Playlist: Quantitative easing

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Quarterly Outlook: Credit impulse contraction bad news for growth
Dembik Christopher
03 October 2017 at 10:30 GMT
Quarterly Outlook: The geopolitical maelstrom – #SaxoStrats
Steen Jakobsen
03 October 2017 at 10:00 GMT
From the Floor: Risk-off rules as North Korea spooks markets
26 September 2017 at 7:29 GMT
Draghi can’t talk the euro down — #SaxoStrats
John J Hardy
09 March 2017 at 15:25 GMT
Just how divided is the ECB? – #SaxoStrats
John J Hardy
19 January 2017 at 10:00 GMT
Euro crushed under Draghi’s wheels — #SaxoStrats
John J Hardy
09 December 2016 at 12:26 GMT
Quarterly Outlook video: Queasy and uneasy
John J Hardy
05 October 2016 at 12:05 GMT
Quarterly Outlook video: Before false gods
Kay Van-Petersen
04 October 2016 at 12:09 GMT
Quarterly Outlook video: The new mantra
Dembik Christopher
30 September 2016 at 12:06 GMT
Bank of Japan and helicopter money?: Hardy
John J Hardy
20 July 2016 at 11:54 GMT
Essential Trades Q3 - It doesn't get bigger: Van-Petersen
Kay Van-Petersen
12 July 2016 at 7:08 GMT
Euro rises despite ECB delivering more than expected: Hardy
John J Hardy
10 March 2016 at 15:12 GMT
The ECB survival guide: Fasdal
Simon Fasdal
09 March 2016 at 13:35 GMT
Fasdal: What could be the ECB's secret weapon for March?
Simon Fasdal
26 February 2016 at 15:02 GMT
Jakobsen: Negative interest rates could be Fed's choice
Steen Jakobsen
04 February 2016 at 15:00 GMT
Video / 26 September 2017 at 7:29 GMT

From the Floor: Risk-off rules as North Korea spooks markets


  • Risk-off rules as North Korea spooks markets – Moltke-Leth
  • Yen up after Japan election call & North Korea worries – Hardy
  • EURUSD pushing on downside pivots below 1.1850
  • Brent breaks the band on momentum and supply concerns – Hansen
  • Brent now aiming at the psychologically-important $60/b mark – Hansen
  • Gold returns to relative safety above $1,300/oz – Hansen

By Clare MacCarthy

Markets are starting the European trading day in a risk-off mood after North Korea escalated its war of words with the White House saying that Donald Trump's latest rebuttal was tantamount to a declaration of war.

"There's a pretty clear risk-off mood across markets and this has generally affected the euro the most on the downside in the wake of the Germany election, on the upside we're seeing the Japanese yen and the Swiss franc," says John J Hardy, Saxo's head of forex strategy. That the yen should be gaining despite its geographical proximity to North Korean missiles is explained by yesterday's decision by prime minister Shinzo Abe to call a snap election. The euro, on the other hand, is being pushed lower by the European Central Bank's apparent confidence that ending QE will be a painless exercise.

Meanwhile, the ongoing rally in crude oil continues to cause surprise, says Ole Hansen, Saxo's head of commodities strategy. "The rally is stoking additional demand with shorts being covered and new longs being initiated." One new factor behind the rally is yesterday's developments in Kurdistan which threaten to block off the region's access to its export markets via Turkish pipelines and hence endanger supply.

Backwardation is attracting buyers to Brent
 Source: Bloomberg

Clare MacCarthy is an editor at


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