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How Will November Retail Sales Impact the Fed’s Thinking?

BY TEMATICA
As the Fed kicks off its December policy meeting, updated GDP expectations are on the way Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy June 2023 Update

BY BRIAN SANBORN
Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

C8 Currency Compass – The end of the implied USD equity hedge? – May 2025

BY JON WEBB
European investors now own 15% of US stocks, whilst they have reduced EURUSD and GBPUSD hedges over the past 4 years, as any risk aversion from lower US equities has driven EURUSD lower - being underhedged counterbalances US equity returns. However, this did not work last Summer and the USD has been notably weak during the recent equity sell-off (see full discussion overleaf). With this correlation reversed, we note that European investors now find themselves underhedged their US equity exposure. It has been a volatile month for FX however the USD held key levels and recovered from the lows as US trade policy has become more measured.  The longer-term risks remain for USD, as the Administration attempts to rebalance the US economy, whilst positioning is structurally long USD. Read more →
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