30/10/2023 08:59

Currencies

The $US ended a quiet week slightly higher as it remains the currency of choice during these uncertain geopolitical times. The $US has been consolidating its bounce from the psychological 100 area since late September, and what comes next in the short term, unfortunately, feels like guesswork at this stage.

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09/10/2023 09:04

Currencies

The Euro has corrected back to our targeted 1.05 region, and our preferred scenario is it will regain the strength it exhibited through most of 2023, a great read-through for equities. This morning’s minor -0.25% dip following the events in the Middle East illustrates the likely muted early reaction across financial markets and the Euros underlying strength following the pullback over the last four months.

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11/09/2023 08:59

Currencies

The $US ended last week testing 105 resistance area following rising fears of Fed rate hikes courtesy of ongoing economic solid data. We believe the “easy money” for the contrarian investor is behind us with what comes next likely to be very data-dependent.

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21/08/2023 09:18

Currencies

The $US posted fresh 9 week highs last week as the Feds hawkish rhetoric made the Greenback and its respective bond market ever more attractive as yields ground higher. However as markets position themselves for higher yields at this week’s bond auctions we believe much of the news is already built into the $US and short term risk/reward has swung back in favour of the bears.

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17/07/2023 09:10

Currencies

The Euro was one of the main beneficiaries of the drop by the $US, it tested its 2022 high with further gains looking like just a matter of time. Similar to our view toward the Pound which was discussed last week we are bullish toward the Euro targeting a test of the 1.20-1.25 area, a move which again coincides with our outlook on bond yields.

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17/04/2023 09:15

Currencies

No major change, we now expect the Greenback to rotate in the 101-106 area as the Fed’s rate path becomes the most important focus of FX markets i.e. we believe 101-105 is around fair value until the next economic chapter reveals its hand. At MM we continue to believe the $US is one of the major keys to equities through 2023/4 with it likely to exert a neutral to a mildly negative influence on risk assets if we do see a rotation back towards 105.

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20/07/2022 09:37

Global Macro ETF Portfolio

The MM Global Macro ETF Portfolio rallied +0.98% last week aided by strong moves in our Uranium Trust (U-U CN) +8.8% and the $A (AUDS) +3.7% while the standout drag across the portfolio came from our gold ETF (MNRS) -3.7%.

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06/07/2022 09:44

Global Macro ETF Portfolio

The MM Global Macro ETF Portfolio fell -3.12% last week as recession fears washed through global markets, our ETFS Battery Tech & Lithium ETF (ACDC) -5.5% and Sprotts Physical Uranium Trust (U-U CN) -4.1% where the main drags on the portfolio.

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25/05/2022 09:21

Global Macro ETF Portfolio

The MM Global Macro ETF Portfolio slipped -1.3% last week with our exposure to tech via Asian Tech (ASIA) -4.5% and the NASDAQ ETF 100 (NDQ) -6.8% continuing to struggle while the Ultra Euro ETF (ULE US) +3.9% and gold miners ETF (MNRS) +3.2% limited the downside.

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18/05/2022 09:42

ProShares Ultra Euro ETF (ULE US) $US11.28

The strength in the greenback has been amplified by rising bond yields and a general safe haven attraction during these uncertain times, the latter shouldn’t be underestimated if we see another left-field macro event through 2022 /23. Unfortunately, the Euro has been one of the main causalities due to the conflict on its Eastern doorstep, we may have seen the worst here but Putin is clearly an unpredictable proposition.

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