Yves Sanquer

Currencies: New bout of weakness

"To hell with greed." Jerome Powell seems determined to loosen the purse strings by cutting rates in September. In Fed chairman terms, this translates as: "The central scenario and the evolution of the balance of risks could justify an adjustment to our policy." The US stockmarket applauds, the dollar falters, but rates remain steady and gold climbs.

August 25, 2025 at 04:10 pm

Rates: Don't celebrate too soon

The publication of the latest US inflation data has reinforced expectations of a rate cut at the Federal Reserve's next monetary policy meeting, scheduled for September 17. The burning question is whether the easing will be 25 or 50 basis points. However, beware of a backlash.

August 19, 2025 at 05:41 pm

Currencies: A week of tension

Despite news about US inflation, the major currency crosses have changed little over the past week. However, things could change quickly with the meeting between the US president and European leaders on the Ukrainian issue and the Jackson Hole symposium, where the economic situation and monetary policy will once again be discussed.

August 19, 2025 at 05:23 pm

Rates: Towards a rate cut in September

In line with the recent move by the Bank of England (BOE), European countries are easing monetary policy in order to boost sluggish growth. Conversely, the US has been on hold since last December, but things are likely to change in September, especially if employment figures continue to deteriorate.

August 11, 2025 at 02:38 pm

Currencies: In summer, do what you like

Despite a few hiccups here and there, the summer has not yet caused any major shockwaves capable of shaking the current momentum. The game is therefore to monitor key inflection points on the various crosses.

August 11, 2025 at 02:33 pm

Rates: Towards a major bond crisis

Behind this eye-catching headline lies a rather bleak reality. Interest rates reflect investors' uncertainty about the ability of governments to refinance themselves over the long term.

July 16, 2025 at 10:33 am

Currencies: Limited potential

The dollar's decline since the beginning of 2025 has been the subject of much discussion. However, when comparing Trump 1.0 and Trump 2.0, major similarities are emerging.

July 16, 2025 at 10:25 am

Rates: Employment remains resilient

Investors had to digest a lot of statistics published over a limited number of trading days due to the US national holiday. The employment report continues to show remarkable resilience.

July 07, 2025 at 05:05 pm

Currencies: A last gasp of pride or a dead cat rebounding?

The publication of the US employment report last Thursday caused a sharp jump in the greenback, even as the US economy showed remarkable resilience. The signing - or not - of new trade agreements could also reshuffle the pack of cards.

July 07, 2025 at 05:01 pm

Currencies: Donald, a misunderstood genius?

The easing of bond yields in recent weeks, despite sometimes complex geopolitical news, is helping the US government and weighing on the dollar at the same time. That said, it would be too early to say that Donald Trump's gamble is about to pay off…

June 30, 2025 at 12:55 pm

Rates: A brief look back in time

Before letting the summer lull set in, we wanted to clarify a few points raised in our last publication, particularly regarding the bond market's reaction to the US attack on Iranian nuclear sites.

June 30, 2025 at 12:37 pm

Rates: That's it for now… until next time

The round of announcements by the major central banks ended without any bombshells from the US Federal Reserve. A wait-and-see attitude prevails across the Atlantic, while Europe as a whole remains committed to monetary easing.

June 24, 2025 at 10:24 am

Currencies: Renewed interest

The US military attack on Iranian nuclear facilities has allowed the dollar to regain some ground against several G10 currencies. However, it is still struggling against the euro; however, there are growing reasons for hope.

June 24, 2025 at 10:12 am

Rates: Tariffs? What tariffs?

The doomers have been proven wrong. After predicting the worst on Liberation Day, the economic statistics do not corroborate the alarmist scenarios we were fed… at least for now: Neither the CPI nor the PPI have increased. It just goes to show that keeping a cool head and a critical mind has never been so profitable.

June 17, 2025 at 11:19 am

Currencies: On the brink

The dollar fell sharply again last week against the major G10 currencies, and it took Israel's surprise attack on Iran to give it some respite. But will that be enough to prevent it from plunging further?

June 17, 2025 at 11:04 am

Currencies: Harsh reality

The resilience of the US labor market and the maintenance of high interest rates are clearly not enough to halt the dollar's downward trend. In the absence of significant developments, let's take a look at an interesting configuration to watch on the EURMXN.

June 09, 2025 at 12:01 pm

Rates: Mixed data

While the eurozone has just cut interest rates by 25 basis points for the eighth consecutive time, the US is grappling with conflicting economic data. Doubts therefore remain about the Federal Reserve's next rate cut, even though experts are hoping for one in September.

June 09, 2025 at 11:22 am

Currencies: New bout of weakness

The greenback's performance continues to suffer from the twists and turns surrounding tariffs. After being ruled illegal by the US International Trade Court, a federal appeals court blocked this decision, referring the constitutionality issue to the US Supreme Court for a ruling expected no earlier than July.

June 03, 2025 at 10:24 am

Rates: Sleight of hand

In response to Japan's difficulties in placing its debt, the government has come up with a solution: limit long-term auctions and focus on short maturities. Behind this sleight of hand, which impresses no one and causes considerable concern, it is important to understand that the country is facing real difficulties and that its options are limited.

June 02, 2025 at 04:26 pm

Currencies: Sell cheap, little-used dollars

The attempt to normalize trade relations has just taken a new turn with the US president's statements on European imports. Unsurprisingly, the tariffs were put on hold as soon as they were mentioned.

May 26, 2025 at 04:24 pm

Rates: The Shockwave

The press has reported on the difficulties encountered by the United States during its latest auction of 20-year bonds. However, the earthquake seems to have its epi-center in Japan, which first set the powder keg alight.

May 26, 2025 at 04:14 pm