After closing Monday’s session flat amid thin liquidity conditions due to a bank holiday in the US, the USD has edged lower this morning as markets remain focused on posturing from major central banks on the path of monetary policy. Volatility is als...

The direction of the USD and currency markets will depend on tonight’s FOMC rate decision and the forward guidance provided in the policy statement. Given how much is riding on the outcome of the FOMC meeting, we expect trade conditions to be thin to...

Ukraine’s real GDP fell by one-fifth in Q1, following Russia’s invasion of Ukraine, according to new data published by the State Statistics Committee on 9 June. The war, which began in late February, would have impacted c40% of the quarter. Ukraine r...

Gold slipped overnight following an announcement by the ECB that they plan to raise rates in July by 25 bpts and cease its asset purchase programme. The positive balance was mainly driven by an annualized trade surplus that widened to R360bn due to g...

A Russian airstrike hit a freight railcar repair factory in the Ukrainian capital of Kyiv, this is after Putin promised to facilitate the export of grain from Ukraine amid a worsening global food shortage and inflation crisis. To combat the issue of ...

US bond yields slipped overnight, and the 10yr vs 2yr bond spread has flattened. With so much tightening already priced into the USD, and given its overvaluation, it is especially vulnerable to a correction, something emerging market currencies could...