Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Optimism tends to quickly affect risk markets but lacks follow-through</li><li>Ceasefire holding for now, but uncertainty in FX market due to Fed pricing</li><li>Japanese MOF intervention in currency market causing fluctuations in Dolly JPY, uncertainty on further intervention possibilities</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Optimism tends to quickly affect risk markets but lacks follow-throughCeasefire holding for now, but uncertainty in FX market due to Fed pricingJapanese MOF intervention in currency market causing fluctuations in Dolly JPY, uncertainty on further intervention possibilitiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Yentervention and other FX policy stories

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes</li>
<li>Long Japanese Yen starts to work. Now follow through is needed</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes
Long Japanese Yen starts to work. Now follow through is needed


Overview #76 – The Circus Comes to Town

Macro, FX and Rates Strategist

Ishaan Dev Kapoor

Macroeconomics

<ul>
<li>Three Treasury interventions in three weeks, EUR/JPY sales, FIMA request, doubled buybacks, read as term premium suppression. The Treasury put looks to have a higher strike than the Fed put.</li>
<li>Rising term premium squeezes the Treasury twice: it inflates the interest bill, and it threatens equities, the one asset class keeping US financial conditions loose. Debt management becomes financial stability.</li>
<li>Japan's bill buffer is spent. The next yen defence sells coupons into the long end or borrows through FIMA. By 16 September the cap has moved or it hasn't.</li>
</ul>


Three Treasury interventions in three weeks, EUR/JPY sales, FIMA request, doubled buybacks, read as term premium suppression. The Treasury put looks to have a higher strike than the Fed put.
Rising term premium squeezes the Treasury twice: it inflates the interest bill, and it threatens equities, the one asset class keeping US financial conditions loose. Debt management becomes financial stability.
Japan's bill buffer is spent. The next yen defence sells coupons into the long end or borrows through FIMA. By 16 September the cap has moved or it hasn't.


The Treasury Put, Financial Stability and the Road to Fiscal Dominance

<ul>
<li>FX and gold oil ratio have decoupled this year, leading to low volatility and focus on US data, exogenous shocks, and geopolitics in FX trading.</li>
<li>Japanese Prime Minister Takaichi delivered a speech on economic policy, focusing on fiscal measures and debt reduction, without mentioning monetary or FX policy.</li>
<li>Despite interventionist stance of Takaichi and Finance Minister Katayama, it is unlikely they will strongly intervene in BOJ policy, with expectations of a rate hike next week due to economic and market developments.</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


FX and gold oil ratio have decoupled this year, leading to low volatility and focus on US data, exogenous shocks, and geopolitics in FX trading.
Japanese Prime Minister Takaichi delivered a speech on economic policy, focusing on fiscal measures and debt reduction, without mentioning monetary or FX policy.
Despite interventionist stance of Takaichi and Finance Minister Katayama, it is unlikely they will strongly intervene in BOJ policy, with expectations of a rate hike next week due to economic and market developments.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Japan focus, US/China, PMIs, Fed/ECB

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

<ul><li>Global economic activity trending downward, inflation on the rise</li><li>Focus on US-China summit, labor market data, and upcoming inflation report</li><li>Fed may consider rate cuts despite strong labor market and inflation risks</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global economic activity trending downward, inflation on the riseFocus on US-China summit, labor market data, and upcoming inflation reportFed may consider rate cuts despite strong labor market and inflation risksThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Week Ahead – The End of the Beginning, or the Beginning of the End?

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Global FX: Yentervention and other FX policy stories

The market is uncertain about the direction of the dollar, with optimism quickly priced in but the Japanese MOF intervening to keep the dollar yen...

At Any Rate

Overview #76 – The Circus Comes to Town

A review of recent events/data impacting our investment themes and outlook. We look at the change in rate-hike expectations and what it means for...

Rikki Malik

The Treasury Put, Financial Stability and the Road to Fiscal Dominance

The US Treasury keeps feeding the fiscal dominance trade. We read three interventions in three weeks as term premium suppression, trace the...

Ishaan Dev Kapoor

Global FX: Japan focus, US/China, PMIs, Fed/ECB

The FX and gold oil ratio have decoupled, leading to low market volatility, while traders focus on US data, geopolitics, and recent developments in...

At Any Rate

The Week Ahead – The End of the Beginning, or the Beginning of the End?

Global economic activity remains weak with rising inflation, geopolitical focus shifts to US-China summit and local elections, Japanese yen slide...

Nomura – The Week Ahead

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52-week Range

Market Cap (USDm)

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