Lloyd Miller

ETM Analytics

Head of Developed Markets and Latin America Research @ ETM Analytics

Lloyd is a Research Analyst at ETM Analytics covering G10, Latin America, and South Africa. He has four years full-time professional experience in market research, specialising in macroeconomics, fixed income, and foreign exchange markets. This follows on from his experience as a Management Consultant at a top tier firm in South Africa, at which he spent two years. Lloyd holds a Bachelor of Commerce Honours degree in Economics from the University of Pretoria in South Africa, as well as an Advanced Certificate in Emerging Market and Country Risk Analysis from Fordham University in New York. His market commentary has been featured in industry publications such as Bloomberg, Reuters, and CNBC Africa.

Lloyd Miller
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Latest from Lloyd Miller

Naira plunges, Botswana keeps rates unchanged

Forex: Nigerian naira plunges to a fresh low in the parallel market. Fixed Income: Nigeria’s debt-to-GDP ratio is expected to jump as government converts CB loans to bonds. Macroeconomic: Surprise decision sees Botswana keep interest rates unchanged.
ETM Analytics Lloyd
Lloyd Miller @ ETM Analytics 21 October 2022

Increased borrowing requirements to pressure Nigerian bonds

Forex: Egypt's current account deficit persists in fiscal year 2021/22. Fixed Income: Increased borrowing requirements to pressure Nigerian bonds. Macroeconomic: Central bank of Ghana remains very aggressive in tightening policy.
ETM Analytics Lloyd
Lloyd Miller @ ETM Analytics 7 October 2022

Kenya affirms new President, Uganda bans unprocessed gold exports

Forex: Current account deficit compounding Kenyan shilling weakness. Fixed Income: Fed QT means Africa may struggle to attract foreign capital. Macroeconomic: PMI figures suggest that confidence within African private sectors remains weak.
ETM Analytics Lloyd
Lloyd Miller @ ETM Analytics 6 September 2022

Rate hikes and debt distress remain key themes through Africa

Core bond markets were under pressure yesterday, with USTs, bunds, and gilts all weakening as global risk sentiment improved. Ethiopia: Ethiopia’s 2021-2022 tax revenue rose by 21% to ETB336.7bn but missed the ETB360bn target for the fiscal year runn...
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Lloyd Miller @ ETM Analytics 20 July 2022

Nigeria rate decision in focus today

US Treasuries ended yesterday’s session cheaper across the curve, with the topside pressure on yields provided by a slate of IG issuance that came amid thin trading volumes. The rise in the gold price reflects increased demand in the world market par...
ETM Analytics Lloyd
Lloyd Miller @ ETM Analytics 19 July 2022

Kenyan lawmakers create a committee to look into matters of public deb

The May US Jobs report today will carry added focus as it will be eyed for any signs that recession concerns have started to impact hiring. The hike unwinds some of the 250bps points of easing announced since 2020 to prop up the economy ravaged by th...
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Takudzwa Ndawona @ ETM Analytics 3 June 2022

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