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Market fears did not materialise The shutdown helps the US dollar The yen became October’s outsider The Bank of England may cut rates October was the second-best month of the year for the US dollar. The weakness of its main competitors, the hawkish rhetoric of the Fed, the continuing rally in stock indices and the […]

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23/09/2025

Sunset Market Commentary

Markets Markets take a very calm start of the week. Sentiment is slightly risk off, resulting in some modest losses on equity markets. Core bond yields trade little changed between -2 bps and +2 bps, with some minor outperformance by German bunds vs USTs. Italian BTP’s show no particular outperformance following Fitch’s rating upgrade last […]
09/04/2025

Elliott Wave Indicates Bearish Sequence for GBPJPY, Favoring a Downward Trajectory

The Elliott Wave perspective indicates that GBPJPY has entered a bearish sequence from its October 30, 2024 high. It signals further downside potential. From that peak, wave (W) concluded at 187.05, followed by a wave (X) rally that terminated at 195.94, as illustrated in the accompanying 1-hour chart. Currently, wave (Y) is unfolding lower, exhibiting […]
29/11/2023

US Q3 GDP Revised Higher, While Corporate Profits Sharply Accelerate  

The Bureau of Economic Analysis’ second estimate of Q3-2023 real GDP was revised 0.3 percentage points (pp) higher to 5.2% quarter-over-quarter (q/q, annualized). Consumer spending advanced by 3.6% – a modest downward revision from the 4.0% gain reported in the advance estimate. Healthy gains in spending were seen across both goods (+4.7%) and services (+3.0%). […]