Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (the flagship report of our institutional research service). I put this report out weekly late Friday NZ time and aim to cover a good mix of macro/ideas/risk management topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. US Dollar: Maintain bearish view given downturn in medium-longer term indicators, weak technicals.
2. Commodities: Reiterate medium-term bullish commodities view given cheap valuations, weak capex, macro tailwinds, and bullish technicals.
3. Industrial Metals: Industrial metals are gaining a second wind; and economic recovery along with covid disruption and EM monetary easing look set to push them toward a key long-term resistance level.
4. Crude Oil: Cautiously optimistic crude short-term, but need to see a breakout. More constructive medium-term, particularly on a relative basis vs gold.
5. Agri Commodities: Remain bullish given pandemic disruptions, record low capex indicators, potential weather volatility, and bullish technicals.
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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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