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Fundamental Analysis

How does the PBOC manipulate Yuan? Real effective RMB exchange rate.

Following the steep decline of the mainland renminbi against the dollar, above the 7 mark, and following the PBOC’s “don’t panic!” statement, the US Treasury was surprisingly prompted to label China...

Russian oil minister Novak: output cuts should cover possible decline in oil demand

The size of output cuts agreed at the latest OPEC meeting were calculated by taking into account a possible slowdown in consumption, said Russian oil Minister Novak replying to Reuters...

Key economic events and reports of the upcoming week

Tuesday, August 13, 2019 - Average Earnings Index +Bonus (Jun)(GBP), Claimant Count Change (Jul)(GBP), German ZEW Economic Sentiment (Aug)(EUR), Core CPI (MoM) (Jul)(USD).Wednesday, August 14, 2019 -...

Trump Attacks The Fed Over Monetary Policy

While tensions between the US and China have increased dramatically over the last week, it seems that president Trump is placing his focus a little closer to home. Trump has once again been highly...

Upbeat China exports could hide growing “transshipment” goods flow

Surprising uptick in Chinese foreign trade data for July showed that exporters are able to satisfactorily solve the problem of diversifying sources of foreign demand (or implement workarounds) as...

The Crude Oil Chronicles - Episode 2

The latest EIA report, released yesterday, was particularly disappointing for US crude bulls. On the back of seven consecutive weeks of inventory drawdowns and following a report earlier in the week...

Brexit: Will EU Back Down Over Irish Backstop Issue?

Trick or Treat?With the October 31st Brexit deadline looming larger on the horizon each day, the likelihood of a no deal Brexit is starting to ratchet up. New UK Prime Minister Boris Johnson has vowed...

Are Fiat Currencies Losing Battle Against Gold?

Rapid rise of the gold price this week was somewhat particular as the yellow metal renewed historical peaks against a number of fiat currencies:Since the beginning of August, the price of gold in GBP,...

NZD Rocked By Surprise .50% RBNZ Rate Cut!

Perhaps the recent USD experience in reaction to the Fed’s latest rate cut was a learning curve for the RBNZ. At its August meeting held overnight, the bank was widely expected to cut rates, with a...