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Europe: Anti-Immigration Vs More Negative Demographics
Freemium Article

May 22, 2026 8:12 AM UTC

 A significant demographic tremor is gaining speed and breadth - globally. Just as politics – certainly in the west - is framed around ending or at least reducing and controlling immigration, it seems that the populists at the helm of such thinking are not considering the ramifications of such a

Chartbook: Chart GER 10 Year Yield: Yields to remain under pressure into the coming weeks
Paying Article

June 16, 2026 12:57 PM UTC

The anticipated break higher in yields has posted a fresh 15-year high at 3.200%

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BoJ Review: One Percent
Freemium Article

June 16, 2026 4:39 AM UTC

The BoJ hike rates by 25bps to 1% in the June meeting 

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U.S./Iran Interim Deal and Reopening Strait of Hormuz
Paying Article

June 15, 2026 12:32 PM UTC

  ·       Our baseline (80%) is that the Strait of Hormuz will reopen in H2 2026 and remains open through 2027.  However, logistics dislocation plus a switch from commercial inventory rundown to rebuilding will likely slow the decline in oil prices back towards normal levels (Figure 1).  O

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ECB Review: If Not Insurance, Why the Hike?
Paying Article

June 11, 2026 2:27 PM UTC

The 25 bp official rate hike unveiled today was so well-flagged it is hard to suggest that it is consistent with a decision process on a meeting-by-meeting basis.  Similarly, the dominance of inflation upside risks, alongside another dose of optimistic real economy projections, is hardly proper dat

North American Summary and Highlights 22 May
Freemium Article

May 22, 2026 7:47 PM UTC

Overview - The USD was supported by comments from Fed’s Waller and higher Michigan CSI inflation expectations but ended little changed. 

Asia Open
Paying Article

June 18, 2026 11:41 PM UTC

All Good For Now

North American Summary and Highlights 18 June
Freemium Article

June 18, 2026 8:02 PM UTC

Overview - The USD remained bid on Friday. The SNB and BoE delivered no surprises.

Chartbook: Chart EUR/USD: Choppy trade - under pressure into the coming weeks
Paying Article

June 18, 2026 4:51 PM UTC

Consolidation around 1.1500 gave way to a bounce to congestion around 1.1800, before prices settled back in steady selling interest to congestion support at 1.1500

Chart USD/CAD Update: Pressuring critical resistance in both USD- and CAD-driven trade
Freemium Article

June 18, 2026 3:53 PM UTC

Anticipated gains have extended in both USD- and CAD-driven trade

FX Daily Strategy: Asia, Jun 19th
Paying Article

June 18, 2026 3:00 PM UTC

Market Focus Stays in Middle East
National CPI Remain Compressed
USD/JPY Consolidating, Tilted Higher

Preview: Due June 22 - Canada May CPI - A further lift from energy while core rates pause after a weak April
Paying Article

June 18, 2026 2:18 PM UTC

We expect May Canadian CPI to see a further acceleration to 3.0% yr/yr from 2.8% (to 3.04% from 2.82% before rounding) while the Bank of Canada’s core rates see little change following a notable slowing in April which took two of the three measures close to the BoC‘s 2.0% target.

Chartbook: Chart USD/CHF: Choppy trade giving way to fresh tests higher in the coming weeks
Paying Article

June 18, 2026 2:09 PM UTC

Anticipated gains failed to make much headway beyond congestion resistance 0.8000

Chart AUD/USD Update: Under pressure
Paying Article

June 18, 2026 1:40 PM UTC

Cautious trade has given way to a sharp pullback to congestion support at 0.7000

Chart EUR/JPY Update: Sharp reversal
Paying Article

June 18, 2026 1:08 PM UTC

Anticipated tests lower have accelerated in EUR-driven trade

Preview: Due June 23 - U.S. June S&P PMIs - Manufacturing not quite as strong, marginal improvement in services
Paying Article

June 18, 2026 1:01 PM UTC

We expect a correction lower in June’s S and P manufacturing PMI to a still firm 54.5 from 55.3, but a modest improvement in the S and P services PMI to a still subdued 51.0, from 50.7 in May.

Chart USD/JPY Update: Fresh year highs in both USD- and JPY-driven trade
Paying Article

June 18, 2026 12:57 PM UTC

Cautious trade has given way to a break to fresh 2026 year highs around 160.95 in both USD- and JPY-driven trade

U.S. Initial Claims, June Philly Fed - Slightly improved but some signs of fading momentum
Paying Article

June 18, 2026 12:54 PM UTC

Initial claims slipped to 226k from 230k while June’s Philly Fed manufacturing survey increased to 10.3 from -0.4, both in line with expectations, improved but not as strong as some recent releases.

EUR/USD, USD flows: Data largely with grain, tests next levels
Paying Article

June 18, 2026 12:49 PM UTC

Philly Fed solid details, goes with the grain
Market focused on follow through and levels

Chart USD/ZAR Update: Smart bounce
Paying Article

June 18, 2026 11:53 AM UTC

Cautious trade within the 16.1400 - 16.2500 range has given way to a sharp bounce

GBP/USD, EUR/GBP flows: BoE avoids hawkish surprise, cross drifting up off range floor
Paying Article

June 18, 2026 11:27 AM UTC

BoE delivers the expected 7-2 vote for unchanged
Small lift for EUR/GBP on confirmation and lack of hawkish surprise
Overall, recent action remains largely technical driven with the recent measured range bounce

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BOE: Gang of 6 and Steady 2026 Rates
Paying Article

June 18, 2026 11:27 AM UTC

 Though Megan Greene joined Huw Pill in calling for a one off 25bps risk management hike, 6 MPC members feel that disinflation is showing through and a soft economy and labor market warrants waiting to see energy prices and potential 2nd round effects. This gang of 6 also feels that markets have ti

Chart EUR/CAD Update: Reversal in EUR- and CAD-driven trade
Paying Article

June 18, 2026 11:07 AM UTC

The anticipated break above strong resistance at the 1.6250~ monthly high of 14 April has not been seen

Europe Summary and Highlights 18 Jun
Paying Article

June 18, 2026 10:59 AM UTC

After some consolidation overnight, dollar back to bid after the FOMC breaks
SNB as expected; Norges a little hawkish but NOK focus on USD and on Iran-trade unwinds
UK looks to BoE and by-election

FX Daily Strategy: N America, Jun 18th
Paying Article

June 18, 2026 10:43 AM UTC

FOMC lives up to the hype, dollar breaks higher
Otherwise focus turns to the UK, with data, BoE and by-election. 
SNB as expected, Norges Bank a little hawkish but NOK focus elsewhere

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