In case you missed it: The trade war is on

Metals have been hit hard, the world’s favourite safe haven currency – the yen drifts towards its lowest levels of the year, and China potentially considers 'qualitative' retaliation as the trade war escalates. Here's everything else we've been thinking about

In this bundle

Japan

JPY: Why the yen’s at a crossroads

We see two potentially large and opposing drivers of USD/JPY over the next six months. Further Fed tightening and US Treasury curve flattening look…

China

China: Changing the nature of retaliation on trade

It may not be until September that we'll be able to assess the extent of China's qualitative retaliation to the overnight announcement by the US…

Metals: You’ve got to roll with it

Metals have been hit hard by escalating trade wars and the perceived risks to global growth and demand. Amid the macro gloom, it’s hard to see what…

United Kingdom

UK government in turmoil, what now for Brexit?

Having agreed a plan with her government, Theresa May has been rocked by the resignation of Brexit Secretary David Davis and now her Foreign Secretary,…

and

Four crucial questions for Eurozone leaders to answer

European leaders made little progress in answering profound questions about the Eurozone's future at their June summit. But ensuring economic…

Switzerland

Swiss Quarterly: On the right track

Even though Switzerland’s real GDP growth lost some momentum, the outlook is positive for the year ahead. Nonetheless, we’ve slightly revised…