Exceeding Consensus Boldly
Our central expectation going in to the ECB meeting was that President Draghi would try to exceed expectations. He is a past master of this, very skilled at manipulating opinion and then over-delivering
Bank of Canada move hits commodity currencies
The Bank of Canada is the latest Central Bank to deliver a shock; cutting its main policy rate to 0.75% from 1.0% in a move which none of the 22 analysts surveyed had anticipated.
US dollar regains its mojo
There’s a clear trend developing in global equity markets where expectations for monetary stimulus in Europe (ex-Switzerland of course!) are driving stocks higher whilst the prospect, or possibility, of Fed tightening combined with worries over corporate earnings are depressing
The calm before the storm
For the first time in well over a week, almost every currency is trading on the same big figure as it did 24 hours ago; the one exception being EUR/USD but even this is only 60 pips from where it opened Monday morning.
