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  • Q2 – The new, new normal - Updated Fri March 20, 2015

    • Overview – In a challenging market environment, macroeconomic and policy divergence – the ‘new normal’ – remains the critical foundation of our updated views and forecasts, with the US economy, USD and US rates leading the way higher. This will ev...

  • Close short USD-BRL - Updated Wed May 15, 2013

    The breadth of the USD rally could have further to run; we close our short USD-BRL position • Expectations for a hawkish BCB have diminished in recent weeks, despite still-high inflation • The BRL’s carry remains attractive; we await better level...



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