U.S. dollar underpins EM assets


We see the U.S. dollar stabilizing or weakening over the next six to 12 months. Two broad drivers – monetary policy differentials and risk appetite – decide the dollar’s moves, in our view. We see a pause in monetary policy in most developed markets (DM) and some room for additional… Read More »

US Dollar: pros and cons

Stefan Kreuzkamp -

Are foreign-exchange (forex) traders the most far-sighted players in the capital market? Can the almost $5 trillion traded in and out of the dollar on a daily basis be wrong? Just two months after Donald Trump’s election the greenback began to weaken – ending a rally since mid-2011. Did the… Read More »

The “Old Economy” strikes back


Oil prices are currently subject to spike risk. As geopolitical risk continues to build in theMiddle East and supply-side dynamics remain relatively constrained, we believe the oil pricecould rise significantly in the coming weeks as the “Old Economy” strikes back. When Brent oil went below USD 30 per barrel in… Read More »

Commodities, reflation drives performance


Commodities have outperformed, supported by the geopolitical situation in many oil-producing countries. Brent crude has risen to $75 per barrel, its highest level since 2014. We have overweight positions on the metals and mining sector, reflecting our positive view of commodities and the economic cycle. Energy and commodity prices are… Read More »

Enhancing the performance of alternatives with gold

World Gold Council -

In recent years, buy-and-hold investors such as pension funds, endowments, insurance companies, and sovereign wealth funds (SWFs) have gradually increased their investments in alternative assets to diversify their portfolios and boost returns. ‘Alternatives’ make up 23% of SWF portfolios and 24% of global pension funds, up from single digits in… Read More »

UBP Market Comment: Gold

Névine Pollini -

Gold started the new year with a bang, rallying to its highest level since mid-September 2017. It was boosted by a variety of factors: continued geopolitical tension between the US and North Korea, President Trump’s decision to recognise Jerusalem as Israel’s capital and the tensions this created across the Muslim… Read More »

Tell-Tell Forex and Debt

Walter Snyder -

The US dollar is still by far the leading global reserve currency, and many market observers think that it will remain so for quite a long time. This Newsletter has predicated gloom and doom for the dollar, and now the scenario for the greenback is becoming darker and darker. A… Read More »

What is better than gold? – Silver!


At least if we look at some fundamental data such as the ratio of gold production to silver production together with the ratio of the gold price to silver price or the grade of industrial use of both metals. Then, one quickly finds out that compared to gold, silver has… Read More »