IMF 2024 Spring Meetings Takeaways: Emerging Market Stars Shine Bright

EM investors and policymakers are enjoying their moment. IMF upgraded US growth forecasts for 2024 by +0.6% of GDP and Chinese PMIs are back to expansion. Most of the concerns over emerging markets have been addressed. The mood at the 2024 IMF Spring meetings was notably upbeat.

Yen Slips, Yuan Jumps, Dollar Is Mostly Softer

Weekly Report: what happened at BRZU last week (0429-0503)?

May 2024 Monthly

Dollar Is Softer Ahead Of The Employment Report

Japan Drives Home Message

US dollar is mixed, but the spotlight is on the Japanese yen. The offshore yuan is trading stronger than the onshore yuan for the first time this year. Gold rebounded yesterday from nearly one-month lows but stalled around $2329. Japanese officials sold dollars shortly after the US equity market closed yesterday.

May Day Fed Day

Weekly Report: what happened at BRZU last week (0422-0426)?

Week Ahead: FOMC, U.S. Jobs, EMU Inflation, JPY Pressure

Home Market Outlook Forex Analysis Week Ahead: FOMC, . Jobs, EMU Inflation, JPY Pressure. The backing up of US rates did not lift the dollar broadly. The Bank of Japan had an opportunity to protest the yen's weakness but did not. The eurozone is expected to report that the economy expanded in Q1.

Weekly Commentary: Opposite Day

The Semiconductor Index surged 9.9%, more than recovering from last week's 9.2% drubbing. The Bank of Japan just can't stop playing with fire. Short squeezes are alive and well. Tesla surged 14.4% this week. The bulls have plenty of fight.

Weekly Report: what happened at BRZU last week (0415-0419)?

Weekly Report: what happened at BRZU last week (0408-0412)?

Weekly Commentary: Trouble Brewing In Financial Asset Wonderland

Doug Noland: The Fed's misguided dovish pivot unleashed precariously loose market conditions. He says the market is in the midst of a bubble. He argues that Bubbles can inflate to unimaginable extremes - and then quadruple. Noland says the late-cycle fear of Bubbles is missing out on the reality.

Where We Stand

Dollar Consolidates But Adjustment Is Not Over

Higher than expected US CPI for the third consecutive month drove US interest rates sharply higher and lifted the greenback broadly. The market appears to be catching its breath today, but the shallow consolidation suggests the moves are not over. The dollar has reached nearly JPY153.30. Gold fell by about $18.75 an ounce yesterday, its largest loss in about a month.

U.S. CPI, New Security Initiatives With Tokyo And Manila, Bank Of Canada Meeting

The dollar has been confined to narrow ranges ahead of the US CPI report. The Reserve Bank of New Zealand signaled that it was in no hurry to cut rates. The New Zealand dollar is leading the G10 currencies higher. The Hang Seng and the mainland companies in Asia are leading the region. Gold is consolidating in about $2345-$2360.

Emerging Markets Activity Expands At Fastest Pace In 10 Months

Emerging Markets Activity Expands At Fastest Pace In 10 months. Incoming new business for emerging market goods and services rose in March at the quickest pace since last May. India continues to lead growth in both the manufacturing and service sectors. In March emerging markets growth accelerated at the fastest pace since May 2024.

Weekly Report: what happened at BRZU last week (0401-0405)?

Weekly Commentary: Global Ring Of Fire

Money Market Fund Assets surged $70.5 billion last week to a record $6.111 TN. Milton Friedman: The Great Depression was the height of the boom and the depth of the depression. Doug Noland says we are in the "terminal phase of history's greatest boom and bust.

Emerging Market Insights: Seeds Of Optimism