US$1 trillion, but in the medium term inflows of more than US$2.5 trillion would not be beyond the pale.
Essential Asia: Take cover from the Pyongyang Tantrum
North Korea, China’s Communist Party Congress and Singapore’s policy rate decision are on market radar in October, along with Fed’s policy normalisation thereafter.
Essential Asia: Greenback in the outback
There are some signs of hesitation about pushing Asian currencies to significantly stronger levels than currently. While most will still respond to the US-centric factors in the USD price actions, but some domestic concerns could be kicking in.
Essential Asia: Positioned to walk the (policy) tight rope
Most Asian currencies ended the first half of 2017 stronger vs the USD, this strength has led to the unintended consequences of tighter monetary conditions and worsening terms of trade.
Essential Asia: Appreciating Asian FX Appreciation
Focus is now on whether the interest rate differentials between the US and Asia will start to matter for Asian currencies.
Essential Asia: Surface tension
The USD’s softness has “strengthened”, ironic as it sounds. Perhaps it is more apt to say that the USD is increasingly depicting a soft Trump environment.
Essential Asia: Time to get fiscal
Our G10 FX Strategists still believe that the dollar can end 2017 higher than it is today, but a resumption of an appreciation trend could well be delayed until H2 2017.
Australian Markets Weekly: 27 February 2017
Thinking about some of the challenges facing Australian policy makers – and arguably consumers - at the present time, the slow growth in wages looms large.
Asia’s road out of globalisation’s retreat
Infrastructure spending could support growth to different extents, which in turn will support equity inflows.
Australian Markets Weekly: 20 February 2017
One feature of Australia’s recent employment growth has been the subdued pace of full-time job creation at a time when part-time employment has grown strongly
RMB Roadmap 2017
Over the medium term, the use of the RMB as both a trade settlement currency as well as a reserve currency remains a priority. This suggests the scope for an eventual “strong RMB policy".
Essential Asia: Waiting for Trump
Mere speculation of a trade war could send the USD/CNY to around 7.2 as market starts to price in this risk premium.
Australian Markets Weekly: 14 November 2016
While it is reasonable to expect economic change, the degree is understandably uncertain given that in recent days some of the President Elect’s policy positions have been softened and meanwhile policy initiatives will need to be approved by Congress.
Markets Today: Too Much [Brexit] Heaven?
The Bee Gees 1979 classic “Too Much Heaven” pretty much sums up overnight news, with UK GDP printing much better than expected at 0.5% q/q against expectations of a 0.3% print.
Essential Asia: Awaiting emerging patterns
We revisited and reassessed our currency forecasts for Asia, in light of a base case scenario of a Clinton victory as well as the lesser probability scenario of a Trump victory.
Markets Today: Bad [FOMC] Romance?
While the FOMC Minutes captured the market’s attention, for your scribe the most instructive comments came from the Fed’s Dudley who serves as the FOMC vice-chair in his fireside chat overnight.
Markets Today: Chain Reaction
Coming into work this morning I couldn’t help but think of Diana Ross’ Chain Reaction. It certainly was where US markets were concerned, with markets playing catch-up following the Columbus Day holiday to developments since the weekend.
Australian Markets Weekly: 10 October 2016
The past week has been dominated by bond yields moving higher as have oil prices.
Markets Today: Because I’m Happy
The main focus by markets ahead of Tuesday was no doubt the US Presidential Debate, billed as the showdown of the century.
Essential Asia: Brace for “Trumpoline” effect
A potential “time of stress” with the US elections and FOMC meetings in November and December may cause large swings in risk appetite and global liquidity conditions.
Markets Today: Under my [central bank] umbrella
24 hours on, under my [central bank] umbrella is how the markets have interpreted Wednesday’s US FOMC meeting.
Australian Markets Weekly – Focus on consumer balance sheet trends
For this week’s weekly we take a closer look at Australian household balance sheets.
Markets Today: Jump (for my love)
Jump (for my love) was a classic 1980s hit by the Pointer Sisters and one suspects would be particularly high in the Spotify lists of several Fed officials after last night’s weaker than expected Manufacturing ISM.
Australian Markets Weekly: 29 August 2016
The major development for markets last week was confirmation that the US Federal Reserve is looking to hike interest rates this year.
Essential Asia: How deep is your love (for yield)
While the latest development may underpin the broad USD’s strength, we will not rule out some differentiation in Asian FX movements.
Australian Markets Weekly: 1 August 2016
The market has continued to price toward the likelihood that the RBA will cut rates again at tomorrow’s Board meeting, pricing in this morning a 64% chance of an easing, with 36 of 47 economists surveyed by Reuters on Friday forecasting a cut this week.
Markets Today: Gimme Gimme Gimme (Stimulus)
Gimme Gimme Gimme was ABBA’s most successful hit in Japan, reaching No.17 on the billboard charts in 1979. It might be time to dust that record off today ahead of the Bank of Japan meeting decision at around 12.45pm AEST.
Markets Today: Limbo Rock – How low will inflation be?
Limbo Rock is the less famous (and in your scribe’s opinion underrated) hit song by Chubby Checker. No surprises for its inclusion today, with Aussie CPI out at 11.30am and key to the RBA August Board meeting next week.
Essential Asia: RMB starts catching up to the USD
The “tsunami warning” has been lowered and the Brexit-triggered shockwaves to financial markets was surprisingly shortlived. The global financial markets have renewed their risk appetite and developed a tentative pattern of hunting for yield.
Essential Asia: Within EU’ll Remain, Not!
"Brexit" has engendered the risk of further fiscal and monetary easing in Asia and eventually, will renew focus on the widening growth and interest rate differentials with the US in relation to Fed’s policy tightening bias in 2017. We still view this risk as under-priced and an instrumental driver to sustain firmer USD strength ahead.
RMB Snapshot 2016: The RMB evolves
The RMB flexibility helps to ensure that China is able to retain a meaningful degree of autonomy in its monetary policy. The authorities however are still keeping the volatility of the RMB significantly lower than the DXY and this is likely to persist.
Markets Today: Livin’ On A Prayer
Markets mostly treaded water, and most US economic data was bang in line.
Markets Today: I’ve Gotta Get a Message to You
A quiet night overnight with US Treasury yields moving 3.5bps lower to 1.8%, alongside weaker than expected core durable goods and capex orders.
Markets Today: Jive Talkin’ to a Fed June/July hike
A perfect opportunity for a Bee Gees classic with more Jive Talkin’ amongst US Fed officials with Lacker and Dudley hitting the wires overnight following Wednesday’s more hawkish Fed Minutes.
Essential Asia: The dollar strikes back
Against this strong USD background, we have identified KRW, SGD, MYR, THB, and TWD as being the most vulnerable over the next few months on account of their low carry.
Markets Today: One bad apple amongst the thundering silence
For US equities, it was a case of one bad apple in the bunch with investor Carl Ichan stating he sold his stake in Apple.
Essential Asia: Reduced preoccupation on global trio risks
The market is still fairly ambivalent over the prospects of USD strength and for the time being, markets are not likely to be directional in nature – any positions would have to be tactical rather than strategic.
Australian Markets Weekly – 21 March 2016
Labour market suggests RBA on hold but keep an eye on inflation expectations Markets again moving around sharply with a less aggressive Fed (two rate hikes now expected in 2016 versus four previously) seeing the US$ broadly weaker and $A stronger. Australian labour market data show slower trend employment growth in recent months, though some […]
Essential Asia: The RMB Fog Clears
Within Asia, those currencies with a greater sensitivity to global moves, like the KRW and SGD, have been amongst the bigger beneficiaries in March.
Australian Markets Weekly: 14 March 2016
The past week broadly saw an extension of the prior week’s price action, which broadly continued the rally in commodity prices.
Australian Markets Weekly: 29 February 2016
Markets calm down but plenty on the menu this week
Australian Markets Weekly: SEEK job ads suggest still solid labour demand
Another volatile week in markets with equity markets up and the bond market also rallying on expectations of the US Fed delaying further rate hikes.
Essential Asia: The Monkey’s First Leap
We think Asian currencies are likely to still be tethered to the RMB, which is still likely to be subject to the authorities’ allowing of corporate outflows to dominate.
Volatility in Markets: When will it end?
NAB Business Markets Podcast – February 2016 Video transcript (Word, 26kb)
Essential Asia: Bear with us
A macro strategist’s view on Asian economies and markets
Australian Markets Weekly: Employment growth keeps defying the doomsayers
The wild start to 2016 has continued in the past week. Equities, commodities, commodity currencies, and yields are all lower.
Australian Markets Weekly: Glass half full start to year
No news in falling commodity prices. The big questions for 2016 are residential construction cycle and the non-mining economy. We expect RBA to be on hold right through 2016.
Markets Today: Asian contagion (again)
Similar themes from yesterday are at play today– China in the spotlight with its devaluing currency and equity market shenanigans; lower commodity prices and global equity markets tumbling; and a flight to the safety of the Yen.
Markets Today: Asian contagion
Market jitters continued, with another sea of red for equity markets and Yen being the favoured currency.
Markets Today: Markets settle down
It was a more “normal” overnight trading session, following the big risk-off move on Monday night.
Markets Today: An ugly start to the year
The first day of trading for many markets was a memorable one, with some big falls in equity markets. With the plunge in risk appetite, the Yen was the best performing currency
Markets Today – Déjà vu, jamais vu or presque vu?
Ever get the feeling that you’ve been here before?
Mini Markets Today – The Ace of Spades
Some argue that there can’t be too many better analogies to predicting markets than playing cards or rolling dice, so the late Lemmy’s classic The Ace of Spades from the band Motörhead seems very apt this morning.
FED UP – US Federal Reserve Raises Interest Rates
NAB Business Markets Podcast with Mark Todd and Peter Hartley.
Essential Asia: Interest in Interest
With U.S. interest rates on the rise, the focus for Asia is likely to shift to the relative ability to cope. Key highlights: With the U.S. Federal Reserve embarking on a path to rate normalization, the focus in Asia is likely to shift to which economies are best placed to cope. Asia is likely to […]
RBA & US Fed December Decisions
NAB Business Markets Podcast – RBA & US Fed Christmas Messages with Mark Todd
Australian Markets Weekly: Divergences galore
A huge week for data and events.
Essential Asia: Shifting Gears
A macro strategist’s view on Asian economies and markets
Markets Today: Markets remain resilient
In a relatively quiet session, the impact from the Paris attacks on global markets has been fairly muted. The USD is stronger against all G10 currencies with the euro and NZD sitting at the bottom of the leader board.
Essential Asia: Pandanomics & Greenshoots
A macro strategist’s view on Asian economies and markets
Essential Asia: The World is Made in China
A macro strategist’s view on Asian economies and markets
Essential Asia: Sell-offs and lift-offs
A macro strategist’s view on Asian economies and markets
Essential Asia: Head(winds) or Tail(risks)
A macro strategist’s view on Asian economies and markets
Podcast: Greece Referendum Fallout
In this special edition podcast, Peter Jolly, NAB Global Head of Research, and Peter Hartley, NAB Business Markets - Foreign Exchange, discuss the latest developments in the Greece referendum fallout.
Essential Asia: On the Rebound
A macro strategist’s view on Asian economies and markets
Weekly Market Video Wrap: 5 June 2015
NAB's Director & Senior Economist, David de Garis shares a market update for the week ending 5 June 2015
Australian Markets Weekly: Greece faces very tough few months
A big week with Q1 Australian GDP, the RBA’s June Board Meeting and US non-farm payrolls for May at the end of the week. Greece faces a tough three months, with large debt, loan and interest payments due between June and August. In our highlighted article, we focus on different scenarios for Greece and what they mean for the EUR and AUD.
Essential Asia: Policy Bear Pa(w)se
A macro strategist’s view on Asian economies and markets
Essential Asia: US$ Bull(ied)
A macro strategist’s view on Asian economies and markets
Essential Asia: Conviction Tested
A macro strategist’s view on Asian economies and markets