Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (one of the key reports of our institutional research service) >> To receive a copy just click through to contact us or request a trial.
This week we covered the following topics/ideas:
1. Sentiment Summation: The combination of extreme pessimism, very light positioning, large cash holdings, a growing wall of stimulus, and rising volatility could give rise to a rarely seen type of bull market.
2. US Dollar: Bearish - along with crowded longs, slight overvaluation, and fading yield support, in relative terms the Fed has by far been the most active central bank in terms of magnitude of new easing.
3. Safe Haven FX: “Safe currencies” are rolling over vs “risky currencies” (and in relative terms are overvalued and a significantly crowded trade – echoing broader risk sentiment).
4. Gold: Gold has a window to perform, with QE potentially able to help drive a valuation overshoot, but it will likely be an underperformer (esp. vs silver and copper) down the track.
5. EM Equities: Remain bullish on valuation, sentiment, and monetary tailwinds.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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