Central banks across the globe recalibrated their policy stance in the first week of May, making it clear that inflation is not the sole driver of their decisions. What does this suggest for the future direction of monetary policy?
An improved macroeconomic backdrop continues to support hard currency emerging market (EM) debt, which has outperformed local currency EM debt this year. However, is there now room for EM currencies to take off?
Factor investing through the cycle
Weakness in the global economy has been almost entirely driven by the manufacturing sector. With recent data showing tentative signs of a recovery, what could be the implications for bond markets?
Does the recent sell-off for risk assets mean the end of the cycle is nigh, or is there value to be found for investors willing to buck the trend?
Dovish central banks, strong fundamentals and an improved outlook for China suggest that all stars are aligned for emerging markets. How long can the year-to-date rally continue?
The Canadian dollar has weakened throughout the Bank of Canada's hiking cycle over the last two years.
Global - Currency Thoughts - PDF
Emerging Market Equity Views : Favorable global cycle and USD outlooks create a positive environment
While tariffs remain a concern, the key issue is the degree—which we deem moderate—of U.S. recession risk. The current global backdrop makes the U.S. dollar unlikely to strengthen. Earnings growth expectations are modest, valuations are undemanding
Switzerland is well known around the world for its high prices, with a Big Mac or a Starbucks latte costing over USD 6 each. The Swiss National Bank (SNB) itself describes the Swiss franc as “highly valued”, but it is less clear to us that the currency is