OPEC-Plus Watchdog Urges Greater Cuts Compliance

Complete adherence to the recent accord on oil production limits is paramount to rebalancing oil market fundamentals and ensuring stability in the industry, the OPEC-plus watchdog group warned Thursday. The Joint Ministerial Monitoring Committee (JMMC) is co-chaired by Russia and Saudi Arabia’s energy ministers, and is tasked with assessing energy market conditions, especially as it […]
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US Initial Claims Fall, But Level Remains High

US initial jobless claims filings fell further in the current week, but the pace of weekly declines has slowed and the level itself remains extremely elevated. In other data Thursday, manufacturing conditions in the Philadelphia Fed region improved drastically in June, showing growth for the first time since the COVID-19 crisis started. The Labor Department […]
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And Another Thing…

Monday’s column – predicably I have to say – prompted no little chatter on my communication channels, it’s always that way when I write about the primary venues, and amongst the always interesting conversations was an idea or two about why the April and May data were so awful, and the suggestion of a scenario […]
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To Cross, or Not to Cross?

It is one of the oldest questions facing a trader – how best to work out of a position involving two currencies that are rarely, if at all, supported by most market participants. In the deep and distant past, when FX markets were predominantly voice-traded and risk was managed on a deal-by-deal basis, this question […]
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BofA Fund Manager Survey Sees Cautious Optimism

Global investors polled in June were cautiously optimistic about world growth, but wary that a second wave of COVID-19 could weigh on economic prospects, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. In June, a net 61% of fund managers looked for global growth to strengthen in the coming […]
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US May Retail Sales Surge 17.7% on Re-Openings

As social distancing eased in May, retail sales and industrial production rebounded from sharp declines in April. Motor vehicles were key to both series. The May rebounds are not a surprise and should continue in June as more state restrictions are reduced. The concern is the fall, when the second stage of the virus is […]
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Fed’s Daly: Ready to ‘Pivot’ to Stimulus Post-Pandemic

The Federal Reserve’s emergency relief programs will give way to stimulus and a focus on lowering unemployment whenever the coronavirus crisis has ebbed, San Francisco Fed President Mary Daly said Monday. Speaking at a National Press Club-sponsored event and later to reporters, Daly said it would make no sense to focus on stimulus now, when […]
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And Finally…

So, do we need to talk about the primary venues? The ADV data from CME Group (which obviously includes EBS) and Refinitiv makes for pretty grim reading with the latter two reporting the lowest daily turnover since they started publishing data in 2007 and 2009 respectively, and the former being in the fifties of billions […]
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In the FICC of It

On this week’s podcast Colin Lambert is joined by Xav Porterfield, head of research at New Change FX (NCFX), to discuss a new method of measuring execution quality – the unit cost of volatility (UCV). Porterfield explains how the measurement actually derives from a landmark market impact paper in the mid-1990s before the two delve […]
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Necessity Brings Innovation Amid Turmoil

Who would have guessed that you can track government spy planes above Washington protests via certain websites, or that a bankrupt Hertz can consider issuing stock, or that the ubiquity of smartphones would transform the legacy of slavery forever? We’re learning so much as 2020’s second half begins. That there are no bailouts planned for […]
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