Hedge funds in the UK and US have significantly reduced long USD positions, awaiting clear trends
• Real-money funds are focused on relative value, favouring O/W AXJ vs. Latam currencies and O/W INR
• European corporates perceive long-term value i...
Opinion polls point to a high chance of a minority government after the 7 May general election
• 2010’s hung parliament saw the largest decline in GBP of any election since 1979
• Political uncertainty and the market’s view that UK rates are on ho...
• 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...
The BoE sees inflation above target by 2017 as wage pressures build, despite near-term deflation risks
• We lower our 2015 inflation forecast, but see medium-term inflation risks triggering a rate hike in Q4-2015
• With a hung parliament increas...
RGI rose 1.2% m/m in November; trade settlement is a key driver, as 22% of China’s trade settled in RMB
• By end-2015, we expect the RGI to reach 2,500 and Renminbi deposits in Hong Kong to reach CNY 1.05tn
• Dim Sum issuance this year should be ...
In a dovish Inflation Report, the BoE cut its inflation forecasts, signalling no rate hike until late 2015
• We push back our first-rate-hike expectation to Q3-2015 (previously Q1-2015), cut our inflation forecasts
• We revise our GBP-USD forecast...
Scotland appears to have voted to stay in the UK; this should boost markets, but major issues remain
• The UK faces ongoing political uncertainty ahead of the May 2015 general election, and slowing growth
• FX implications: We expect an initial GB...
You are cordially invited to join us for an exclusive conference call presentation (with Q&A) with:
• Sarah Hewin, Head, UK and Europe Macro Research, London (host)
• Callum Henderson, Head, FX Research, Singapore
• Topics include:
• Top 3 data/events
• Europe – New clearing banks set to boost RMB internationalisation
• Taiwan – May IP, job data likely shows a recovery in growth momentum
• Singapore – May inflation likely supported by private transport costs
• Market focu...
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