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The fact that Mario Draghi is ‘comfortable’ acting next time seems to equate with markets being comfortable pricing in less volatility. The VIX dropped to a recent low of 11.36 on Friday, levels not seen since early January’s bout of equity market complacency. Much has been made of the wider lull in volatility across bond, […]

The Dollar has been stronger in recent sessions with the bulk of strength seen against higher yielding currencies. The greenback has traded sideways against the EUR and GBP, and lost ground against the Yen. US Yields remain near recent lows as European periphery spreads continue to widen. Stocks have weakened in what looks like profit […]

Since early April numerous pundits and Financial Times articles have heralded the return of the carry trade. We have seen emerging markets and European periphery assets perform extremely well since stresses seen in Janaury.  The Chinese Yuan has been nearly the only major EM currency that has fallen. Periphery yields have fallen and EM currencies have […]

10 year yields are now down almost 10 basis points today as the benchmark US rate is now trading at 2.527%. The 2.60% -2.80% range that has been in place since early February has broken out decisively today with the all important 2.50% level in close view. Falling volatility in bond markets has been the […]

The Euro was volatile during the early New York session today as Draghi spoke at the European Central Bank’s monthly press conference. The Euro looked firm throughout most of the European session as it rallied off the lows near 1.3900 and was aided by the lack of a rate cut at 7:45am EST. By the […]

Friday was a frustrating day for US Dollar bulls and bond market bears. The non farm payrolls data showed that 288k jobs were created, while the unemployment rate fell from 6.7% to 6.3% . On the flip side, wage growth fell from 2.0% to 1.9% year over year. Additionally much attention was given to the […]