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Market Call Podcast

John Hardy
Head of FX Strategy
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2020 Outrageous Predictions are out now!

Continuing almost two decades of tradition, our experts have made 10 consensus-smashing market forecasts for the year ahead.
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    Macro

    What’s in Store for the RBA in 2020

    Eleanor Creagh
    Australian economy in 2020: lower interest rates, a muted growth pick up but still below trend
    Forex

    FX Update: Our 2019 Swan Song as vols remain suppressed

    John Hardy
    A flurry of central bank meetings yesterday elicited little volatility, though NOK was jolted higher by the Norges Bank maintaining the option to hike next year, while the momentous Riksbank hike back to zero rates was well flagged in advance. Elsewhere, the yen has perked up modestly and sterling is nearing important support versus the USD as we offer our final thoughts for 2019.
    Equities

    Goodbye 2019, and our guide for 2020 in global equities

    Peter Garnry
    2019 was a crazy year that ended very differently from what everyone including us had expected. We take a look at this year's events and also for to expect in 2020
    Equities

    The Climate to Storm Debate in 2020

    Eleanor Creagh
    The impact of climate change on public policy and investment implications
    Forex

    FX Update: Sterling droops further, Antipodeans struggle

    John Hardy
    Sterling has dropped further after erasing the post-election rally as Boris Johnson doubles down on delivering a trade deal or else before the end of next year. Elsewhere, currencies are shrugging off the ongoing risk melt-up in equity markets and the promise of a US-China trade deal, especially the Aussie and kiwi, which are eyeing important data in the Thursday session in Asia.
    Forex

    FX Update - The path to a weaker US dollar

    John Hardy
    In this monthly FX update, John refreshes the outlook on sterling after the UK election and revisits ongoing themes like the wait for a switch to a fiscal focus from policymakers, the ongoing historic extremes in low volatility, and what is needed to open a path to a weaker US dollar in 2020 after 2019 largely proved a bust for USD bears.
    Equities

    Liquidity and the FedEx Dichotomy

    Eleanor Creagh
    Equities continue to rally hard, despite pausing for breath today. Sentiment across global markets remains optimistic with broad based buying in play as a string of record highs set for US equities leads the march higher. Central bank liquidity is supporting sentiment as political risk premium drops.
    Forex

    FX Update: FX is sitting out the equity fun. Sterling to price BoE cuts?

    John Hardy
    While equity markets continue to melt higher into year-end, currencies have shown little beta to the good cheer, with the Aussie in an outright funk and sterling facing further setbacks on Boris Johnson rekindling No Deal risks over the end of the post-Brexit transition period at the end of 2020. Despite the Fed generosity, the US dollar remains resilient.
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