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10:20
Morning Call: Softer dollar boosts commodities, stocks
#SaxoStrats
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10:35
Morning Call: Markets stabilise as trade tensions ease
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10:03
Morning Call: Chinese shares surge as trade war rages on
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19 September 2018 at 8:36 GMT
8:51
Today’s FX chart analysis - video
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18 September 2018 at 10:28 GMT
9:42
Morning Call: Trump hits China with tariff plan
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18 September 2018 at 7:29 GMT
2:45
The week ahead in macro
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17 September 2018 at 8:11 GMT
27:58
Macro Monday week 38: Keep Global Macro and Carry On
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17 September 2018 at 8:02 GMT
10:00
Morning Call: US yield curve lifts, boosting dollar
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17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
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11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
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10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
Kay Van-Petersen
10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
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07 September 2018 at 7:35 GMT
Video / 11 April 2018 at 7:30 GMT

From the Floor: Russian assets falling apart across the board

#SaxoStrats
   • US CPI release a key directional driver today
   • USD struggling, major upside surprise likely needed for bulls
   • Russian asset prices 'falling apart across the board': Hardy
   • German bunds little changed after hawkish comments from ECB's Nowotny
   • Euro slips higher as Nowotny suggests deposit rate lift

SaxoStrats
By Michael McKenna

Markets are awaiting the US response to the recent chemical attack alleged to be the work of Syrian government forces in Ghouta. The introduction of new sanctions against Syrian ally Russia, as well as expectations for further fallout, have pushed Russian asset prices lower across the board, reports Saxo Bank head of FX strategy John J Hardy.

 "Geopolitical risk is always hard to price but we are seeing a continued spike in USDRUB with even Russian sovereign dept falling sharply," says Saxo's forex head.

Beyond the Syrian flashpoint, markets are waiting today's US CPI release and Federal Open Market Committee comments at 12:30 GMT and 18:00 GMT respectively. According to Hardy, the struggling greenback would need a significant upside surprise, particularly in the monthly reading, to escape its present stagnation.

US CPI expansion is forecasted to come in at 2% month-on-month and 2.1% year-on-year.

USDRUB
Source: Saxo Bank

The euro is riding higher after European Central Bank governing council member Ewald Nowotny suggested that the bank could lift its deposit rate in order to get the normalisation ball rolling. The comments were quickly qualified by the ECB as solely representing Nowotny's individual view, but EURUSD is trading back around the 1.2373 level as of today's European open.

In the fixed income space, Saxo bonds specialist Althea Spinozzi reports that Nowotny's comments were not reflected by any appreciable move in German bunds while US 10-year Treasury yields remain around 2.8%, a level that Spinozzi expects to rise higher in the short- to medium-term.

Michael McKenna is head of editorial content at Saxo Bank 
1y
Logich Logich
Please try to improve the sound of John Hardy, which also today was fluctuating and hard to understand now and then.
1y
JJb JJb
Check your sound hardware and settings. It’s clear in the iPhone.
1y
Alan M Alan M
Yea the sound is fine for me, must be your settings
1y
Logich Logich
I can´t be the reason, as the sound of i.e. Ole Hansen is always good, whereas John Hardy sounds like he talks under water and volume is going up and down quit a bit.
1y
Alan M Alan M
What device are you using to watch it ??
1y
Cat Cat
It could be the background noise?
1y
Alan M Alan M
Background noise is faint for me, sounds like you are probably using a device that is trying to dynamically equalize the sounds and as a result makes noise louder and voices quieter, should be a way to disable this....

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