Yves Sanquer

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 03:33 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 03:25 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 10:05 am

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 10:01 am

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 05:55 am

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 05:37 am

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 03:24 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 03:12 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 04:19 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 04:04 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 05:01 am

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 04:22 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 03:24 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 09:26 am

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 09:24 am

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 09:14 am

Rates: equity markets shrug off high yields

The current tension in bond yields reflects the return of growth prospects combined with inflation that appears to be under control. However, this situation should not be allowed to worsen, as it will weigh on equity market performance at some point.

May 19, 2025 at 09:14 am

Currencies: Moody's not helping the dollar's cause

The surprise downgrade of the US debt rating by Moody's at the end of last week took the financial markets by surprise and is weighing on the greenback, which is struggling against almost all G10 currencies.

May 19, 2025 at 09:08 am

Rates: what are swap spreads?

Despite attempts to defuse the various current crises over reciprocal tariffs on the one hand and the potential dismissal of the Fed chairman on the other, the bond markets are not so easily appeased. Like Saint Thomas, they only believe what they see.

April 28, 2025 at 09:00 am

Rates: The ECB stays the course

Unsurprisingly, the European Central Bank has lowered its key interest rates amid weak growth and a tariff policy whose impact is still unclear.

April 23, 2025 at 09:09 am

Currencies: Major maneuvers

The sometimes contradictory statements coming from the Trump administration are fueling the current uncertainty and continuing to weigh on the dollar while keeping rates high.

April 23, 2025 at 08:50 am