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Straits of Hormuz Standoff and Mixed Markets
April 27, 2026 9:02 AM UTC
• Equities longer time horizon means that they are hoping for a reopening of the Straits of Hormuz (though also being helped by renewed AI optimism), whereas government bond markets actually want to see tangible progress and an associated tempering of DM central banks posturing. This dive
FX Daily Strategy: APAC, May 21st
May 20, 2026 3:04 PM UTC
Eying risk and bonds out of Nvidia, auction and Minutes
Big picture, have some seen re-pricings within established ranges (EUR/USD 1.15-1.20 give or take)
Need to see more decisive developments on Iran and/or asset volatility to be making new strides
Global PMI data in focus
Preview: Due May 21 - U.S. April Housing Starts and Permits - A mixed picture but trend may slow in Q2
May 20, 2026 12:31 PM UTC
We look for April housing starts and permits to both see levels of 1.40m, for starts a fall of 6.8% after a rise of 10.8% in March, and for permits a rise of 2.7% after a fall of 11.4% in March.
Europe Summary and Highlights 20 May
May 20, 2026 9:36 AM UTC
UK CPI softer, but PPI firmer and focus elsewhere on future developments
Oil trims, but part of a wider holding pattern as mkt navigates more verbal noise than signal on Iran for now
Tech risk eyes Nvidia the next focus
US20yr auction an d Fed Minutes of interest for USTs
USD/JPY, EUR/JPY flows: A compelling argument for the BoJ to surprise with aggressive Operation Twist
May 20, 2026 8:53 AM UTC
Argument that the current BoJ mix is not being rewarded. Indeed, its being punished as trilemma narrative takes hold
A riff on 'Operation Twist' offers a strong way forward - hike policy rates while reduce the aggressive taper
Could actually be both macro supportive and market savvy
Best version of the