Bundles

13 March 2020

In case you missed it: Pandemic pandemonium

As the pandemic spreads, the Fed has signalled it is prepared to go 'all in', Germany unleashes its fiscal 'bazooka', the UK has responded with fiscal and monetary action, China has cut reserve requirements and governments around the world are declaring a state of emergency. To top it all, Saudi Arabia and Russia's tussle has led to oil prices plummeting

In this bundle

United States

US: Fed steps in with US$1.5 trillion

In response to increasingly dysfunctional markets, the Federal Reserve has stepped in with a massive liquidity injection to try and bring some calm

EUR/USD: What’s next?

With global uncertainty rising and EUR/USD volatility increasing, the game has changed for the cross. We look at various scenarios for the likely future…

and

ECB: No ‘whatever-it-takes’ 2.0

The European Central Bank announces its first package to tackle the market turmoil and economic fallout from Covid-19. It's a collection of measures,…

ECB & EUR: Pouring oil into the fire

The ECB didn't surprise on the dovish side today. No rate cuts and a muted QE would normally lead to higher EUR/USD. But the lack of conviction that…

Eurozone: Bridging the economic fallout

As the economic impact of the coronavirus has become greater among eurozone economies, the focus has turned to policy makers and their responses. What are…

and

Czech Republic

CZK meltdown: Is the past catching up?

Given the global backdrop, EUR/CZK is set to head higher, with EUR/CZK 26.50 being the next realistic target. With the koruna under heavy pressure,…

United Kingdom

UK budget: Three main takeaways for markets

The combined actions of the Bank of England and the UK Treasury will go some way to insulate firms against cashflow constraints over the coming weeks and…

For Asia, "too low" oil prices are "a thing"

Opinion

By Robert Carnell

For Asia, “too low” oil prices are “a thing”

Globally, oil is not a "tax" on income, it's closer to a "transfer" from producers to consumers - but even that is a…

Growth in the Balkans: From zero to hero..and back?

Growth in the Balkans: From zero to hero..and back?

We review below the main changes to our macroeconomic forecasts for Romania, Bulgaria, Serbia and Croatia. While the revisions are all pointing the same…

Sweden

Why the Riksbank won’t be the next central bank to cut rates

Policymakers in Sweden are wary about taking the repurchase rate back into negative territory, having only raised it in December. But with the relatively…

Russia

Russia bracing for oil shock: initial thoughts

The Russian market is facing volatility, with large fiscal reserves and high real rates coming back into investors' focus, but only after the oil- and…

USD: The wrong kind of rally

Thursday is turning into one of the darkest days of market dislocation since the Global Financial Crisis in 2008/09. The ECB package has failed to calm…

Trade

Eurozone: Gauging possible supply chain disruptions from Covid-19

As Covid-19 goes global, supply chain risks to the eurozone economy have increased materially. Our analysis finds risks to the eurozone mainly come from…

and