Founder & Chief Market Strategist - SAV Markets, SAV Markets

Shyam Devani

Founder & Chief Market Strategist - SAV Markets

Provide Comprehensive Analysis & Commentary

SAV Markets

SAV Markets aims to provide comprehensive analysis & commentary on foreign exchange and asset markets. The approach is multi asset as markets are typically interlinked. Cause and effect are always at work, even if those effects take time to manifest. As nothing is permanent we strive to get ahead of the curve in an ever changing world.

Cross Asset Strategy

<ul>
<li>US Treasuries may still be on the way up [in price]</li>
<li>The most interesting development is the fall in the Oil price as WTI takes out key levels</li>
<li>The price action on yields is so far no different to a month ago from where yields started to fall again after a strong NFP number. Equities may also benefit</li>
</ul>


US Treasuries may still be on the way up [in price]
The most interesting development is the fall in the Oil price as WTI takes out key levels
The price action on yields is so far no different to a month ago from where yields started to fall again after a strong NFP number. Equities may also benefit


<ul>
<li>As we prepare for the FOMC there are patterns to watch beyond the short term</li>
<li>The risk of lower yields still persists, especially given the curve inversion</li>
<li>As a consequence we are likely to see further gains in US equities</li>
</ul>


As we prepare for the FOMC there are patterns to watch beyond the short term
The risk of lower yields still persists, especially given the curve inversion
As a consequence we are likely to see further gains in US equities


<ul>
<li>Is the inflation ship turning? Price action in markets warrants this question</li>
<li>The clearest breaks have been in US stocks which should still rally</li>
<li>Bonds may be the next to move - it is the central market to watch</li>
</ul>


Is the inflation ship turning? Price action in markets warrants this question
The clearest breaks have been in US stocks which should still rally
Bonds may be the next to move - it is the central market to watch


FX & Rates

The Japanese yen is the official currency of Japan. 

<ul>
<li>The slip in US yields has lead the US_Japan yield spread to move lower thereby putting USDJPY out of line with it</li>
<li>The danger is that once month end is over, USDJPY may “catch up” by trending down in the short term</li>
<li>In addition we see price action developments on USDJPY itself that reflects weakness in the uptrend</li>
</ul>


The slip in US yields has lead the US_Japan yield spread to move lower thereby putting USDJPY out of line with it
The danger is that once month end is over, USDJPY may “catch up” by trending down in the short term
In addition we see price action developments on USDJPY itself that reflects weakness in the uptrend


<ul>
<li>Emerging trends and dynamics across international markets coupled with the BoJ's policy are lining up to support the Nikkei 225</li>
<li>Historical comparisons, if correct, also indicate a strong bounce. The price action on the Nikkei 225 itself is also bullish.</li>
<li>At this stage in a volatile market we remain fixed on short term dynamics and refrain from longer term outlooks where conviction still neds to be built</li>
</ul>


Emerging trends and dynamics across international markets coupled with the BoJ's policy are lining up to support the Nikkei 225
Historical comparisons, if correct, also indicate a strong bounce. The price action on the Nikkei 225 itself is also bullish.
At this stage in a volatile market we remain fixed on short term dynamics and refrain from longer term outlooks where conviction still neds to be built


SAV Markets
Provide Comprehensive Analysis & Commentary

US Treasuries & Post NFP Thoughts

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"V" For ? Thoughts on Central Banks

Market reactions to the ECB are clear, they are going the opposite way of what policy makers intended. As we prepare for the Fed, some medium term...

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The inverted curve in the US should NEVER be ignored. Latest indications point to further gains in bonds as well as ongoing gains in equities....

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USDJPY Disconnect

The price action on USDJPY & the DXY Index as well as short term developments in the fixed income markets are beginning to warn of a stretched USD...

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Nikkei 225's Comeback

The signs across markets as well as the price action on the Nikkei 225 indicate a decent rally ahead for Japanese equities as the BoJ continues...

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