Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

Global Macro Take: WK 22 – DXY is going back to 100<ul><li>Again its all about the US Dollar &amp; upcoming Fed hikes, nothing else matters…</li><li>DXY at 95.52 +0.20% for WK 21, is up 4 wks in a row – but you still ain’t seen nothing yet, we should be in the 96-97 range by now</li><li>As per the thesis from last week, Fed implied rate hike probabilities continue to grind up – yet year end expectations of one &amp; two hikes still too low at 74% &amp; 25%. Market is still asleep</li><li>Jun now has a 30% chance, whilst Jul (KVP’s pick) has now moved from c. 48% to 54% in the span of a week</li><li>WK ahead will be filled with Final PMIs, US ISM will be key as will NFP. ECB? Non-event</li></ul>

Global Macro Take: WK 22 – DXY is going back to 100Again its all about the US Dollar &amp; upcoming Fed hikes, nothing else matters…DXY at 95.52 +0.20% for WK 21, is up 4 wks in a row – but you still ain’t seen nothing yet, we should be in the 96-97 range by nowAs per the thesis from last week, Fed implied rate hike probabilities continue to grind up – yet year end expectations of one &amp; two hikes still too low at 74% &amp; 25%. Market is still asleepJun now has a 30% chance, whilst Jul (KVP’s pick) has now moved from c. 48% to 54% in the span of a weekWK ahead will be filled with Final PMIs, US ISM will be key as will NFP. ECB? Non-event

TGIM! @KVP_Macro - WK22. Mon 30 May 2016. The Global Macro Take: DXY Is Going Back to 100

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreads</li><li class="p1">After many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growth</li><li class="p1">A year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territory</li></ul>Analysts: Bob Johnson, Timothy Strauts, Alina Lamy

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreadsAfter many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growthA year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territoryAnalysts: Bob Johnson, Timothy Strauts, Alina Lamy

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

Global equities look tired and are exhibiting investor fears over diminishing capacity for and returns from further global monetary policy easing.  Policymakers are admitting problems and looking more impatiently to governments to step up efforts to stimulate growth with fiscal stimulus and structural reform.  However, significant progress on this front almost seems hopeless and central banks are being forced reluctantly to do more.  These same fears have returned in China with its capital markets displaying a lack of confidence in the sustainability of policies aimed at boosting growth, as rapid credit expansion yields little overall economic advance. In this environment we expect gold to continue its advance.  However, gold has been boosted recently by the surge in JPY and overall weakness in the USD.  These trends may be tired with Japanese policy makers stepping up their threats of intervention and further policy easing, while US rate hike expectations have been pushed further out and strength in US labor data this week may support the USD.  As such we now see long gold/short JPY as offering a better reward for risk.

Global equities look tired and are exhibiting investor fears over diminishing capacity for and returns from further global monetary policy easing.  Policymakers are admitting problems and looking more impatiently to governments to step up efforts to stimulate growth with fiscal stimulus and structural reform.  However, significant progress on this front almost seems hopeless and central banks are being forced reluctantly to do more.  These same fears have returned in China with its capital markets displaying a lack of confidence in the sustainability of policies aimed at boosting growth, as rapid credit expansion yields little overall economic advance. In this environment we expect gold to continue its advance.  However, gold has been boosted recently by the surge in JPY and overall weakness in the USD.  These trends may be tired with Japanese policy makers stepping up their threats of intervention and further policy easing, while US rate hike expectations have been pushed further out and strength in US labor data this week may support the USD.  As such we now see long gold/short JPY as offering a better reward for risk.

AmpGFX - Frustration, Despair and Case for Gold/JPY

<ul><li>Last week’s structural degradation on the USDJPY cross is a messenger bearing grim tidings – a big sell off is imminent – as we sliced through the critical 110 level like fish through water</li><li>USDJPY at 108.07 on Friday is now down -9% &amp; -1% from QE III &amp; QE II rounds in Japan</li><li>Whilst timing is always the factor, I favour portfolios with downward exposure, be they long vol, long puts the Nikkei/Kospi/Dax/Dow/S&amp;P or outright shorts on those indices</li><li>On currencies, even though I feel we are in a USD liquidation phase, tactically I favour risk-off crosses such as Short AUDJPY, Short NZDJPY, short GBPJPY. With that said EURUSD should take out 1.15 this week from Friday sub 1.14 close </li><li>On commodities, once again Gold miners GDX &amp; spot – remember the call people, we will see $1500 sooner than you think. And on bonds, once again US10yrs, yes at 1.75% they are tight. But it’s a relative world with JGBs &amp; Bund at -7bp &amp; +9bp &amp; key event risks in Jun &amp; Jul globally, +1.75% is a steal…</li><li>Lots of data due out this week: US earnings season kicks off today, globally its an inflation themed week &amp; there will be a big focus on China’s GDP due out on Fri (15)</li></ul>

Last week’s structural degradation on the USDJPY cross is a messenger bearing grim tidings – a big sell off is imminent – as we sliced through the critical 110 level like fish through waterUSDJPY at 108.07 on Friday is now down -9% &amp; -1% from QE III &amp; QE II rounds in JapanWhilst timing is always the factor, I favour portfolios with downward exposure, be they long vol, long puts the Nikkei/Kospi/Dax/Dow/S&amp;P or outright shorts on those indicesOn currencies, even though I feel we are in a USD liquidation phase, tactically I favour risk-off crosses such as Short AUDJPY, Short NZDJPY, short GBPJPY. With that said EURUSD should take out 1.15 this week from Friday sub 1.14 close On commodities, once again Gold miners GDX &amp; spot – remember the call people, we will see $1500 sooner than you think. And on bonds, once again US10yrs, yes at 1.75% they are tight. But it’s a relative world with JGBs &amp; Bund at -7bp &amp; +9bp &amp; key event risks in Jun &amp; Jul globally, +1.75% is a steal…Lots of data due out this week: US earnings season kicks off today, globally its an inflation themed week &amp; there will be a big focus on China’s GDP due out on Fri (15)

Global Macro Take: WK 15. False Gods Be Damned….

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of 1974 (“ERISA”). Revising these ERISA rules has been a high priority of President Obama’s administration for quite some time, and was the centerpiece of a policy speech by the President on February 23, 2015. These rules had not been meaningfully revised since 1975, notwithstanding the dramatic shift in the retirement market from defined benefit plans to defined contribution plans (such as “401(k)” plans) and individual retirement accounts (“IRAs”).

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of 1974 (“ERISA”). Revising these ERISA rules has been a high priority of President Obama’s administration for quite some time, and was the centerpiece of a policy speech by the President on February 23, 2015. These rules had not been meaningfully revised since 1975, notwithstanding the dramatic shift in the retirement market from defined benefit plans to defined contribution plans (such as “401(k)” plans) and individual retirement accounts (“IRAs”).

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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Goldman Sachs Group (GS US)

TGIM! @KVP_Macro - WK22. Mon 30 May 2016. The Global Macro Take: DXY Is Going Back to 100

Global Macro Take: WK 22 – DXY is going back to 100 Again its all about the US Dollar & upcoming Fed hikes, nothing else matters… DXY at 95.52...

Kay Van-Petersen

Morningstar Markets Observer: Q2 2016

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and...

Morningstar, Inc.

AmpGFX - Frustration, Despair and Case for Gold/JPY

Global equities look tired and are exhibiting investor fears over diminishing capacity for and returns from further global monetary policy easing. ...

Greg Gibbs

Global Macro Take: WK 15. False Gods Be Damned….

Last week’s structural degradation on the USDJPY cross is a messenger bearing grim tidings – a big sell off is imminent – as we sliced through the...

Kay Van-Petersen

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that...

Dechert LLP

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