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Here comes Santa Claus, right down Santa Claus Lane….
The past week always felt like it had the potential to be a catalyst for some substantial market movements and this has certainly been the case.
Happy daze
Price action seems to be of a market happy to climb a ‘wall of worry’, even if market breadth has been very narrow on the move to the upside.
Central bankers feed the greed
With Powell sounding like he wants to be the market's friend, investor psychology continues to move ever more assertively into ‘greed’ territory.
Quick in the transition
And not just in football….
Intervention time?
Ongoing developments in Japan have been the key focus for investors this week, with renewed pressure on the yen ahead of today’s BoJ policy meeting.
November binge may make for a leaner December
With the advent countdown underway, we feel there is plenty to ponder in the next couple of weeks and that economic data will be closely scrutinised.
Coronation (versus) chicken
The bunting is going up in the UK, but it’s a little more tense in Washington….
MacroMemo | 17 July 2023
Regular macroeconomic update from Eric Lascelles, Chief Economist, RBC Global Asset Management.