SAXO Charu Chanana
Central bank divergence on the radar: Hawkish RBNZ, Dovish BOC and SNB
Markets have come a long way in their Fed expectations since the start of the year. Two rate cuts have been priced out for 2024, and less than 100bps is now priced in. This is now close to what the Fed expected in its December dot plot – 75bps of rate cut...
7 months ago
Global Market Quick Take: Asia – February 21, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: Big tech dragged US equities lower ahead of earnings results from AI giant Nvidia due today. Nvidia was down over 4%...
7 months ago
Weekly FX Chartbook: US CPI, geopolitics and dovish pivots from ECB and Bank of Canada in focus
massive outperformance from precious metals last week despite higher yields, along with oil and commodity gains underpinning NOK, AUD and NZD. Our FX Scorecard shows momentum turning negative for CAD after poor jobs data last week could spark a dov...
6 months ago
CAD vulnerable as market underprices dovish Bank of Canada risks
Hard landing risks loomCanada’s composite PMI has been in contraction for 10 months in a row, indicating a slowdown in economic activity.Labor market data for March showed net job losses and unemployment rate rising to 6.1%, the highest in 2 years.Februar...
6 months ago
Global Market Quick Take: Asia – April 11, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: US stock futures pointed lower, extending losses seen on the Wall Street in Wednesday’s session following inflation...
6 months ago
Global Market Quick Take: Asia – April 12, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: US stocks ended the day higher after a cooler PPI eased inflation concerns sparked by a hot CPI earlier in the week....
6 months ago
Riding the Fed-ECB Policy Divergence
What happened this week?US CPI for March came in hot yet again. This was the third consecutive print of higher-than-expected inflation, questioning why the Federal Reserve needs to cut rates. Markets now price in the first full Fed rate cut only in Septem...
6 months ago
Chinese Yuan’s Double Whammy - Dollar Strength and Yen Weakness
What happened?The People’s Bank of China (PBoC) set its USDCNY reference rate (the mid-point at which the onshore yuan is permitted to trade) at its highest since March 1. This followed a similar move on March 22, when the USDCNY midpoint was fixed above...
6 months ago
Global Market Quick Take: Asia – April 18, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: Even as yields cooled, rate jitters persisted and weighed on US stocks with NASDAQ 100 leading the losses with a dec...
5 months ago
JPY: Intervention alert, or a BOJ alert?
Japanese yen has been on intervention alert for some weeks as USDJPY rose above the key 152 level on April 10 and breached 154 on April 15. The resilience in the US economy, sticky inflation and a pushback from Fed members saw US yields rushing to fresh h...
5 months ago
Global Market Quick Take: Asia – April 19, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: US equities extended the sell-off, with the S&P 500 closing lower for a fifth consecutive day and getting close...
5 months ago
FX 101: Using FX for portfolio diversification
Diversification is the only free lunch in investing, and it is the process of spreading your investments across asset classes, sectors, countries and industries to lower your portfolio risk. The goal of diversification is to minimize the impact of any sin...
5 months ago
Global Market Quick Take: Asia – April 22, 2024
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. Equities: US equity futures pointed higher after a brutal week for stocks saw NASDAQ 100 down over 5% and S&P 500 down 3%....
5 months ago
Weekly FX Chartbook: Stretched USD strength is raising intervention alert
Dollar struggled to rally last week despite Fed's pushback to easing expectations and a safety bid coming from escalation in geopolitical tensions. This week's focus will be GDP and PCE, but more importantly any intervention threat from Japan. Our...
5 months ago