Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Given the tight &amp; very light volumes last week, we really need everyone back in their trading seats to get a lay of the land</li><li>Key question still remains, is this US Dollar bounce the real thing? Or a head fake to another move lower</li><li>Being neither too smart nor too foolish, KVP is doing one of the hardest things a trader/Portfolio Manager can do, sitting on the side lines &amp; waiting…</li><li>Let the currents of probability dictate when its time to act… cause right now…  apart from some downside exposure through equity puts or VIX calls for the portfolio (equity vol is too low), things are looking neither here nor there…</li><li>WK 13: End of !Q16, US PCE &amp; NFP due, plus PMIs in full swing &amp; liquidity should be returning to the markets post the hols</li></ul>

Given the tight &amp; very light volumes last week, we really need everyone back in their trading seats to get a lay of the landKey question still remains, is this US Dollar bounce the real thing? Or a head fake to another move lowerBeing neither too smart nor too foolish, KVP is doing one of the hardest things a trader/Portfolio Manager can do, sitting on the side lines &amp; waiting…Let the currents of probability dictate when its time to act… cause right now…  apart from some downside exposure through equity puts or VIX calls for the portfolio (equity vol is too low), things are looking neither here nor there…WK 13: End of !Q16, US PCE &amp; NFP due, plus PMIs in full swing &amp; liquidity should be returning to the markets post the hols

Global Macro Take: WK 13. Sitting on the Side-Lines… for Now

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

Global markets and investor confidence have reached an inflection point.  They have recovered from the extreme bearishness in the early months of the year supported by significant further monetary policy easing, cooperation among oil-producing nations, a sense that Chinese policymakers are working harder to underpin growth and stabilize its capital markets, and ECB efforts to mitigate the dampening effects of its negative rate policy on bank profits.  However, last week, global asset markets retreated after bumping up against down-trends established over the last year. Investors are worried that global growth and potential earnings remain tepid, that structural problems in emerging markets and over-supplied commodity markets remain. They may be concerned by the prospect of a return to monetary policy tightening in the US, the lingering doubts over bank profitability and loan quality, and limited further space to ease monetary and fiscal policy if required.  The outlook for US monetary policy will be important and key events this week will be watched closely.  We see the wages data at end week particularly important in the wake of a benign wage growth outlook in the 16 March FOMC meeting.

Global markets and investor confidence have reached an inflection point.  They have recovered from the extreme bearishness in the early months of the year supported by significant further monetary policy easing, cooperation among oil-producing nations, a sense that Chinese policymakers are working harder to underpin growth and stabilize its capital markets, and ECB efforts to mitigate the dampening effects of its negative rate policy on bank profits.  However, last week, global asset markets retreated after bumping up against down-trends established over the last year. Investors are worried that global growth and potential earnings remain tepid, that structural problems in emerging markets and over-supplied commodity markets remain. They may be concerned by the prospect of a return to monetary policy tightening in the US, the lingering doubts over bank profitability and loan quality, and limited further space to ease monetary and fiscal policy if required.  The outlook for US monetary policy will be important and key events this week will be watched closely.  We see the wages data at end week particularly important in the wake of a benign wage growth outlook in the 16 March FOMC meeting.

AmpGFX - US Wages Data a Potential Flash Point, Global Markets Inflection Point

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

<ul><li>Barring some kind of shock-event, US dollar liquidation will drive markets for the near-term, possibly even a few weeks.</li><li>Already elevated EM equities &amp; currencies just got jet fuel injected into their fires. EUR to gun for 1.15, AUD for 78c…</li><li>So tactically one can focus on being right &amp; comfortable while potentially missing on the potential continuation of the near-term trends, or one can focus on making money &amp; get uncomfortable by playing the melt-up</li></ul>

 Barring some kind of shock-event, US dollar liquidation will drive markets for the near-term, possibly even a few weeks.Already elevated EM equities &amp; currencies just got jet fuel injected into their fires. EUR to gun for 1.15, AUD for 78c…So tactically one can focus on being right &amp; comfortable while potentially missing on the potential continuation of the near-term trends, or one can focus on making money &amp; get uncomfortable by playing the melt-up 

Global Macro Take: WK 12. Dollar Melt-Down = EM EQ + EM FX + CMD Melt-Up

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Core inflation may be heating up as the Fed is putting too much confidence in low energy prices.Most of the Fed's economic forecasts were little changed. It is expecting lower energy inflation, which it seems to believe will take off some of the pressure to raise interest rates sooner.However, this week's detailed inflation data grew more worrisome even as the headline report for February showed a seemingly tame deflation rate of 0.2%, driven almost entirely by falling energy prices, which are already rising again in March....Analysts: Robert Johnson &amp; Roland Czerniawski

Core inflation may be heating up as the Fed is putting too much confidence in low energy prices.Most of the Fed's economic forecasts were little changed. It is expecting lower energy inflation, which it seems to believe will take off some of the pressure to raise interest rates sooner.However, this week's detailed inflation data grew more worrisome even as the headline report for February showed a seemingly tame deflation rate of 0.2%, driven almost entirely by falling energy prices, which are already rising again in March....Analysts: Robert Johnson &amp; Roland Czerniawski

Did the Fed Forget to Look at the February Inflation Report?

United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors.  The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

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Global Macro Take: WK 13. Sitting on the Side-Lines… for Now

Given the tight & very light volumes last week, we really need everyone back in their trading seats to get a lay of the land Key question...

Kay Van-Petersen

AmpGFX - US Wages Data a Potential Flash Point, Global Markets Inflection Point

Global markets and investor confidence have reached an inflection point. They have recovered from the extreme bearishness in the early months of...

Greg Gibbs

Inflation - Really?

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where...

ClearMacro

Global Macro Take: WK 12. Dollar Melt-Down = EM EQ + EM FX + CMD Melt-Up

Barring some kind of shock-event, US dollar liquidation will drive markets for the near-term, possibly even a few weeks. Already elevated EM...

Kay Van-Petersen

Did the Fed Forget to Look at the February Inflation Report?

Core inflation may be heating up as the Fed is putting too much confidence in low energy prices.Most of the Fed's economic forecasts were little...

Morningstar, Inc.

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