US March Conditions Data Confirm Activity Slowdown Has Started

There has been relatively little March US data released to this point, but what has been reported confirms that an economic slowdown has begun. Analysts and politicians are anxiously awaiting Thursday’s initial claims report, which is expected to show an even larger surge in unemployment filings than posted last week. Prior to that, there is […]
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US February New Home Sales Plunge

Sales Pace Falls 4.4% to 765k SAAR, Supply Down Modestly US new home sales fell sharply in February, down 4.4% to a 765,000 annual rate, better than market expectations for a decline to a 743,000 pace, but before the full impact of COVID-19. The January sales pace was revised up to an 800,000 rate from […]
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Gold Market Dislocates as Physical Supply Hit

Dealers are reporting a dislocation in the spot gold market as the basis risk between futures and physical has blown out over physical delivery concerns. One source reports prices up to 30 big figures wide on some platforms quoting physical while the Comex futures spread remains locked around 30 cents wide. The problem stems from […]
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VaR Shock Has Led to “Clean” EM Positions: Morgan Stanley

New research from Morgan Stanley has concluded that emerging markets investors faced a “VaR shock” in the first two weeks of March which led to the “unprecedented” weakness in EMFX markets as they cut overweight positions., but that shock has passed. The research, by Min Dai, head of Asia Rates and FX strategy at Morgan […]
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Difficult Trade Offs, Unprecedented QE, Accelerating Infection

Americans who in even greater numbers are staying at home Monday were suddenly being asked to choose between two virus scenarios; one espoused by medical experts, the other by people newly afraid the economy is being irreversibly crippled, President Trump among them. Which view leads to the most prudent outcome, either an early relaxation of […]
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Liquidity Thins Out as Conditions Take Toll on FX Market

Conditions in FX markets are deteriorating steadily according to market sources as liquidity providers (LP) ration precious resources and battle widespread shut downs of offices. Spreads, which have been gradually widening over the past few days, have continued to do so Monday with dealers reporting top of book spreads on FX platforms anywhere from between […]
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Congress Hits a Speed Bump on the Way to Spending Nearly $2 Trillion

As US cases of the coronavirus now double every two and a half days, more than 84 million Americans are spending a bleak Sunday night facing a week – and maybe months – ahead, either off the job or teleworking, separated from relatives and friends, seeing paralysing discord on Capitol Hill where the virus is […]
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And Finally…

I’ll make this quick – it’s my birthday. Something that previous crises have had in common with the current pandemic-driven meltdown (and I am in no way minimising what is easily the most serious threat to the global financial system in some time), is that at the end of it people look back and see […]
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What Drives a Successful FX Platform?

To read this article in full and watch the video, please register for free Although the recent return of volatility to FX markets has helped the business to new highs, LMAX Exchange recently delivered very strong financial results for 2019. In this video interview Colin Lambert talks to David Mercer, CEO of LMAX Group, about […]
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In the FICC of It

There is one theme for the podcast this week – the FX market’s ongoing challenges in the current volatile environment. Joining Colin Lambert, managing editor of Profit & Loss is Rob Loft, founder and CEO of performance consultants Harvey Loft, to talk through the issues, starting with a perspective of how markets have handled the […]
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